Biodesix (BDSX)
NASDAQ:BDSX
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Biodesix
(NASDAQ:BDSX)
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Rating:56Neutral
Price Target:
$14.50
▲(10.35% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weak financial fundamentals—ongoing losses, cash burn, and a leveraged balance sheet—despite strong gross margins and improving revenue traction. Offsetting this, the latest earnings call was notably constructive (raised guidance, strong Q1 growth, improving profitability trend) and technicals are neutral-to-moderately bullish, while valuation support is limited due to negative earnings and no dividend.
Positive Factors
High and improving gross margins
Sustained gross margins above 80% indicate attractive unit economics for Biodesix’s blood‑based tests. High margins create durable operating leverage as volume grows, allowing incremental revenue to flow to the P&L and materially support a path to sustained profitability as commercial scale increases.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flows indicate the business still consumes cash to fund growth and operations. Continued cash burn limits flexibility, raises dependence on external financing, and heightens dilution or refinancing risk unless operating cash generation improves to cover investment needs.
Read all positive and negative factors
Positive Factors
Negative Factors
High and improving gross margins
Sustained gross margins above 80% indicate attractive unit economics for Biodesix’s blood‑based tests. High margins create durable operating leverage as volume grows, allowing incremental revenue to flow to the P&L and materially support a path to sustained profitability as commercial scale increases.
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
$145.26M
Dividend YieldN/A
Average Volume (3M)107.55K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth29.05%
EPS Growth29.88%
CountryUS
Employees273
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-4.06
Shares Outstanding10,108,580
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 Cap1.12
Enterprise Value/Revenue1.70
Enterprise Value/Gross Profit2.07
Enterprise Value/Ebitda-8.89
Forecast
1Y Price Target
$30.67Price Target Upside133.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-3.07
Revenue Forecast (FY)$108.01M
Biodesix Business Overview & Revenue Model
Company Description
Biodesix, Inc. operates as a data-driven diagnostic solutions company in the United States. The company offers blood-based lung tests, including Nodify XL2 and Nodify CDT tests, together marketed as part of Nodify Lung Nodule Risk Assessment testi...
How the Company Makes Money
Biodesix makes money primarily through (1) clinical testing revenue and (2) biopharma services revenue.
1) Clinical testing (diagnostic testing for patients): Biodesix generates revenue when its laboratory performs and reports results for its pro...
Biodesix Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a clear positive trajectory: robust top-line growth (42% YoY), meaningful margin expansion (300 bps YoY), doubling of development services revenue, and improved profitability metrics (net loss and adjusted EBITDA both materially improved). Management raised full-year guidance and detailed a repeatable commercial expansion plan (salesforce growth, primary care adoption) supported by strong clinical evidence (large validation study). Remaining negatives are that the company is not yet profitable, operating expenses exceeded Q1 revenue due to planned commercial investment, development services revenue showed some timing-driven variability, and operational/logistics risks (weather/FedEx) and one-time items introduce some quarter-to-quarter noise. On balance, the highlights significantly outweigh the lowlights, indicating constructive momentum toward sustained growth and eventual profitability.Positive Updates
Strong Revenue Growth
Total revenue of $25.6M in Q1 2026, up 42% year-over-year; full-year 2026 revenue guidance raised to $108M–$114M (midpoint ≈ 25% growth vs. 2025).
Negative Updates
Continued Quarterly Losses
Q1 net loss of $7.8M and adjusted EBITDA loss of $4.1M remain negative despite improvements, indicating the company has not yet reached sustained profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $25.6M in Q1 2026, up 42% year-over-year; full-year 2026 revenue guidance raised to $108M–$114M (midpoint ≈ 25% growth vs. 2025).
Read all positive updates
Company Guidance
Biodesix raised full‑year 2026 revenue guidance to $108 million–$114 million (midpoint implying ~25% growth versus 2025), citing Q1 momentum that included $25.6M total revenue (+42% YoY), $22.3M diagnostic testing revenue (+37% YoY), ~17.8k tests (+29% YoY) with primary care now 15% of volumes, and $3.3M development services revenue (+99% YoY); Q1 gross margin was 84% GAAP (82% excl. a $0.4M tax recovery), a 300 bps improvement YoY, adjusted EBITDA was a -$4.1M loss (35% improvement YoY) and net loss was -$7.8M (30% improvement), they finished with $25.6M cash (up 35% vs. Q4) including $16.8M ATM proceeds and $10.4M in contracted services backlog, and management expects the 2026 plan to be driven primarily by volume growth, improving ASPs modestly, continued salesforce expansion (avg ~100 reps in Q1 and ~6 reps/quarter hiring cadence) and progressing toward sustained adjusted EBITDA and cash‑flow positivity.Biodesix Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
22
Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 96.10M | 88.50M | 71.32M | 49.09M | 38.21M | 54.51M |
| Gross Profit | 78.88M | 71.78M | 55.75M | 36.08M | 24.06M | 23.99M |
| EBITDA | -18.34M | -21.95M | -29.22M | -37.10M | -51.53M | -35.47M |
| Net Income | -31.96M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M |
Balance Sheet | ||||||
| Total Assets | 94.64M | 87.48M | 97.24M | 99.10M | 92.91M | 76.10M |
| Cash, Cash Equivalents and Short-Term Investments | 25.57M | 18.99M | 26.25M | 26.28M | 43.09M | 32.71M |
| Total Debt | 71.61M | 72.85M | 61.98M | 60.69M | 31.85M | 10.01M |
| Total Liabilities | 85.50M | 89.94M | 76.37M | 94.52M | 72.30M | 56.37M |
| Stockholders Equity | 9.13M | -2.46M | 20.88M | 4.58M | 20.61M | 19.73M |
Cash Flow | ||||||
| Free Cash Flow | -25.23M | -23.67M | -51.88M | -45.93M | -48.51M | -30.77M |
| Operating Cash Flow | -24.84M | -23.27M | -48.65M | -22.87M | -44.97M | -28.22M |
| Investing Cash Flow | -410.00K | -403.00K | -3.44M | -23.06M | -3.53M | -2.55M |
| Financing Cash Flow | 33.22M | 16.42M | 52.05M | 29.13M | 58.88M | 1.26M |
Biodesix Technical Analysis
Positive
13.14
Price Trends
14.10
Positive
12.48
Positive
10.11
Positive
Market Momentum
0.39
Negative
54.03
Neutral
22.89
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 13.14 is above the 20-day moving average (MA) of 13.13, below the 50-day MA of 14.10, and above the 200-day MA of 10.11, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 54.03 is Neutral, neither overbought nor oversold. The STOCH value of 22.89 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $145.26M | -4.49 | -2101.40% | ― | 29.05% | 29.88% | |
56 Neutral | $43.00M | -7.72 | -2.78% | ― | 28.97% | 75.43% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $175.65M | -2.82 | -9.93% | ― | 4.69% | 84.60% | |
44 Neutral | $20.74M | -1.04 | 76.82% | ― | 88.49% | 21.17% | |
44 Neutral | $68.92M | -3.04 | -41.02% | ― | -50.43% | 30.93% |
* Healthcare Sector Average
BDSX
Biodesix
14.37
6.47
81.90%
VNRX
VolitionRX
2.49
-7.74
-75.66%
PRPO
Precipio
24.06
14.16
143.03%
BNR
Burning Rock Biotech
16.70
13.60
438.71%
SERA
Sera Prognostics
1.76
-0.16
-8.33%
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.