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Biodesix
(NASDAQ:BDSX)
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Rating:61Neutral
Price Target:
$22.50
▼(-26.47% Downside)
Action:Reiterated
Date:08/27/26
The score is held back primarily by weak financial fundamentals (high leverage and ongoing cash burn), despite improving revenue trajectory. Technicals are a major offset, showing strong upward momentum and a clear uptrend. The latest earnings call adds support via reiterated guidance, strong diagnostic growth, and sustained high gross margins, while valuation remains constrained by negative earnings and no dividend.
Positive Factors
Diagnostic growth
Rapid growth in diagnostic revenue and test volume indicates expanding clinical utilization and market adoption. Because testing is the company’s core recurring service, sustained volume gains can improve commercial scale, support revenue visibility, and strengthen the foundation for future operating leverage.
Negative Factors
High leverage
The highly leveraged capital structure limits financial flexibility while the company remains unprofitable. Debt obligations can constrain investment in commercial expansion and make the business more sensitive to execution setbacks, requiring stronger earnings or additional capitalization to improve resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Diagnostic growth
Rapid growth in diagnostic revenue and test volume indicates expanding clinical utilization and market adoption. Because testing is the company’s core recurring service, sustained volume gains can improve commercial scale, support revenue visibility, and strengthen the foundation for future operating leverage.
Read all positive factors
Biodesix Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue each business unit or product line generates, highlighting areas of strength and potential growth within the company’s portfolio.
Shows how much revenue each business unit or product line generates, highlighting areas of strength and potential growth within the company’s portfolio.
Data provided by:
The Fly
The FlyBiodesix (BDSX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$223.47M
Dividend YieldN/A
Average Volume (3M)95.90K
Price to Earnings (P/E)―
Beta (1Y)0.35
Revenue Growth34.46%
EPS Growth43.48%
CountryUS
Employees334
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-3.17
Shares Outstanding10,551,118
10 Day Avg. Volume72,672
30 Day Avg. Volume95,901
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-20.83
Price to Sales (P/S)0.58
P/FCF Ratio-2.17
Enterprise Value/Market Cap1.23
Enterprise Value/Revenue2.66
Enterprise Value/Gross Profit3.22
Enterprise Value/Ebitda-19.16
Forecast
1Y Price Target
$39.00Price Target Upside27.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-2.67
Revenue Forecast (FY)$111.95M
Biodesix Business Overview & Revenue Model
Company Description
Biodesix, Inc. is a data-driven diagnostic solutions provider operating across the United States. Its primary focus includes a comprehensive suite of blood-based lung tests, marketed as the Nodify Lung Nodule Risk Assessment (which includes Nodify...
How the Company Makes Money
Biodesix makes money primarily by performing and selling its proprietary diagnostic tests as clinical laboratory services and recognizing revenue per test delivered. In practice, this is largely a fee-for-service model in which Biodesix bills for ...
Biodesix Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial momentum: high revenue growth (+34% YoY), accelerating test volumes (+38% YoY) driven by major PCP adoption (+133% YoY), improving ASPs, and sustained high gross margins (82%). Operational discipline produced improving profitability metrics (net loss and adjusted EBITDA materially improved YoY) and better cash consumption. Headwinds include continued net losses, lumpiness in development services revenue, operating expenses still slightly above quarterly revenue, and limited near-term margin upside. Management reiterated confident full-year revenue guidance ($108M–$114M), planned salesforce expansion to ~120 reps, and ongoing clinical evidence generation to support adoption. Overall, positive commercial and operational trends outweigh remaining challenges, indicating constructive progress toward profitability.Positive Updates
Strong Revenue Growth
Total revenue of $26.9M in Q2 2026, up 34% year-over-year, driven primarily by diagnostic testing growth.
Negative Updates
Ongoing Net Loss and Adjusted EBITDA Deficit
Company remains unprofitable with a net loss of $7.3M and an adjusted EBITDA loss of $3.2M in Q2, albeit both improved materially YoY.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $26.9M in Q2 2026, up 34% year-over-year, driven primarily by diagnostic testing growth.
