Biodesix Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 lowered, 1 kept. The quarter’s numbers.

Key takeaways

Revenue rose 10% year over year: Total revenue was $24.0 million, up 10% from $21.8 million a year earlier, led by Diagnostic Testing revenue growth of 16%. Source
Net loss and Adjusted EBITDA loss narrowed: Net loss was $8.0 million, and Adjusted EBITDA was a loss of $3.9 million, improvements of 8% and 16% over the prior year period. Source
Growth below management's expectations: Management said growth was below its expectations and identified the principal drivers, which are detailed in the demand section. Source
Development Services revenue declined: Development Services revenue was $1.0 million, against $1.9 million a year earlier, reflecting timing of project completion and revenue recognition. Source
Sales capacity limited new accounts: Management attributed part of the shortfall to fewer contributing sales representatives than planned, which limited new physician and account growth. Source
Early Q4 new physician acquisition rose: Early fourth-quarter trends show accelerating new customer acquisition and continued growth in the base; October had the highest new physician acquisition of the year. Source
Full-year revenue guidance lowered: Full-year 2026 total revenue guidance is $101 million to $103 million, down from $108 - 114 million; the midpoint reflects about 15% growth over 2025. Source

“We have identified the drivers, taken corrective actions, and entered the fourth quarter with a larger sales organization positioned for improved execution.”
Scott Hutton, Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Total revenue Source	Full year 2026	$101 million to $103 million	Lowered from $108 - 114 million
Gross margin Source	Full year 2026	approximately 80%	Kept

What changed from last quarter

Guidance lowered: Full-year 2026 total revenue guidance was lowered from $108 - 114 million to $101 - 103 million. Source
New: The company added Digital Diagnostics to its Lung Diagnostics portfolio strategy. Source
New: The company announced two MRD monitoring approaches, one with Bio-Rad and one with Thermo Fisher. Source

Results and growth drivers

Revenue rose 10% year over year: Total revenue was $24.0 million, up 10% from $21.8 million a year earlier, led by Diagnostic Testing revenue growth of 16%. Source
Net loss and Adjusted EBITDA loss narrowed: Net loss was $8.0 million, and Adjusted EBITDA was a loss of $3.9 million, improvements of 8% and 16% over the prior year period. Source
Net loss per share narrowed: Net loss per share was $0.75, against $1.16 a year earlier, with a higher weighted-average share count. Source
Growth below management's expectations: Management said growth was below its expectations and identified the principal drivers, which are detailed in the demand section. Source

Segment results

Diagnostic Testing revenue rose 16%: Diagnostic Testing revenue was $23.0 million, up 16%, on 24% higher test volumes of 19,400, partly offset by lower average revenue per test. Source
Development Services revenue declined: Development Services revenue was $1.0 million, against $1.9 million a year earlier, reflecting timing of project completion and revenue recognition. Source
Development Services projects delayed: Delays in external customer dependencies postponed the start of Development Services projects and the associated revenue recognition, the company said. Source

“The factors that impacted the quarter were largely execution and timing related rather than a change in demand, clinical utility, or market”
Scott Hutton, Chief Executive Officer

Products and clinical recognition

CHEST cites biomarker-guided nodule care: CHEST published a framework naming validated biomarker testing, such as Nodify Lung Risk Assessment Testing, a core component of lung nodule risk stratification. Source
Real-world evidence presented at CHEST: Sponsored and independent real-world evidence was presented at CHEST 2026, including CLARIFY study analyses of more than 2,000 patients. Source
Nodify CDT drove lung test mix: Lower average revenue per test was primarily attributable to a larger percentage of total lung test volume from Nodify CDT. Source

Costs, margins and pricing

Gross margin held at 81%: Gross margin was 81%, flat year over year and down from 82% in the second quarter, with higher volumes and lower cost per test cited. Source
Operating expenses rose 3%: Operating expenses excluding direct costs were $25.5 million, up 3% year over year. Source
Stock compensation fell 19%: Non-cash stock compensation was $0.9 million within operating expenses, a decrease of 19% from the prior year quarter. Source

Demand, seasonality and sales execution

Sales capacity limited new accounts: Management attributed part of the shortfall to fewer contributing sales representatives than planned, which limited new physician and account growth. Source
Primary care seasonality ran higher: Seasonality was greater than anticipated, primarily in primary care, and stable base customers reduced ordering frequency. Source
Early Q4 new physician acquisition rose: Early fourth-quarter trends show accelerating new customer acquisition and continued growth in the base; October had the highest new physician acquisition of the year. Source

