BCAL Diagnostics Limited (BDX) AI Stock Analysis

• Market Cap: AU$44.17M
• Dividend Yield: N/A
• Average Volume (3M): 421.90K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: 23.85%
• Country: AU
• Employees: N/A
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): >-0.01
• Shares Outstanding: 368,067,630
• 10 Day Avg. Volume: 534,308
• 30 Day Avg. Volume: 421,904
• PEG Ratio: 0.14
• Price to Book (P/B): 3.64
• Price to Sales (P/S): 1047.06
• P/FCF Ratio: -3.27
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$0.13 ▲(32.00% Upside)

The score is primarily dragged down by very weak financial performance (steep revenue decline, large losses, and negative cash generation). Technicals are a partial offset with an uptrend and positive MACD, but overbought signals (RSI ~80) raise near-term risk. Valuation remains challenged because losses make the negative P/E less informative and there is no dividend yield data.

Positive Factors

Proprietary biomarker focus

Proprietary biomarkers create durable product differentiation and a potential technology moat. Over months this supports licensing, premium test pricing, and deeper clinical adoption, enabling recurring revenues from tests and services and stronger partnership economics with hospitals and pharma.

Diversified revenue streams

Multiple monetization channels—direct kit sales, clinical testing contracts, royalties/licensing and grants—reduce single-channel dependency. Structurally this provides flexibility to pivot commercialization strategies, smooth revenue volatility, and access non-dilutive funding for ongoing R&D and validation.

Manageable leverage and solid equity base

Moderate leverage and a ~62.8% equity ratio provide a balance-sheet buffer to absorb near-term losses and support continued R&D or commercialization spending. Over the medium term this lowers immediate insolvency risk and preserves optionality for strategic partnerships or targeted non-dilutive funding.

Negative Factors

Severe revenue collapse

A ~99% revenue decline represents a structural commercial failure or de‑scaling that undermines unit economics and customer traction. This materially impairs the firm's ability to achieve scale, weakens negotiating leverage with providers, and increases dependence on external capital to rebuild revenue.

Persistent negative cash generation

Negative operating and free cash flow, alongside shrinking FCF, mean the company cannot self-fund operations or growth. Over months this forces repeated external financing, raising dilution risk and constraining investment in clinical validation, commercialization, and hiring needed for a sustainable recovery.

Deep losses and negative returns

Very negative margins and ROE show the core business is destroying shareholder value. Structurally, such losses limit the firm's capacity to reinvest, undermine investor confidence, and make access to non-dilutive capital harder; without material margin or revenue improvement survival is at risk.

BCAL Diagnostics Limited Business Overview & Revenue Model

Company Description

BCAL Diagnostics Limited, a biotechnology company, engages in developing a non-invasive laboratory blood test for the detection of breast cancer. It develops BCAL test, a lipid biomarker blood test with the potential to be used for breast cancer prevention, screening, and monitoring; and in vitro diagnostic test (IVD) that confirms a fingerprint of lipid biomarkers extracted from extracellular vesicles from a patient's plasma or blood sample to diagnose the presence of breast cancer cells in a patient's body. The company was incorporated in 2010 and is headquartered in Sydney, Australia.

How the Company Makes Money

BCAL Diagnostics generates revenue primarily through the sale of its diagnostic tests and related services to healthcare providers, hospitals, and laboratories. The company may also receive income from royalties or licensing agreements associated with its proprietary technologies. Key revenue streams include direct sales of diagnostic kits, contracts for clinical testing services, and potential partnerships with pharmaceutical companies for co-development initiatives. Additionally, BDX may benefit from grants and funding from research institutions or government bodies aimed at advancing healthcare innovations.

BCAL Diagnostics Limited Financial Statement Overview

Summary

Weak financial health: revenue fell sharply (-99.16%), profitability is deeply negative (net margin -334.66% with negative EBIT/EBITDA margins), and operating/free cash flow are negative. While leverage appears manageable (debt-to-equity 0.38; equity ratio 62.77%), returns are poor (ROE -116.40%) and cash generation raises sustainability risk.

