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BDSX

Biodesix, Inc.

BDSX

Biodesix, Inc. • NASDAQ
$8.28 ▲ 5.21% (+0.41)
Market Cap $61.11 M
52w High $32.20
52w Low $3.44
Dividend Yield 0%
P/E -1.58
Volume 8.00K
Outstanding Shares 7.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.768M ▲ $24.713M ▼ $-8.716M ▲ -40.04% ▲ $-1.16 ▲ $-5.235M ▲
Q2-2025 $20.018M ▲ $25.706M ▲ $-11.468M ▼ -57.288% ▲ $-1.6 $-8.158M ▼
Q1-2025 $17.958M ▼ $23.391M ▲ $-11.101M ▼ -61.816% ▼ $-1.6 ▼ $-8.011M ▼
Q4-2024 $20.429M ▲ $22.736M ▲ $-8.251M ▲ -40.389% ▲ $-1.2 ▲ $-5.101M ▲
Q3-2024 $18.151M $22.563M $-10.258M -56.515% $-1.4 $-6.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.704M ▼ $88.722M ▲ $90.444M ▲ $-1.722M ▼
Q2-2025 $20.728M ▲ $87.74M ▲ $86.602M ▲ $1.138M ▼
Q1-2025 $17.603M ▼ $86.241M ▼ $75.181M ▼ $11.06M ▼
Q4-2024 $26.245M ▼ $97.244M ▼ $76.368M ▲ $20.876M ▼
Q3-2024 $31.406M $102.743M $74.886M $27.857M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-8.716M ▲ $-8.879M ▼ $-67K ▲ $4.822M ▼ $-4.124M ▼ $-8.927M ▼
Q2-2025 $-11.468M ▼ $-6.568M ▲ $-95K ▲ $9.789M ▲ $3.126M ▲ $-6.619M ▲
Q1-2025 $-11.101M ▼ $-8.602M ▼ $-137K ▲ $97K ▲ $-8.642M ▼ $-8.739M ▼
Q4-2024 $-8.251M ▲ $-4.096M ▲ $-884K ▼ $-181K ▼ $-5.161M ▲ $-4.98M ▲
Q3-2024 $-10.258M $-10.671M $-286K $144K $-10.813M $-10.957M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Development Services
Development Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Diagnostic Tests
Diagnostic Tests
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Biodesix has been growing its revenue steadily, but it is still a relatively small business that is not yet profitable. The core testing business appears to have healthy gross margins, meaning the tests themselves create good value once they are run. However, spending on operations, sales, and development is high relative to current scale, so operating losses and net losses remain material. The good news is that losses have been narrowing over the last couple of years, suggesting the company is starting to gain operating leverage as revenue rises, but it is still clearly in a “build and scale” phase rather than a “mature profit” phase.

Balance Sheet

Balance Sheet The balance sheet is lean and shows a company with limited cushion. Total assets and cash are modest, and debt has risen over time, while shareholders’ equity has been thin and at one point essentially wiped out before recovering somewhat. This points to a history of heavy cumulative losses and recapitalization. The structure is typical of a small, high-growth healthcare company, but it also means financial flexibility is constrained and the business is more sensitive to access to outside funding and to lender or investor confidence.

Cash Flow

Cash Flow Biodesix consistently uses cash rather than generating it. Operating cash flow has been negative every year, reflecting that the business is not yet self-funding. Free cash flow is also negative, though capital spending has been relatively modest, so most of the cash burn comes from running and growing the business rather than from large equipment or facility investments. This pattern implies an ongoing need for external capital—through debt, equity, or partnerships—until the company can reach a larger scale and move toward cash breakeven.

Competitive Edge

Competitive Edge The company occupies a focused niche in lung cancer diagnostics, where it has built an early and differentiated position. Its strength lies in an integrated approach that combines multiple types of biological data with artificial intelligence, aimed at giving doctors rapid, actionable answers from a simple blood draw. First-mover status in lung nodule management, established relationships with lung specialists, and Medicare coverage for key tests all reinforce this position. That said, Biodesix operates in a field with much larger and better-capitalized competitors, so maintaining its edge will depend on continuing to show clinical value, economic benefit, and real-world adoption in its chosen niches.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Biodesix’s story. The company has developed a multi-omics and AI platform that supports a broad portfolio of lung cancer tests, from early risk assessment of nodules to treatment selection and monitoring. It is also leveraging this platform through biopharma partnerships and expanding into new areas like breast cancer diagnostics. The roadmap emphasizes adding new tests, validating them through clinical studies, and embedding them into care pathways and pharmaceutical trials. This creates meaningful upside potential but also scientific, regulatory, and execution risk, since the business model depends heavily on ongoing R&D success and strong clinical evidence.

Summary

Biodesix is an early-stage, innovation-driven diagnostics company with a clear focus on lung cancer and a technology platform that could extend into other cancers. Financially, it is still in investment mode: revenue is growing and margins on tests are attractive, but losses and cash burn are ongoing, and the balance sheet is relatively tight with a noticeable reliance on debt and external funding. Competitively, its specialized lung cancer franchise, multi-omics capabilities, and payer coverage give it a distinct niche, though it competes against much larger players. The company’s long-term outcome will likely hinge on its ability to scale test adoption, broaden its menu into new indications, deepen biopharma collaborations, and eventually translate its scientific lead into a more durable and self-sustaining financial profile.

NEWS

November 3, 2025 · 4:01 PM UTC

Biodesix Announces Third Quarter 2025 Results and Highlights

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October 30, 2025 · 6:17 AM UTC

Biodesix to Share its R&D Roadmap during its Corporate Day Presentation at AMP Annual Meeting

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October 22, 2025 · 6:17 AM UTC

Biodesix Announces Expanded Bio-Rad Laboratories Partnership Agreement to Develop Droplet Digital™ PCR High Complexity Assays

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October 20, 2025 · 6:00 AM UTC

Biodesix to Report Third Quarter 2025 Financial Results on November 3, 2025

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October 15, 2025 · 6:09 AM UTC

Biodesix Announces Presentations and Events at the CHEST 2025 Annual Meeting

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