Biodesix, Inc.

What they do

Biodesix generates revenue from two segments: Lung Diagnostic Testing, which offers five blood-based tests (Nodify CDT, Nodify XL2, GeneStrat ddPCR, GeneStrat NGS, and VeriStrat) for lung nodule risk assessment and lung cancer treatment guidance, and Development Services, providing diagnostic testing and consulting to biopharmaceutical and life sciences companies. The company uses genomics, proteomics, radiomics, and AI to develop and commercialize its tests.

Revenue drivers

• Lung Diagnostic Testing — Revenue of $79.2 million in 2025, up 22% year-over-year, from 62,600 tests delivered (up 15%). In Q2 2026, this segment generated $25.4 million, up 42% year-over-year, driven by a 38% increase in test volumes to 20,900.
• Development Services — Revenue of $9.3 million in 2025, up 41% year-over-year. In Q2 2026, revenue was $1.5 million, down from $2.1 million in the prior year period due to project timing, but management expects growth for the remainder of 2026.

Recent performance

In Q2 2026, total revenue was $26.9 million, up 34% year-over-year, with gross margin of 82%. Net loss improved to $7.3 million, a 37% improvement over the prior year period. Adjusted EBITDA loss was $3.2 million, a 56% improvement. Cash and equivalents were $30.0 million, up 17% from Q1 2026, including $6.5 million from its at-the-market program.

Strategy

Management aims to drive adoption and reimbursement coverage of its lung diagnostic tests through continued clinical evidence, expansion of its lung-focused sales force, and engagement with payers and key opinion leaders. The company also plans to expand Development Services revenue through multi-omic offerings and logistics support. It has enrolled over 1,500 patients in the CLARIFY study, a real-world outcomes study of Nodify Lung testing, and continues to invest in R&D partnerships. Cost discipline is a stated priority, with operating expenses excluding direct costs increasing only 7% in Q2 2026 year-over-year.

Risks

• History of net losses — The company has incurred net losses every year from 2021 to 2025, with a net loss of $7.3 million in Q2 2026, and expects to continue losing money for the foreseeable future.
• Market adoption and reimbursement — Revenue growth depends on obtaining and maintaining significant market acceptance and payer coverage for its tests, which is uncertain and subject to changing regulations.
• Dependence on biopharma relationships — Development Services revenue relies on contracts with biopharmaceutical and life sciences companies, and losing or failing to renew these relationships could reduce revenue prospects.
• Supply chain and innovation risks — The company depends on third-party, sometimes single-source, suppliers, and its industry is subject to rapid change, requiring continuous innovation to avoid product obsolescence.

Outlook

Management maintained FY 2026 revenue guidance of $108-114 million, with the midpoint representing ~25% growth over 2025. They expect to maintain gross margin around 80% and continue improving Adjusted EBITDA on the path to profitability, driven by sales productivity, expanded clinical evidence, and operating leverage.