Biodesix (BDSX) AI Stock Analysis

• Market Cap: $42.06M
• Dividend Yield: N/A
• Average Volume (3M): 15.54M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.25
• Revenue Growth: 35.76%
• EPS Growth: 47.48%
• Country: US
• Employees: 273
• Sector: Healthcare
• Sector Strength: 44
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.08
• Shares Outstanding: 146,563,030
• 10 Day Avg. Volume: 1,182,925
• 30 Day Avg. Volume: 15,541,776
• PEG Ratio: -0.07
• Price to Book (P/B): 4.70
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.00
• Enterprise Value/Market Cap: 11.91
• Enterprise Value/Revenue: 1.84
• Enterprise Value/Gross Profit: 8.59
• Enterprise Value/Ebitda: -4.30
• 1Y Price Target: $1.88
• Price Target Upside: 548.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 43 Neutral
• Price Target: $0.00 ▼(-100.00%Downside)

The overall stock score of 43 reflects significant financial challenges, including negative profitability and cash flow, along with a bearish technical outlook. Despite positive revenue growth and improved efficiency, the recent earnings call highlighted persistent challenges in sales and market expansion, affecting future revenue guidance.

Positive Factors

Financial Performance

The company expects to achieve adjusted EBITDA positivity and cash flow breakeven, signaling a positive financial outlook.

Growth Strategy

Biodesix is exploring the addition of digital diagnostics and radiomics to its portfolio, potentially enhancing long-term growth potential.

Sales Strategy

The rapid near-term expansion of the sales force and updated primary care commercial focus could drive continued top-line growth.

Negative Factors

Revenue Guidance

Biodesix decreased its 2025 revenue guidance due to slower than anticipated expansion of the sales force.

Sales Force Challenges

The company's performance was impacted by meaningful decreases to the sales force and slower than anticipated hiring of new primary care focused sales reps.

Stock Performance

Shares have been under pressure, likely due to rocky results and general weakness in the space.

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 through the sale of its proprietary diagnostic tests to healthcare providers, hospitals, and laboratories. These tests are primarily designed for the oncology market, offering actionable insights into the management of lung cancer. The company's key revenue streams include direct sales of its tests and partnerships with pharmaceutical companies who utilize Biodesix's diagnostics to enhance their drug development processes. Biodesix also benefits from reimbursement agreements with insurance providers, which facilitate the adoption of its tests in clinical practice. Additionally, collaborations with research institutions contribute to its revenue by expanding the use cases and applications of its diagnostic technologies.

Biodesix Financial Statement Overview

Summary

Biodesix shows revenue growth but faces significant financial challenges. The company operates at a net loss with negative profit margins, high leverage, and deteriorating cash flows, indicating financial instability and operational inefficiencies.

Income Statement

Biodesix's revenue has shown growth over the years, with a significant increase from 2022 to the TTM period. However, the company continues to operate at a net loss with negative net profit margins, indicating challenges in profitability. Despite good gross profit margins, the recurring negative EBIT and EBITDA margins highlight ongoing operational inefficiencies.

Balance Sheet

The balance sheet reveals a high level of debt relative to equity, indicating potential financial risk. The company has a low equity ratio, which may limit its financial stability. The consistent negative return on equity further reflects the challenges in generating returns for shareholders.

Cash Flow

The operating cash flow remains negative, and the free cash flow is deteriorating, suggesting cash burn concerns. Although there is substantial financing activity, it primarily supports short-term liquidity rather than operational sustainability. The ratios of operating and free cash flow to net income are unfavorable, indicating challenges in converting earnings to cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	74.46M	71.32M	49.09M	38.21M	54.51M	45.56M
Gross Profit	58.36M	55.75M	36.08M	24.06M	23.99M	23.56M
EBITDA	-27.46M	-29.22M	-37.10M	-53.78M	-35.47M	-20.84M
Net Income	-40.42M	-42.93M	-52.15M	-80.39M	-44.48M	-36.47M
Balance Sheet
Total Assets	86.24M	97.24M	99.10M	92.91M	76.10M	121.07M
Cash, Cash Equivalents and Short-Term Investments	17.60M	26.25M	26.28M	43.09M	32.71M	62.13M
Total Debt	62.28M	61.98M	60.69M	31.85M	10.01M	27.77M
Total Liabilities	75.18M	76.37M	94.52M	72.30M	56.37M	79.90M
Stockholders Equity	11.06M	20.88M	4.58M	20.61M	19.73M	41.17M
Cash Flow
Free Cash Flow	-45.20M	-51.88M	-45.93M	-48.51M	-30.77M	-23.54M
Operating Cash Flow	-41.96M	-48.65M	-22.87M	-44.97M	-28.22M	-21.37M
Investing Cash Flow	-3.30M	-3.44M	-23.06M	-3.53M	-2.55M	-2.93M
Financing Cash Flow	51.38M	52.05M	29.13M	58.88M	1.26M	81.13M

Biodesix Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.29
• 50DMA: Negative
• 100DMA: Negative
• 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 0.29 is above the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.36, and below the 200-day MA of 1.00, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 46.40 is Neutral, neither overbought nor oversold. The STOCH value of 46.46 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
XGN	62 Neutral	$153.02M	―	-117.50%	―	1.78%	22.46%
MDXH	57 Neutral	$113.84M	―	-1552.23%	―	25.46%	21.83%
VNRX	53 Neutral	$79.11M	―	138.92%	―	64.15%	41.65%
SERA	52 Neutral	$97.57M	―	-41.36%	―	-44.17%	12.77%
Sector *	51 Neutral	$7.55B	0.39	-61.90%	2.32%	17.14%	1.55%
ACRS	46 Neutral	$159.17M	―	-91.03%	―	-40.09%	-18.67%
BDSX	43 Neutral	$42.06M	―	-1454.41%	―	35.76%	47.48%

Biodesix Corporate Events

Biodesix Approves Reverse Stock Split at Annual Meeting

Biodesix, Inc. held its 2025 annual meeting of stockholders on May 20, 2025, where several key decisions were made. The stockholders elected two Class II directors, ratified KPMG LLP as the independent registered public accounting firm, approved a reverse stock split of the company’s common stock, and amended the Employee Stock Purchase Plan to increase available shares.

The most recent analyst rating on (BDSX) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Biodesix stock, see the BDSX Stock Forecast page.

Biodesix Announces Board Member Resignations

Biodesix, Inc. announced the resignation of two of its Board members, Charles Watts, M.D., and Jack Schuler, effective after the 2025 Annual Meeting of Stockholders on May 20, 2025. Dr. Watts, who joined the Board in July 2019, and Mr. Schuler, a Board member since June 2008, are stepping down without any disagreements with the company. Mr. Schuler will transition to a director emeritus role, continuing to offer advisory support. The company expressed gratitude for their service and contributions.