Cash and share issuance

Cash fell to $28.4 million: Cash and cash equivalents were $28.4 million, down $1.6 million from June 30, 2026. Source
At-the-market program added $6.3 million: Net proceeds of $6.3 million from the at-the-market program were included in the change in cash for the quarter. Source
Weighted-average share count increased: Weighted-average basic and diluted shares were 10,660 thousand in the third quarter, against 7,500 thousand a year earlier. Source

Strategy and new programs

Digital Diagnostics added to lung portfolio: The company added Digital Diagnostics to its Lung Diagnostics strategy, a multimodal platform combining blood-based biomarkers, imaging biomarkers and artificial intelligence. Source
Two MRD monitoring approaches announced: A tumor-informed assay with Bio-Rad and a tumor-naive methylation assay under development with Thermo Fisher, both hybrid programs using partner platforms. Source
First Digital Diagnostics test planned 2028: The first product, a radiomics-based lung nodule risk test developed with Vanderbilt, is anticipated to be commercially available in 2028. Source

Full-year guidance revised

Full-year revenue guidance lowered: Full-year 2026 total revenue guidance is $101 million to $103 million, down from $108 - 114 million; the midpoint reflects about 15% growth over 2025. Source
Gross margin guidance held near 80%: Gross margin is expected to be maintained at approximately 80%, and the company expects continued progress toward profitability. Source
Revised guidance reflects sales team timing: The revised figures reflect third-quarter results and the timing of the sales team expansion. Source

Coming up, as management said on 5 November 2026

MRD assays under validation: Both MRD programs are being validated with investigators at Memorial Sloan Kettering Cancer Center; no dated milestone was given. Source

Figures management reported

Figure	Reported
Diagnostic test volumes Source	19,400, up 24% year over year

Risks management discussed

Operational: Sales capacity below plan limited new physician and account growth in the quarter. Source
Demand: Seasonality in primary care and reduced ordering by base customers affected quarterly test volumes. Source
Operational: Development Services project starts depend on external customer timing, and the delays postponed related revenue recognition. Source
Financial: Average revenue per test declined as Nodify CDT made up a larger share of lung test volume. Source

Earlier plans management reported on

Delayed: Management said external customer delays postponed the start of Development Services projects and their revenue recognition. Source
Missed: Management said growth was below its expectations and that it understands the principal drivers. Source
Not stated: Management said it expects continued progress toward profitability while maintaining gross margin of approximately 80%. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Biodesix Announces Third Quarter 2026 Results and Highlights

Delivered total revenue of $24.0 million, an increase of 10% year over year

Grew Diagnostic Testing revenue 16% year over year, with test volumes increasing 24%

Maintained an 81% gross margin, improved Net loss and Adjusted EBITDA loss by 8% and 16%, respectively

Revises full-year 2026 revenue guidance to $101 million to $103 million

Conference call and webcast Today at 4:30 p.m. ET

LOUISVILLE, CO, November 5, 2026 - Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the third quarter ended September 30, 2026.

“Biodesix delivered another quarter of year-over-year growth, with total revenue increasing 10%, Diagnostic Testing revenue increasing 16%, test volumes increasing 24%, and gross margin remaining strong at 81%,” said Scott Hutton, Chief Executive Officer. “However, our growth was below our expectations, and we understand the principal drivers: fewer contributing sales representatives than planned limited new physician and account growth; greater-than-anticipated seasonality, primarily in primary care, reduced ordering frequency among otherwise stable base customers; and delays in external customer dependencies postponed the start of Development Services projects and the associated revenue recognition. The factors that impacted the quarter were largely execution and timing related rather than a change in demand, clinical utility, or market opportunity. We have identified the drivers, taken corrective actions, and entered the fourth quarter with a larger sales organization positioned for improved execution. Early fourth-quarter trends indicate accelerating new customer acquisition, continued growth across our established customer base, and broader physician engagement. October produced our strongest month of new physician acquisition this year.”

“We also strengthened our long-term position in lung diagnostics through meaningful strategic progress; highlights include CHEST recognition of biomarker-guided lung nodule management, our expansion into multimodal Digital Diagnostics, and complementary MRD programs. As a result of this progress and the corrective actions implemented, we believe Biodesix is positioned to enter 2027 from a stronger strategic position than ever before.”

