Biodesix (BDSX) AI Stock Analysis

• Market Cap: $60.46M
• Dividend Yield: N/A
• Average Volume (3M): 107.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: 22.29%
• EPS Growth: 31.93%
• Country: US
• Employees: 273
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -1.16
• Shares Outstanding: 7,955,685
• 10 Day Avg. Volume: 48,205
• 30 Day Avg. Volume: 107,552
• PEG Ratio: 0.10
• Price to Book (P/B): 9.50
• Price to Sales (P/S): 2.78
• P/FCF Ratio: -3.82
• Enterprise Value/Market Cap: 1.53
• Enterprise Value/Revenue: 1.16
• Enterprise Value/Gross Profit: 1.45
• Enterprise Value/Ebitda: -3.50
• 1Y Price Target: $30.00
• Price Target Upside: 282.17% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $8.00 ▲(1.91% Upside)

Biodesix's overall stock score reflects significant financial challenges, including high leverage and negative profitability. While technical indicators show mixed signals, the recent earnings call provides a positive outlook with strong revenue growth and improved margins. The company's ability to achieve adjusted EBITDA positivity could be a turning point, but financial restructuring is crucial for long-term stability.

Positive Factors

Revenue Growth

The 20% YoY revenue growth indicates strong demand for Biodesix's diagnostic tests, suggesting robust market position and product adoption.

Improved Gross Margins

Improved gross margins reflect efficient cost management, enhancing profitability potential and financial sustainability.

Expansion of Sales Force

Expanding the sales force supports increased market penetration and revenue growth, strengthening Biodesix's competitive position.

Negative Factors

High Financial Leverage

High leverage poses financial risk, potentially limiting operational flexibility and increasing vulnerability to economic downturns.

Negative Cash Flow

Negative cash flow challenges liquidity, potentially hindering the company's ability to invest in growth and meet financial obligations.

Net Loss

Ongoing net losses highlight profitability challenges, which could impact long-term sustainability and shareholder value.

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 testing strategy, to assess the risk of lung cancer and help in identifying the appropriate treatment pathway and help physicians in reclassifying risk of malignancy in patients with suspicious lung nodules. It also offers GeneStrat ddPCR and VeriStrat tests, which are used in the diagnosis of lung cancer to measure the presence of mutations in the tumor and the state of the patient's immune system to establish the patient's prognosis and help guide treatment decisions; and GeneStrat NGS (NGS) test, a 72-hour blood-based NGS test. In addition, the company, through its partnership with Bio-Rad Laboratories, Inc., provides Bio-Rad SARS-CoV-2 ddPCR, a COVID-19 Test under Biodesix WorkSafe testing program; and Platelia SARS-CoV-2 Total Ab test, an antibody test for detecting a B-cell immune response to SARS-CoV-2 that indicate recent or prior infection. Further, it offers diagnostic and clinical research, as well as clinical trial testing services to biopharmaceutical companies; and discovers, develops, and commercializes companion diagnostics. The company was formerly known as Elston Technologies, Inc. Biodesix, Inc. was incorporated in 2005 and is headquartered in Boulder, Colorado.

How the Company Makes Money

Biodesix generates revenue primarily through the sale of its diagnostic tests and related services. The company offers a range of tests that analyze biomarkers to guide treatment decisions in oncology, with a specific emphasis on lung cancer. Revenue is derived from healthcare providers and institutions that utilize these tests as part of their patient management protocols. Additionally, Biodesix may engage in partnerships with pharmaceutical companies, which can lead to collaborations that enhance its product offerings and expand its market reach. These partnerships can provide milestone payments and royalties, further contributing to the company's income. Furthermore, reimbursement from insurance payers for the diagnostic tests can also be a significant source of revenue, as it ensures that healthcare providers are compensated for utilizing Biodesix's services.

Biodesix Financial Statement Overview

Summary

Biodesix faces significant financial challenges with negative net income and EBIT margins, high financial leverage, and negative cash flows. Despite strong gross margins, the overall financial health is concerning, necessitating strategic restructuring.

Income Statement

Biodesix's revenue has shown moderate growth with a 4.73% increase in the TTM period. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin is strong at 78.77%, indicating efficient cost management, but the persistent negative net income and EBIT margins highlight ongoing operational challenges.