Read all positive updates
Company Guidance
Biodesix reiterated full‑year revenue guidance of $108–$114 million and said it expects to end 2026 with ~120 sales reps (Q2 average 104), adding hires at a 6–8 per‑quarter cadence; management expects gross margins around 80% (Q2 gross margin 82%, fifth consecutive quarter ≥80%, +200 bps YoY) and ASP stability, and expects continued operating leverage to drive progress toward sustained adjusted‑EBITDA profitability (Q2 adjusted EBITDA loss $3.2M, a 56% improvement YoY) while keeping operating expenses roughly steady with moderate step‑ups for commercial expansion (Q2 OPEX ex‑direct costs $27.4M, +7% YoY). The company closed Q2 with $30M in unrestricted cash (up 17% vs Q1, including $6.5M ATM proceeds), reported Q2 total revenue of $26.9M (+34% YoY) and diagnostic revenue of $25.4M (+42% YoY) on ~20,900 tests (+38% YoY), and noted ~$8.5M of contracted development services—metrics management said, together with expected revenue growth and operational discipline, provide sufficient liquidity to execute the plan.Biodesix Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.94M | 88.50M | 71.32M | 49.09M | 38.21M | 54.51M |
| Gross Profit | 84.93M | 71.78M | 55.75M | 36.08M | 24.06M | 23.99M |
| EBITDA | -14.30M | -21.95M | -29.22M | -37.10M | -51.53M | -35.47M |
| Net Income | -27.76M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M |
Balance Sheet | ||||||
| Total Assets | 95.33M | 87.48M | 97.24M | 99.10M | 92.91M | 76.10M |
| Cash, Cash Equivalents and Short-Term Investments | 30.00M | 18.99M | 26.25M | 26.28M | 43.09M | 32.71M |
| Total Debt | 71.80M | 72.85M | 61.98M | 60.69M | 31.85M | 10.01M |
| Total Liabilities | 86.18M | 89.94M | 76.37M | 94.52M | 72.30M | 56.37M |
| Stockholders Equity | 9.14M | -2.46M | 20.88M | 4.58M | 20.61M | 19.73M |
Cash Flow | ||||||
| Free Cash Flow | -20.40M | -23.67M | -51.88M | -45.93M | -48.51M | -30.77M |
| Operating Cash Flow | -19.83M | -23.27M | -48.65M | -22.87M | -44.97M | -28.22M |
| Investing Cash Flow | -569.00K | -403.00K | -3.44M | -23.06M | -3.53M | -2.55M |
| Financing Cash Flow | 29.67M | 16.42M | 52.05M | 29.13M | 58.88M | 1.26M |
Biodesix Technical Analysis
Negative
30.60
Price Trends
26.56
Negative
23.38
Negative
18.29
Positive
Market Momentum
-1.19
Positive
30.63
Neutral
22.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDSX, the sentiment is Negative. The current price of 30.6 is above the 20-day moving average (MA) of 25.95, above the 50-day MA of 26.56, and above the 200-day MA of 18.29, indicating a neutral trend. The MACD of -1.19 indicates Positive momentum. The RSI at 30.63 is Neutral, neither overbought nor oversold. The STOCH value of 22.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDSX.
Biodesix Risk Analysis
Biodesix disclosed 83 risk factors in its most recent earnings report. Biodesix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biodesix Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $35.82M | -30.78 | -8.49% | ― | 28.04% | 43.26% | |
61 Neutral | $223.47M | -6.68 | -788.19% | ― | 34.46% | 43.48% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $80.08M | -3.03 | -46.71% | ― | -35.19% | 21.75% | |
47 Neutral | $124.33M | -1.22 | -12.97% | ― | -3.65% | 51.30% | |
45 Neutral | $4.86M | -0.04 | 77.10% | ― | 86.32% | 21.31% |
* Healthcare Sector Average
BDSX
Biodesix
21.18
14.53
218.50%
VNRX
VolitionRX
0.17
-8.58
-98.01%
PRPO
Precipio
20.01
-0.84
-4.03%
BNR
Burning Rock Biotech
11.82
0.12
1.03%
SERA
Sera Prognostics
2.03
-1.71
-45.72%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.