Biodesix (NASDAQ:BDSX) Announces Earnings Results

Key Points

• Biodesix beat quarterly estimates, reporting an adjusted EPS loss of $0.71 versus the expected $0.90 loss, while revenue reached $26.86 million compared with the $26.03 million consensus.
• Q2 revenue grew 34% year over year to $26.9 million, driven by a 42% increase in diagnostic testing revenue and 38% growth in test volumes. Profitability also improved, with gross margin rising to 82% and adjusted EBITDA losses narrowing 56% to $3.2 million.
• Management maintained its 2026 revenue outlook of $108 million to $114 million and continued targeting sustained adjusted EBITDA profitability. Analysts remain generally positive, with a “Moderate Buy” consensus and an average price target of $28.33.

Biodesix (NASDAQ:BDSX - Get Free Report) posted its earnings results on Wednesday. The company reported ($0.71) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.19, FiscalAI reports. Biodesix had a negative net margin of 33.26% and a negative return on equity of 2,101.40%. The firm had revenue of $26.86 million during the quarter, compared to analysts' expectations of $26.03 million.

Here are the key takeaways from Biodesix's conference call:

• Q2 revenue rose 34% year over year to $26.9 million, while diagnostic testing revenue increased 42% and test volumes grew 38% to approximately 20,900. Growth was supported by stronger adoption in both primary care and pulmonology, as well as improved average revenue per test.
• Primary-care testing volume increased 133% year over year and now represents approximately 15% of total testing volume. Management said the recent clinical publication supporting Nodify CDT use in small nodules is driving new account wins and broader use of both Nodify CDT and Nodify XL2.
• Profitability metrics continued to improve, with gross margin reaching 82%, net loss narrowing 37% to $7.3 million, and adjusted EBITDA loss improving 56% to $3.2 million. Excluding $6.5 million of ATM proceeds, quarterly cash use fell 70% year over year to $2.1 million.
• Biodesix maintained its full-year 2026 revenue outlook of $108 million to $114 million and expects operating expenses to remain relatively steady with moderate increases as it expands to approximately 120 sales representatives by year-end. Management emphasized disciplined hiring and continued progress toward sustained adjusted EBITDA profitability, while noting that biopharma services revenue can be seasonal and lumpy.

Biodesix Price Performance

Shares of BDSX stock traded up $0.03 during mid-day trading on Wednesday, hitting $22.78. 43,090 shares of the stock traded hands, compared to its average volume of 647,034. Biodesix has a twelve month low of $5.26 and a twelve month high of $24.92. The firm has a market cap of $236.00 million, a price-to-earnings ratio of -5.61 and a beta of 0.56. The company's 50-day simple moving average is $19.23 and its 200-day simple moving average is $15.44. The company has a debt-to-equity ratio of 5.09, a quick ratio of 2.82 and a current ratio of 2.82.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BDSX shares. Weiss Ratings upgraded Biodesix from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, June 12th. HC Wainwright initiated coverage on Biodesix in a research report on Monday, June 15th. They issued a "buy" rating and a $26.00 target price on the stock. Canaccord Genuity Group lifted their target price on Biodesix from $22.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Finally, Roth Capital assumed coverage on Biodesix in a research note on Wednesday, June 24th. They issued a "buy" rating and a $32.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. XTX Topco Ltd grew its holdings in Biodesix by 99.4% during the second quarter. XTX Topco Ltd now owns 205,647 shares of the company's stock worth $58,000 after acquiring an additional 102,494 shares during the period. Cetera Investment Advisers acquired a new stake in Biodesix in the 4th quarter valued at about $68,000. DRW Securities LLC bought a new position in shares of Biodesix during the 4th quarter valued at about $105,000. Millennium Management LLC bought a new position in shares of Biodesix during the 3rd quarter valued at about $113,000. Finally, State Street Corp grew its stake in shares of Biodesix by 15.6% in the 4th quarter. State Street Corp now owns 17,802 shares of the company's stock worth $121,000 after purchasing an additional 2,400 shares during the last quarter. Institutional investors own 20.96% of the company's stock.

About Biodesix

Biodesix, Inc is a commercial-stage molecular diagnostics company headquartered in Boulder, Colorado, that develops and delivers blood-based tests to improve the diagnosis and management of lung diseases, including lung cancer. The company integrates advanced proteomic and, more recently, genomic technologies to offer noninvasive testing solutions designed to guide clinical decision-making. Biodesix operates a CLIA-certified and CAP-accredited laboratory, allowing it to process patient samples at scale and maintain rigorous quality standards.

The company's flagship product, VeriStrat®, is a proteomic test that stratifies patients with non-small cell lung cancer into groups more likely to benefit from specific therapies.

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