Income Statement

BCAL Diagnostics Limited shows a concerning trend in its income statement. The company has experienced a significant decline in revenue, with a negative revenue growth rate of -99.16% in the most recent year. The net profit margin is deeply negative at -334.66%, indicating substantial losses relative to revenue. The EBIT and EBITDA margins are also negative, reflecting operational inefficiencies and high costs. Overall, the income statement highlights severe profitability challenges and declining revenue.

Balance Sheet

The balance sheet of BCAL Diagnostics Limited reveals moderate leverage with a debt-to-equity ratio of 0.38, which is manageable. However, the return on equity is negative at -116.40%, indicating that the company is not generating returns for its shareholders. The equity ratio stands at 62.77%, suggesting a reasonable proportion of equity financing. Despite the low leverage, the negative ROE points to profitability issues.

Cash Flow

The cash flow statement shows negative operating cash flow and free cash flow, with a free cash flow growth rate of -14.23%. The operating cash flow to net income ratio is negative, indicating that the company is not generating cash from its operations. The free cash flow to net income ratio is slightly positive at 1.13, suggesting some ability to cover net losses with free cash flow. Overall, the cash flow situation is concerning due to negative cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.65M	21.64K	3.10M	2.79M	718.67K	275.25K
Gross Profit	2.65M	21.64K	3.10M	2.79M	698.06K	275.25K
EBITDA	-6.31M	-6.19M	-5.67M	-7.72M	-4.06M	-1.80M
Net Income	-7.24M	-7.24M	-6.40M	-5.06M	-3.39M	-1.52M
Balance Sheet
Total Assets	9.91M	9.91M	12.27M	8.37M	10.59M	4.13M
Cash, Cash Equivalents and Short-Term Investments	4.52M	4.52M	6.47M	3.17M	9.57M	3.41M
Total Debt	2.38M	2.38M	1.52M	1.06M	0.00	0.00
Total Liabilities	3.69M	3.69M	3.68M	3.16M	950.42K	525.60K
Stockholders Equity	6.22M	6.22M	8.59M	5.21M	9.64M	3.61M
Cash Flow
Free Cash Flow	-6.92M	-6.92M	-5.67M	-6.41M	-7.25M	-1.21M
Operating Cash Flow	-6.14M	-6.14M	-4.52M	-6.05M	-3.22M	-1.21M
Investing Cash Flow	-787.67K	-787.67K	-1.15M	3.64M	-4.03M	-3.85K
Financing Cash Flow	4.97M	4.97M	8.97M	13.24K	9.41M	4.20M

BCAL Diagnostics Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BDX, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.10, and above the 200-day MA of 0.08, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 54.67 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BDX.

BCAL Diagnostics Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RHY	53 Neutral	AU$50.59M	-13.18	-501.54%	―	―	56.42%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IBX	49 Neutral	AU$12.26M	-2.20	―	―	-47.02%	94.37%
BDX	45 Neutral	AU$44.17M	-6.06	-97.79%	―	―	23.85%
LDX	42 Neutral	AU$154.53M	-14.60	-111.23%	―	12.96%	40.81%
IIQ	38 Underperform	AU$51.38M	-5.78	-37.78%	―	2.33%	12.50%

BCAL Diagnostics Limited Corporate Events

BCAL Diagnostics to Launch Nationwide Cancer Detection Tests in Australia

BCAL Diagnostics Limited has announced the launch of Avantect® early detection blood tests for pancreatic and ovarian cancer in Australia, starting January 2026. This initiative, in partnership with ClearNote Health and facilitated by Sonic Healthcare’s pathology network, aims to provide nationwide access to these tests, which utilize advanced AI/ML algorithms for high predictive accuracy. The introduction of Avantect tests is expected to significantly enhance early cancer detection, offering more treatment options and potentially improving survival rates for patients.

The most recent analyst rating on (AU:BDX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on BCAL Diagnostics Limited stock, see the AU:BDX Stock Forecast page.

