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Biodesix
(NASDAQ:BDSX)
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Rating:58Neutral
Price Target:
$23.50
▲(6.82% Upside)
Action:Reiterated
Date:08/06/26
BDSX scores mid-range primarily due to weak financial quality (ongoing losses, negative free cash flow, and high leverage), offset by a strong technical uptrend and a positive earnings-call readthrough with reiterated guidance, high gross margins, and improving operating leverage. Valuation remains less supportive given negative earnings and no dividend yield provided.
Positive Factors
High gross margins
Sustained ~80%+ gross margins indicate durable unit economics for Biodesix's lab tests: low incremental cost per test and strong pricing power versus peers. This margin foundation supports operating leverage as volumes scale, enabling a credible path to profitability if revenue growth continues.
Negative Factors
Very high leverage
A highly leveraged capital structure materially limits financial flexibility: interest/service obligations and covenants can constrain investment, hiring, or M&A. Until sustained profitability and equity rebuild occur, leverage raises refinancing and liquidity risk, increasing vulnerability to revenue volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained ~80%+ gross margins indicate durable unit economics for Biodesix's lab tests: low incremental cost per test and strong pricing power versus peers. This margin foundation supports operating leverage as volumes scale, enabling a credible path to profitability if revenue growth continues.
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
$219.54M
Dividend YieldN/A
Average Volume (3M)107.55K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth29.05%
EPS Growth29.88%
CountryUS
Employees334
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-3.17
Shares Outstanding10,355,809
10 Day Avg. Volume48,205
30 Day Avg. Volume107,552
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$31.20Price Target Upside41.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-2.96
Revenue Forecast (FY)$110.97M
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 primarily makes money by performing and billing for diagnostic tests that it runs through its laboratory operations. Revenue is generated when providers order Biodesix tests and the company is paid by third-party payers (e.g., commercial ...
Biodesix Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 16, 2027
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 | -14.28M | -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 | -30.64M | -23.67M | -51.88M | -45.93M | -48.51M | -30.77M |
| Operating Cash Flow | -30.00M | -23.27M | -48.65M | -22.87M | -44.97M | -28.22M |
| Investing Cash Flow | -713.00K | -403.00K | -3.44M | -23.06M | -3.53M | -2.55M |
| Financing Cash Flow | 46.56M | 16.42M | 52.05M | 29.13M | 58.88M | 1.26M |
Biodesix Technical Analysis
Positive
22.00
Price Trends
19.52
Positive
16.68
Positive
13.13
Positive
Market Momentum
0.81
Negative
62.30
Neutral
62.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDSX, the sentiment is Positive. The current price of 22 is above the 20-day moving average (MA) of 21.49, above the 50-day MA of 19.52, and above the 200-day MA of 13.13, indicating a bullish trend. The MACD of 0.81 indicates Negative momentum. The RSI at 62.30 is Neutral, neither overbought nor oversold. The STOCH value of 62.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $219.54M | -5.27 | -788.19% | ― | 29.05% | 29.88% | |
55 Neutral | $38.70M | -45.00 | -6.73% | ― | 28.97% | 75.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $79.88M | -3.14 | -41.02% | ― | -50.43% | 30.93% | |
50 Neutral | $93.61M | -1.07 | -10.96% | ― | -0.21% | 75.40% | |
45 Neutral | $8.65M | -0.17 | 74.16% | ― | 88.49% | 21.17% |
* Healthcare Sector Average
BDSX
Biodesix
23.50
15.49
193.38%
VNRX
VolitionRX
0.78
-12.07
-93.96%
PRPO
Precipio
23.97
10.07
72.45%
BNR
Burning Rock Biotech
8.81
1.99
29.18%
SERA
Sera Prognostics
2.07
-0.41
-16.53%
Biodesix Corporate Events
Executive/Board ChangesShareholder Meetings
Biodesix Shareholders Approve Directors and Governance Measures
Positive
May 20, 2026
At its 2026 annual meeting of stockholders held on May 19, 2026, Biodesix investors elected two Class III directors, Jean Franchi and Hany Massarany, to serve until the 2029 annual meeting, with both candidates receiving strong shareholder support...
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.