Liquidity remains a primary concern as the firm reported a $10.3M free cash flow burn in 2026Q1, exacerbated by volatile working capital outflows of $5.3M.
| Cash from Operations | -24.84M | -23.27M | -48.65M | -22.87M | -44.97M | -28.22M | -21.37M | -21.73M | -17.68M |
| Operating CF Margin % | - | -26.3% | -68.21% | -46.59% | -117.69% | -51.78% | -46.9% | -88.49% | -86.52% |
| Operating CF Growth % | 182.25% | 52.17% | -112.72% | 49.15% | -59.35% | -32.09% | 1.66% | -22.91% | - |
| Net Income | -31.96M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M | -31.35M | -30.73M | -26.17M |
| Depreciation & Amortization | 5.58M | 5.6M | 5.46M | 5.51M | 5.84M | 3.18M | 2.9M | 2.79M | 1.74M |
| Stock-Based Compensation | 4.28M | 4.14M | 6.64M | 5.37M | 5.96M | 4.94M | 3.71M | 170K | 142K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -2.1M | 1.6M | 0 | 47K |
| Other Non-Cash Items | 1.47M | 1.92M | 3.86M | 7.09M | 13.01M | 4.33M | 6.58M | 7.68M | 6.31M |
| Working Capital Changes | -4.21M | 334K | -21.67M | 11.3M | -4.34M | 4.59M | -4.8M | -1.65M | 253K |
| Change in Receivables | -1.92M | -531K | -1.81M | -4.72M | -1.5M | 11.45M | -10.31M | -3.65M | -146K |
| Change in Inventory | 0 | 0 | 22K | 166K | 906K | 7.42M | -11.65M | 0 | -389K |
| Change in Payables | 3.8M | 0 | 1.64M | 513K | -773K | -7.42M | 11.65M | 1.19M | 342K |
| Cash from Investing | -410K | -403K | -3.44M | -23.06M | -3.53M | -2.55M | -2.93M | -1.87M | -617K |
| Capital Expenditures | -285K | -259K | -3.23M | -22.92M | -3.53M | -2.55M | -2.18M | -1.42M | -617K |
| CapEx % of Revenue | 0.3% | 0.29% | 4.53% | 46.69% | 9.25% | 4.67% | 4.78% | 5.77% | 3.02% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -750K | -456K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -125K | -144K | -210K | -143K | 0 | 0 | 0 | 0 | -119K |
| Cash from Financing | 33.22M | 16.42M | 52.05M | 29.13M | 58.88M | 1.26M | 81.13M | 22.97M | 19.03M |
| Debt Issued (Net) | 10.01M | 9.98M | -51K | 9.95M | 16.5M | -15.35M | 16.04M | 13.04M | -12.65M |
| Equity Issued (Net) | 24.54M | 7.82M | 55.63M | 28.13M | 59.54M | 16.34M | 72M | 10.05M | 8.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.33M | -1.38M | -3.52M | -8.95M | -17.15M | 269K | -6.91M | -116K | 23.18M |
| Net Change in Cash | 7.97M | -7.26M | -39K | -16.8M | 10.38M | -29.51M | 56.84M | -628K | 738K |
| Free Cash Flow | -25.23M | -23.67M | -51.88M | -45.93M | -48.51M | -30.77M | -23.54M | -23.04M | -18.29M |
| FCF Margin % | -26.25% | -26.75% | -72.74% | -93.57% | -126.94% | -56.45% | -51.68% | -93.83% | -89.54% |
| FCF Growth % | 44.26% | 54.37% | -12.95% | 5.31% | -57.64% | -30.7% | -2.2% | -25.92% | - |
| FCF per Share | -2.61 | -3.14 | -8.00 | -11.19 | -23.04 | -22.49 | -4.87 | -0.50 | -13.79 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.66x | 1.13x | 0.44x | 0.69x | 0.65x | 0.68x | 0.71x | 0.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in recent financial statements, the relationship between net income and operating cash flow remains volatile, with the OCF/NI ratio fluctuating significantly from 1.30 in 2026Q1 to a negative 0.20 in 2025Q4, suggesting inconsistent underlying cash generation relative to reported accounting losses.
The frequent divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily influencing the company's reported figures. Investors should monitor whether this volatility reflects genuine operational improvements or merely the timing of reimbursement collections and accrual adjustments.
Based on the company's quarterly filings, free cash flow remains consistently negative in most periods, with a 2026Q1 burn of $10.3M, highlighting the persistent challenge of funding high-growth diagnostic operations through internal cash generation rather than external capital infusions.
The inability to sustain positive free cash flow, despite revenue growth, suggests that the company's current business model requires significant ongoing investment to maintain its market position. This trajectory warrants further investigation into the specific milestones required to reach a self-funding operational state.
According to historical data, working capital changes have been a major source of cash flow instability, evidenced by a $5.3M outflow in 2026Q1 following a $1.8M inflow in 2025Q4, which underscores the sensitivity of the company's liquidity to the timing of accounts receivable collections.
The erratic nature of these working capital swings may indicate challenges in managing the reimbursement cycle with various payers. Such fluctuations often mask the true operational cash burn, making it difficult for analysts to project the company's actual runway without further clarity on collection patterns.
As indicated by the provided data, capital expenditures have remained relatively low, with the CapEx/Revenue ratio dropping from a high of 20.3% in 2023Q4 to just 0.3% in 2026Q1, suggesting a shift toward a less capital-intensive phase of laboratory operations.
This reduction in capital intensity appears to reflect the completion of initial laboratory infrastructure build-outs. While this preserves cash in the short term, it may also indicate a potential underinvestment in future diagnostic capacity if growth continues to accelerate.
Based on reported figures, stock-based compensation consistently adds over $1M per quarter to the company's expenses, which effectively masks the true magnitude of the cash burn by inflating the GAAP net loss without impacting the immediate cash position.
Investors should be aware that these non-cash charges provide a buffer to the income statement that does not translate to cash savings. The reliance on equity-based incentives to manage operating costs may lead to further dilution, which remains a primary risk for existing shareholders.
Quick answers to the most common questions about buying BDSX stock.
Biodesix, Inc. (BDSX) generated $-23.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Biodesix, Inc. (BDSX) reported negative free cash flow of $23.7M in 2025, indicating capital requirements exceeded cash from operations.
Biodesix, Inc. (BDSX) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.