BCAL Diagnostics Launches Groundbreaking Breast Cancer Detection Test

BCAL Diagnostics Limited has achieved a significant milestone with the commercial launch of BREASTESTplus™, a world-first diagnostic test designed for the early detection of breast cancer. The company is navigating the challenges of market entry, focusing on expanding its market presence and scaling revenue generation. BCAL is also advancing its early-detection programs for ovarian and pancreatic cancers, aiming to diversify its revenue streams and enhance its clinical utility. A $10 million convertible note facility is being considered to support these efforts, with $5 million already committed, ensuring the company’s operational sustainability and market expansion.

The most recent analyst rating on (AU:BDX) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on BCAL Diagnostics Limited stock, see the AU:BDX Stock Forecast page.

BCAL Diagnostics Secures $2.5 Million R&D Tax Rebate for Cancer Detection Advancements

BCAL Diagnostics Limited has received approximately $2.5 million from the Australian Government’s R&D Tax Incentive, aiding its development of early cancer detection tests. This funding supports the commercial launch and enhancement of its BREASTEST plus™ product, which now covers 50% of eligible women with dense breasts, bolstering BCAL’s position in the women’s health sector.

BCAL Diagnostics Director Increases Stake in Company

BCAL Diagnostics Limited has announced a change in the interests of its director, Jayne Shaw, in the company’s securities. The change involves an acquisition of 96,722 ordinary shares through an on-market purchase, bringing her total holdings to various amounts across different accounts. This update reflects the director’s increased stake in the company, potentially signaling confidence in the company’s future prospects.

BCAL Diagnostics Schedules Annual General Meeting for November 2025

BCAL Diagnostics Limited has announced its Annual General Meeting (AGM) for shareholders, scheduled for 28 November 2025 in Sydney, with an option for online attendance. Shareholders are encouraged to submit proxy forms and questions in advance, as online attendees will not be able to vote during the meeting. This meeting is crucial for stakeholders to engage with the company’s strategic direction and governance.

BCAL Diagnostics Schedules Annual General Meeting for 2025

BCAL Diagnostics Limited has announced its Annual General Meeting scheduled for November 28, 2025, at Gadens in Sydney, with an option to attend online. The meeting will address several key resolutions, including the approval of the remuneration report and the re-election of director Jonathan Trollip. Shareholders are encouraged to participate and vote, either in person or by proxy, on these resolutions, which are crucial for the company’s governance and strategic direction.

BCAL Diagnostics Announces Quotation of New Securities

BCAL Diagnostics Limited has announced the quotation of 1,849,750 fully paid ordinary securities on the ASX, effective October 24, 2025. This move is part of an employee incentive scheme and reflects the company’s ongoing efforts to strengthen its market position and incentivize its workforce, potentially impacting its operational dynamics and stakeholder interests.

BCAL Diagnostics Announces Convertible Debt Securities Issue

BCAL Diagnostics Limited has announced a proposed issue of 10,000,000 convertible debt securities. This move is part of a placement or other type of issue, with the proposed issue date set for November 27, 2025. The announcement indicates a strategic financial maneuver aimed at raising capital, which could impact the company’s market positioning and stakeholder interests.

BCAL Diagnostics Secures $10 Million Convertible Note Facility

BCAL Diagnostics Limited has announced the establishment of a $10 million Convertible Note facility to bolster its working capital and support its commercialization strategy. With firm commitments for $5 million already secured, this facility strengthens BCAL’s capital position, enabling the company to progress its commercial and technical milestones, particularly in delivering innovative cancer detection solutions. The facility offers favorable terms, including a 10% annual interest rate and conversion options into ordinary shares, subject to shareholder approval.

BCAL Diagnostics Secures $10 Million Convertible Note Facility

BCAL Diagnostics Limited has announced the establishment of a $10 million Convertible Note facility to support its working capital and commercialization strategy. With firm commitments for $5 million, the facility is expected to bolster BCAL’s capital position, enabling the company to progress its commercial and clinical milestones, and expand its pipeline of cancer detection tests. This move is seen as pivotal for BCAL’s growth, providing financial flexibility to advance its mission of delivering innovative cancer detection solutions.