Balance Sheet

The balance sheet reveals significant financial leverage, with a high debt-to-equity ratio of 63.39 in the TTM period, indicating potential financial risk. The negative stockholders' equity and return on equity suggest financial instability and the need for capital restructuring. The equity ratio is not available due to negative equity, further emphasizing the company's financial distress.

Cash Flow

Biodesix's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow to net income ratio is slightly positive at 1.05, indicating some alignment between cash flow and reported earnings. However, the negative free cash flow growth rate and operating cash flow coverage ratio highlight liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	80.17M	71.32M	49.09M	38.21M	54.51M	45.56M
Gross Profit	63.99M	55.75M	36.08M	24.06M	23.99M	23.56M
EBITDA	-26.51M	-29.22M	-37.10M	-51.53M	-35.47M	-20.84M
Net Income	-39.54M	-42.93M	-52.15M	-65.45M	-43.16M	-31.35M
Balance Sheet
Total Assets	88.72M	97.24M	99.10M	92.91M	76.10M	121.07M
Cash, Cash Equivalents and Short-Term Investments	16.70M	26.25M	26.28M	43.09M	32.71M	62.13M
Total Debt	72.93M	61.98M	60.69M	31.85M	10.01M	27.77M
Total Liabilities	90.44M	76.37M	94.52M	72.30M	56.37M	79.90M
Stockholders Equity	-1.72M	20.88M	4.58M	20.61M	19.73M	41.17M
Cash Flow
Free Cash Flow	-29.27M	-51.88M	-45.93M	-48.51M	-30.77M	-23.54M
Operating Cash Flow	-28.14M	-48.65M	-22.87M	-44.97M	-28.22M	-21.37M
Investing Cash Flow	-1.18M	-3.44M	-23.06M	-3.53M	-2.55M	-2.93M
Financing Cash Flow	14.53M	52.05M	29.13M	58.88M	1.26M	81.13M

Biodesix Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDSX, the sentiment is Neutral. The current price of 7.85 is above the 20-day moving average (MA) of 7.73, above the 50-day MA of 7.43, and below the 200-day MA of 8.61, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 51.16 is Neutral, neither overbought nor oversold. The STOCH value of 52.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BDSX.

Biodesix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRPO	57 Neutral	$32.51M	-16.60	-9.76%	―	30.95%	59.67%
SERA	52 Neutral	$135.47M	―	-47.69%	―	1.06%	22.41%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BDSX	51 Neutral	$60.46M	-1.42	-302.55%	―	22.29%	31.93%
BNR	50 Neutral	$121.79M	-6.04	-19.87%	―	5.44%	72.17%
VNRX	42 Neutral	$38.24M	-1.37	―	―	14.48%	36.83%
CHEK	26 Underperform	$9.13M	―	―	―	―	―

Biodesix Corporate Events

Biodesix Regains Nasdaq Compliance with Bid Price

On September 26, 2025, Biodesix, Inc. announced that it has regained compliance with the Nasdaq’s minimum bid price requirement, ensuring its continued listing on The Nasdaq Global Market. This follows a previous notification in March 2025, when the company’s stock had fallen below the $1.00 per share minimum, but has now maintained a closing bid price of at least $1.00 for ten consecutive business days, resolving the issue.

Biodesix Implements Reverse Stock Split on September 15

On September 15, 2025, Biodesix, Inc. implemented a one-for-twenty reverse stock split of its common stock, following approval from its Board of Directors and stockholders earlier in May 2025. This move, effective as of September 15, 2025, aims to adjust the trading price of its common stock, with no fractional shares issued; instead, stockholders will receive cash for fractional entitlements. Additionally, on September 12, 2025, the company filed a Certificate of Elimination to remove provisions related to its Series A Non-Voting Convertible Preferred Stock, marking a strategic shift in its stock structure.

Biodesix Announces Reverse Stock Split Effective Sept 15

On September 11, 2025, Biodesix, Inc. announced a one-for-twenty reverse stock split of its common stock, effective September 15, 2025. This move, approved by stockholders in May 2025, will reduce the number of outstanding shares from approximately 156 million to 8 million, while maintaining the same percentage ownership for stockholders, except for fractional shares which will be compensated in cash. The reverse stock split will also adjust the number of shares and exercise prices for the company’s outstanding equity awards and warrants, aiming to enhance the company’s stock market positioning.