Recent Business Highlights

The American College of Chest Physicians (CHEST) published “Building a Lung Nodule Program: From Detection to Diagnosis,” a framework developed by a multidisciplinary panel of expert clinicians that identifies validated biomarker testing, such as Nodify Lung® Risk Assessment Testing, as a core component of standardized risk stratification in lung nodule programs. The framework represents further recognition of biomarker-guided risk stratification as an important component of evidence-based lung nodule management supporting broader adoption by health systems and integrated care networks.

Presented both sponsored and independent real-world evidence at CHEST 2026 supporting the integration of Nodify Lung® Risk Assessment Testing into routine nodule care, including analyses from the CLARIFY study of more than 2,000 patients evaluating clinical utility, follow-up, and test sequencing with PET imaging.

Announced the addition of Digital Diagnostics to the Company’s Lung Diagnostics portfolio strategy, establishing the foundation for a multimodal platform that combines blood-based biomarkers, imaging biomarkers, and artificial intelligence. The first product, a radiomics-based test for lung nodule risk assessment developed with Vanderbilt University and Vanderbilt Health, is designed to complement the Nodify Lung® portfolio and we believe represents the next phase of innovation in lung diagnostics. Commercial availability is anticipated in 2028.

Announced two complementary approaches to molecular residual disease (MRD) monitoring: a tumor-informed assay developed with Bio-Rad Laboratories and a tumor-naïve, methylation-based assay under development with Thermo Fisher Scientific. Both programs are being validated with investigators at Memorial Sloan Kettering Cancer Center and are designed as hybrid programs, combining a central lab model with distribution on partner platforms installed in laboratories globally.

Financial Highlights for the Third Quarter 2026

Diagnostic Testing revenue was $23.0 million in the third quarter, representing 16% growth, driven by a 24% increase in test volumes to 19,400, partially offset by lower average revenue per test year-over-year. The lower average revenue per test was primarily attributable to a larger percentage of total lung test volume from Nodify CDT;

Development Services revenue of $1.0 million in the third quarter 2026, as compared to $1.9 million in the prior year period, reflecting timing of project completion and revenue recognition;

Total revenue of $24.0 million in the third quarter 2026, an increase of 10% over the prior year comparable period;

Gross margin of 81% in the third quarter was flat compared to the prior year comparable period. The Company continues to deliver strong gross margins driven by higher Diagnostic Testing volumes and continued optimization of laboratory workflows, resulting in a lower cost per test;

Operating expenses (excluding direct costs and expenses) of $25.5 million for the third quarter 2026, an increase of 3% compared to the prior year comparable period.

Includes non-cash stock compensation expense of $0.9 million during the third quarter 2026, a decrease of 19% versus the prior year comparable period;

Net loss of $8.0 million for the third quarter 2026, an improvement of 8% over the prior year comparable period;

Adjusted EBITDA was a loss of $3.9 million in the third quarter 2026, a 16% improvement over the prior year comparable period;

Cash and cash equivalents of $28.4 million, a decrease of $1.6 million as compared to the period ending June 30, 2026. Change in cash included $6.3 million of net proceeds from our at-the-market program.

2026 Financial Outlook

For full-year 2026, now Biodesix expects total revenue of $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025. The Company expects to continue to make progress toward profitability while maintaining gross margins of approximately 80%. The outlook reflects third quarter results, the timing of our sales team expansion, and timing of expected Development Services contract execution and revenue recognition.

Conference call and webcast information

Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.

For a full list of Biodesix press releases and webinars, please visit biodesix.com.

About Biodesix

Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, including the Nodify Lung® Nodule Risk Assessment test and the IQLung® Cancer Treatment Guidance test, support clinical decisions to expedite personalized care and improve outcomes for patients with lung disease. Biodesix

Development Services enable the world’s leading biopharmaceutical, life sciences, and research institutions with scientific, technological, and operational capabilities that fuel the development of diagnostic tests, tools, and therapeutics. For more information, visit biodesix.com.

Trademarks: Biodesix, Biodesix Logo, Nodify Lung, and IQLung are trademarks or registered trademarks of Biodesix, Inc.

Use of Non-GAAP Financial Measure

Biodesix reported results are presented in accordance with generally accepted accounting principles in the United States (GAAP).

