Delivered 41% revenue growth and 83% gross margin in Q4 2025;
Improved Net Loss by 52% and achieved first-ever Adjusted EBITDA positivity in Q4 2025;
FY2026 Revenue Guidance of $106-112 million, mid-point reflects 23% growth;
Conference Call and Webcast Today at 4:30 p.m. ET
LOUISVILLE, Colo., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the fourth quarter and year ended December 31, 2025 (fiscal 2025).
"Biodesix delivered exceptional results in the fourth quarter, with revenue of $28.8 million and 83% gross margin," said Scott Hutton, Chief Executive Officer. "We exceeded the high end of our revenue guidance by delivering 41% growth, and for the first time ever, achieved Adjusted EBITDA positivity in the quarter demonstrating the strength of our operating leverage and gross margins, which have become a hallmark of Biodesix performance. In 2025, we accelerated the growth of our lung-focused commercial strategy, expanded our pipeline, announced new partnerships, grew our development services offering, and presented clinical data on our on-market and pipeline products."
Business and Financial Highlights for the Fourth Quarter and Full Year 2025
-- Diagnostic Tests core organic revenue, excluding collection on claims
older than one year, was $24.1 million in the fourth quarter, growth of
40% over the prior year comparable period, driven by test volume growth
of 23% and increased average revenue per test;
-- Diagnostic Test revenue of $25.1 million and $79.2 million for the
fourth quarter and fiscal 2025, respectively, an increase of 46%
and 22% over the prior year comparable periods. Test volumes were
18,000 and 62,600 for the fourth quarter and fiscal 2025,
respectively, an increase of 23% and 15% over the prior year
comparable periods. The increase in average revenue per test was
driven by additional payer coverage, improvements in revenue cycle
management, and approximately $1.0 million in collections from
claims older than one year;
-- Development Services revenue of $3.6 million and $9.3 million for the
fourth quarter and fiscal 2025, respectively, an increase of 12% and 41%
over the respective prior year comparable periods, a result of both
delivering against the Company's book of contracted business and securing
new agreements;
-- Total revenue of $28.8 million in the fourth quarter and $88.5 million in
fiscal 2025, an increase of 41% and 24% over the respective prior year
comparable periods, with gross margin expanding 400bps to 83% in the
fourth quarter and 300bps to 81% in fiscal 2025;
-- Improvements in gross margin percentage were driven by growth in
Diagnostic testing, improvements in average revenue per test, and
optimization of testing workflows that resulted in decreases in
costs per test;
-- Operating expenses (excluding direct costs and expenses) of $25.8 million
and $99.7 million for the fourth quarter and fiscal 2025, an increase of
14% and 10% over the respective prior year comparable periods. Sales,
marketing, and general administrative investment increased 14% to support
the 41% revenue growth delivered in the fourth quarter. The Company
expects continued operating leverage as our expanded sales team advances
along the productivity curve and converts growing experience into
sustained performance;
-- Includes non-cash stock compensation expense of $1.1 million and
$4.1 million during the fourth quarter and fiscal 2025, a decrease
of 15% and 38% over the respective prior year comparable periods;
-- Net loss of $4.0 million and $35.3 million for the fourth quarter and
fiscal 2025, an improvement of 52% and 18% over the respective prior year
comparable periods;
-- Adjusted EBITDA of $0.5 million in Q4 2025, the Company's first quarter
of Adjusted EBITDA positivity, representing a $4.5 million or 113%
improvement from Q4 2024. This milestone reflects strong revenue
flow-through and operating leverage across Biodesix. Adjusted EBITDA for
fiscal 2025 was a loss of $17.5 million, an improvement of 21% over
fiscal 2024;
Metric FY25 Guidance (Raised) FY25 Actual Result
------------------ ---------------------- ---------------- --------------
Total Revenue $84-86M $88.5M Above High End
------------------ ---------------------- ---------------- --------------
Q4 Adj. EBITDA Positive in Q4 $0.5M (positive) First-Ever
------------------ ---------------------- ---------------- --------------
Gross Margin (FY) 78% - 79% 81% +300bps YoY
------------------ ---------------------- ---------------- --------------
-- Pro forma cash and cash equivalents of $33.7 million (including
subsequent ATM proceeds), supported by the Company's first quarter of
Adjusted EBITDA positivity, which positions Biodesix to reduce quarterly
cash consumption as revenue scales;
-- Cash and cash equivalents of $19.0 million as of December 31, 2025
was inclusive of $2.3 million in at-the-market proceeds, and
subsequent to the end of the quarter, the Company raised and
additional $14.7 million to support continued growth investment;
-- Subsequent to the end of the quarter, the Company amended the
Senior Secured Term Loan with Perceptive Advisors to extend the
maturity date and interest only period to November 2028. The
extension and additional cash strengthens the balance sheet and
provides increased financial flexibility.
2026 Financial Outlook
The Company anticipates generating between $106-112 million in total revenue in 2026, the mid-point representing 23% growth over 2025 total revenue, and expects continued improvement toward sustained Adjusted EBITDA positivity. The revenue growth and improvement on the path to profitability is expected to be driven by the increasing productivity across our expanded sales organization, improvements to average revenue per test demonstrated in the second half of 2025, additional clinical data on the Nodify Lung tests to help drive adoption from healthcare providers and payers, increases in Development Services pipeline, and the demonstrated operating leverage.
Metric FY 2025 Actual FY 2026 Guidance ------------- -------------- ---------------------------------------------- Total Revenue $88.5M $106-112M (mid-point is 23% growth) ------------- -------------- ---------------------------------------------- Gross Margin 81% Maintain 80% ------------- -------------- ---------------------------------------------- Adj. EBITDA $(17.5)M FY Continued improvement on path to profitability ------------- -------------- ----------------------------------------------
Conference call and webcast information
Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company's investor website approximately two hours after the call's conclusion. Participants are advised to join 15 minutes prior to the start time.
For a full list of Biodesix press releases and webinars, please visit biodesix.com.
About Biodesix
Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, marketed as Nodify Lung$(R)$ Nodule Risk Assessment and IQLung(R) Cancer Treatment Guidance, 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 acceptedaccounting principles in the United States (GAAP). Biodesix has provided in this press release financial information that has not been prepared in accordance with GAAP. Biodesix uses the non-GAAP financial measure, Adjusted EBITDA, internally in analyzing its financial results and believes that use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Biodesix financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Biodesix financial statements prepared in accordance with GAAP. A reconciliation of Biodesix historical non-GAAP financial measure to the most directly comparable GAAP measure has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
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