Biodesix (BDSX) AI Stock Analysis

• Market Cap: $39.69M
• Dividend Yield: N/A
• Average Volume (3M): 16.18M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.46
• Revenue Growth: 35.76%
• EPS Growth: 47.48%
• Country: US
• Employees: 273
• Sector: Healthcare
• Sector Strength: 43
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.08
• Shares Outstanding: 146,563,030
• 10 Day Avg. Volume: 47,693,130
• 30 Day Avg. Volume: 16,175,705
• PEG Ratio: -0.32
• Price to Book (P/B): 5.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.26
• 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: $1.88
• Price Target Upside: 370.00% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 46 Neutral
• Price Target: $0.50 ▲( 25.00% Upside)

Biodesix's overall stock score is primarily impacted by its poor financial performance, characterized by high leverage and negative profitability. Although the earnings call revealed positive operational improvements, challenges in sales force reconfiguration and market expansion weigh negatively. The technical analysis suggests a bearish trend, and the valuation remains unattractive due to the company's unprofitability.

Positive Factors

Financial Performance

The company expects to achieve adjusted EBITDA positivity and cash flow breakeven with current cash.

Product Portfolio

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

Sales Strategy

BDSX's rapid near-term sales force expansion and updated primary care commercial focus could drive continued top-line growth.

Negative Factors

Revenue Guidance

Biodesix decreased its 2025 revenue guidance to $80-85 million from $92-95 million.

Sales Force Challenges

Sales force issues were a drag on 1Q results and the guide down.

Stock Valuation

Shares may have a ceiling on them even at a very discounted valuation.

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, primarily targeting healthcare providers and hospitals. The company's key revenue streams include test sales, service agreements, and partnerships with pharmaceutical companies for companion diagnostics. These partnerships are significant as they enable Biodesix to expand its market reach and integrate its tests into broader treatment protocols. Additionally, Biodesix benefits from research grants and collaborations which provide funding and support for continued innovation and development of new diagnostic solutions.

Biodesix Financial Statement Overview

Summary

Biodesix faces significant financial challenges despite revenue growth. The company remains unprofitable with negative net profit and EBIT margins. The balance sheet indicates high financial risk due to significant leverage. Negative free cash flow and reliance on financing highlight liquidity issues.

Income Statement

Biodesix's revenue growth shows improvement with a 45.3% increase in 2024 compared to 2023. However, the company remains unprofitable with a negative net profit margin of -60.2% and an EBIT margin of -48.3% in 2024. Despite revenue growth, the persistent negative margins indicate challenges in cost management and profitability.

Balance Sheet

The company has a high debt-to-equity ratio of 2.97 in 2024, indicating significant leverage. The equity ratio improved slightly to 21.5%, but remains low, reflecting financial instability. Negative net income impacts ROE, making it unreliable for assessment. Overall, the balance sheet shows high financial risk due to leverage.

Cash Flow

Free cash flow remains negative, worsening by 12.9% in 2024. The operating cash flow to net income ratio is negative, indicating cash outflows from operations. Financing activities cover cash shortfalls, but reliance on financing increases financial risk. The cash flow situation indicates liquidity challenges and dependence on external funding.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
71.32M	49.09M	38.21M	54.51M	45.56M
	Gross Profit
71.32M	36.08M	24.06M	23.99M	23.56M
	EBIT
-34.50M	-41.34M	-50.51M	-39.32M	-22.12M
	EBITDA
-34.50M	-37.10M	-53.78M	-35.47M	-20.84M
	Net Income Common Stockholders
-42.93M	-52.15M	-80.39M	-44.48M	-36.47M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
26.25M	26.28M	43.09M	32.71M	62.13M
	Total Assets
97.24M	99.10M	92.91M	76.10M	121.07M
	Total Debt
61.98M	60.69M	31.85M	10.01M	27.77M
	Net Debt
35.73M	34.41M	-11.24M	-22.70M	-34.36M
	Total Liabilities
76.37M	94.52M	72.30M	56.37M	79.90M
	Stockholders Equity
20.88M	4.58M	20.61M	19.73M	41.17M
Cash Flow		Free Cash Flow
-51.88M	-45.93M	-48.51M	-30.77M	-23.54M
	Operating Cash Flow
-48.65M	-22.87M	-44.97M	-28.22M	-21.37M
	Investing Cash Flow
-3.44M	-23.06M	-3.53M	-2.55M	-2.93M
	Financing Cash Flow
52.05M	29.13M	58.88M	1.26M	81.13M

Biodesix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.40
• 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 Negative. The current price of 0.4 is below the 20-day moving average (MA) of 0.40, below the 50-day MA of 0.55, and below the 200-day MA of 1.19, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 43.51 is Neutral, neither overbought nor oversold. The STOCH value of 52.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDSX.

Biodesix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
XGN	60 Neutral	$130.26M	―	-117.50%	―	1.78%	22.46%
MDXH	55 Neutral	$106.91M	―	-1552.23%	―	25.46%	21.83%
Sector *	53 Neutral	$5.14B	3.06	-43.57%	2.81%	16.81%	-0.12%
VNRX	52 Neutral	$50.58M	―	138.92%	―	64.15%	41.65%
BDSX	46 Neutral	$39.69M	―	-1454.41%	―	35.76%	47.48%
ACRS	46 Neutral	$136.43M	―	-91.03%	―	-40.09%	-18.67%
SERA	43 Neutral	$70.82M	―	-41.36%	―	-44.17%	12.77%

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.