Biodesix also presents Adjusted EBITDA, a non-GAAP financial measure, in this press release. Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance, for internal planning and forecasting purposes, and as an additional measure of our performance for the purposes of business decision-making, including managing expenditures. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods, and helps our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net loss or Loss from operations. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.

We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.

Note Regarding Forward-Looking Statements

Forward-looking statements notice

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning possible or assumed future results of operations, including descriptions of our revenues, profitability, outlook, and overall business strategy, the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital, the anticipated impact and benefits of new clinical data, future products, reimbursement coverage and research partnerships, the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on the company and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of our most recent Annual Report on Form 10-K, filed February 26, 2026, or subsequent Quarterly Reports on Form 10-Q during 2026, as applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Condensed Balance Sheets (unaudited)

(in thousands, except share data)

	September 30, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$28,409	$18,987
Accounts receivable, net of allowance for credit losses of $121 and $62	9,117	9,036
Other current assets	4,609	4,495
Total current assets	42,135	32,518
Non‑current assets
Property and equipment, net	23,616	24,817
Intangible assets, net	2,531	3,883
Operating lease right-of-use assets	4,334	2,997
Goodwill	15,031	15,031
Other long-term assets	6,297	8,230
Total non‑current assets	51,809	54,958
Total assets	$93,944	$87,476
Liabilities and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable	$2,626	$3,080
Accrued liabilities	8,505	11,033
Deferred revenue	360	961
Current portion of operating lease liabilities	2,201	1,364
Current portion of notes payable	-	6
Other current liabilities	556	992
Total current liabilities	14,248	17,436
Non‑current liabilities
Long‑term notes payable, net of current portion	47,146	47,445
Long-term operating lease liabilities	23,093	24,039
Other long-term liabilities	782	1,021
Total non‑current liabilities	71,021	72,505
Total liabilities	85,269	89,941
Commitments and contingencies
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value, 5,000,000 authorized; 0 (2026 and 2025) issued and outstanding	-	-
Common stock, $0.001 par value, 200,000,000 authorized; 11,054,674 (2026) and 8,253,053 (2025) shares issued and outstanding	11	8
Additional paid‑in capital	529,524	495,289
Accumulated deficit	(520,860)	(497,762)
Total stockholders’ equity (deficit)	8,675	(2,465)
Total liabilities and stockholders’ equity (deficit)	$93,944	$87,476

Condensed Statements of Operations (unaudited)

(in thousands, except per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Revenues
Diagnostic Tests	$23,055	$19,835	$70,695	$54,049
Development Services	986	1,933	5,762	5,695
Total revenues	24,041	21,768	76,457	59,744
Direct costs and expenses	4,660	4,106	13,685	11,840
Research and development	2,994	2,992	9,414	9,131
Sales, marketing, general and administrative	22,499	21,714	71,042	64,573
Impairment loss on intangible assets	-	7	17	106
Total operating expenses	30,153	28,819	94,158	85,650
Loss from operations	(6,112)	(7,051)	(17,701)	(25,906)
Other (expense) income:
Interest expense	(2,002)	(2,074)	(5,961)	(5,657)
Change in fair value of warrant liability, net	-	-	-	(280)
Other income, net	82	409	564	558
Total other expense	(1,920)	(1,665)	(5,397)	(5,379)
Net loss	$(8,032)	$(8,716)	$(23,098)	$(31,285)
Net loss per share, basic and diluted	$(0.75)	$(1.16)	$(2.26)	$(4.24)
Weighted-average shares outstanding, basic and diluted	10,660	7,500	10,207	7,378

Reconciliation of Net loss to Adjusted EBITDA (unaudited)

(in thousands)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Net loss	$(8,032)	$(8,716)	$(23,098)	$(31,285)
Interest expense	2,002	2,074	5,961	5,657
Depreciation and amortization	1,400	1,407	4,182	4,283
Share-based compensation expense	852	1,053	2,787	3,064
Change in fair value of warrant liability, net	-	-	-	280
Other (income) expense, net	(82)	(409)	(928)	1
Adjusted EBITDA	$(3,860)	$(4,591)	$(11,096)	$(18,000)

Contacts
Natalie St. Denis natalie.stdenis@biodesix.com
(720) 925-9285
Chris Brinzey chris.brinzey@icrhealthcare.com
(339) 970-2843