Revenue scaling is evident through a 42.3% year-over-year growth rate in 2026Q1, though operating margins remain negative at -24.3% due to high SG&A expenses.
| Sales/Revenue | 96.1M | 88.5M | 71.32M | 49.09M | 38.21M | 54.51M | 45.56M | 24.55M | 20.43M |
| Revenue Growth % | 29.05% | 24.08% | 45.3% | 28.46% | -29.89% | 19.64% | 85.55% | 20.16% | - |
| Cost of Goods Sold | 13.02M | 21.91M | 15.57M | 13.01M | 14.15M | 30.52M | 22M | 6.07M | 4.41M |
| COGS % of Revenue | - | 24.75% | 21.83% | 26.5% | 37.04% | 55.99% | 48.29% | 24.74% | 21.56% |
| Gross Profit | 57.52M | 66.59M | 55.75M | 36.08M | 24.06M | 23.99M | 23.56M | 18.48M | 16.03M |
| Gross Margin % | 59.86% | 75.25% | 78.17% | 73.5% | 62.96% | 44.01% | 51.71% | 75.26% | 78.44% |
| Gross Profit Growth % | - | 19.45% | 54.53% | 49.96% | 0.29% | 1.82% | 27.5% | 15.3% | - |
| Operating Expenses | 108.02M | 94.36M | 90.25M | 77.42M | 74.64M | 64.93M | 46.49M | 45.22M | 34.09M |
| OpEx % of Revenue | - | 106.62% | 126.53% | 157.72% | 195.34% | 119.12% | 102.05% | 184.18% | 166.83% |
| Selling, General & Admin | 91.36M | 87.55M | 80.45M | 67.39M | 61.46M | 50.52M | 34.86M | 30.64M | 25.9M |
| SG&A % of Revenue | - | 98.92% | 112.8% | 137.28% | 160.84% | 92.68% | 76.51% | 124.78% | 126.76% |
| Research & Development | 12.42M | 12M | 9.56M | 9.99M | 13.1M | 12.79M | 10.82M | 10.47M | 8.19M |
| R&D % of Revenue | - | 13.56% | 13.4% | 20.35% | 34.29% | 23.46% | 23.75% | 42.64% | 40.07% |
| Other Operating Expenses | 1.03M | -5.19M | 238K | 44K | 81K | 1.62M | 818K | 4.11M | 0 |
| Operating Income | -24.94M | -27.87M | -34.5M | -41.34M | -50.59M | -40.94M | -22.93M | -26.74M | -23.46M |
| Operating Margin % | -25.95% | -31.5% | -48.37% | -84.22% | -132.39% | -75.11% | -50.34% | -108.92% | -114.82% |
| Operating Income Growth % | - | 19.2% | 16.55% | 18.28% | -23.56% | -78.51% | 14.24% | -13.98% | - |
| EBITDA | -20.77M | -22.2M | -29.04M | -35.84M | -44.74M | -37.76M | -20.03M | -23.95M | -21.72M |
| EBITDA Margin % | -21.61% | -25.09% | -40.72% | -73% | -117.09% | -69.28% | -43.97% | -97.54% | -106.31% |
| EBITDA Growth % | 23.3% | 23.55% | 18.96% | 19.91% | -18.49% | -88.52% | 16.36% | -10.25% | - |
| D&A (Non-Cash Add-back) | 4.17M | 5.67M | 5.46M | 5.51M | 5.84M | 3.18M | 2.9M | 2.79M | 1.74M |
| EBIT | -18.13M | -27.55M | -34.67M | -42.61M | -57.38M | -38.65M | -23.75M | -27.72M | -23.25M |
| Net Interest Income | -6.03M | -7.72M | -8.26M | -9.54M | -8.07M | -4.51M | -7.6M | -2.95M | -2.89M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55K | 24K |
| Interest Expense | 4.05M | 7.72M | 8.26M | 9.54M | 8.07M | 4.51M | 7.6M | 3.01M | 2.92M |
| Other Income/Expense | -7.02M | -7.39M | -8.43M | -10.8M | -14.86M | -2.22M | -8.42M | -3.98M | -2.71M |
| Pretax Income | -31.96M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M | -31.35M | -30.73M | -26.17M |
| Pretax Margin % | -33.26% | -39.85% | -60.19% | -106.23% | -171.27% | -79.18% | -68.81% | -125.15% | -128.06% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 211K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.81% |
| Net Income | -31.96M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M | -31.35M | -30.73M | -26.17M |
| Net Margin % | -33.26% | -39.85% | -60.19% | -106.23% | -171.27% | -79.18% | -68.81% | -125.15% | -128.06% |
| Net Income Growth % | 20.93% | 17.86% | 17.67% | 20.32% | -51.64% | -37.67% | -2.03% | -17.43% | - |
| Net Income (Continuing) | -31.96M | -35.27M | -42.93M | -52.15M | -65.45M | -43.16M | -31.35M | -30.73M | -26.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.31 | -4.67 | -6.60 | -12.80 | -31.00 | -31.60 | -6.48 | -0.67 | -19.80 |
| EPS Growth % | 30% | 29.24% | 48.44% | 58.71% | 1.9% | -387.65% | -867.16% | 96.62% | - |
| EPS (Basic) | - | -4.67 | -6.60 | -12.80 | -31.00 | -31.60 | -6.48 | -0.67 | -19.80 |
| Diluted Shares Outstanding | 9.66M | 7.55M | 6.48M | 4.11M | 2.11M | 1.37M | 4.84M | 45.71M | 1.33M |
| Basic Shares Outstanding | 9.66M | 7.55M | 6.48M | 4.11M | 2.11M | 1.37M | 4.84M | 45.71M | 1.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
According to recent financial disclosures, Biodesix achieved a 42.3% year-over-year revenue growth in 2026Q1, signaling that the company's core oncology diagnostic suite is gaining significant traction within the pulmonology market as it successfully transitions away from legacy COVID-19 testing volumes toward recurring clinical diagnostic revenue streams.
The consistent double-digit growth suggests that the Nodify suite is effectively penetrating the clinical workflow, reducing reliance on lumpy biopharma service contracts. Investors should monitor whether this momentum can be sustained without further aggressive sales force expansion, as the current growth trajectory appears to be heavily dependent on high-touch commercial efforts.
As reported in quarterly filings, Biodesix maintained a robust gross margin profile, peaking at 83.0% in 2025Q4, which highlights the inherent operating leverage of its centralized laboratory model once the fixed costs of processing blood samples are absorbed by increasing test volumes across the diagnostic portfolio.
The ability to sustain margins above 80% suggests strong pricing power and efficient laboratory utilization, distinguishing the company from peers with more labor-intensive diagnostic processes. However, this structural advantage remains vulnerable to potential downward revisions in Medicare reimbursement rates, which would directly compress these high-margin levels.
Based on the company's reported income statements, operating expenses continue to track closely with revenue growth, resulting in persistent operating losses that indicate the firm has yet to achieve the necessary scale to leverage its heavy investment in a specialized direct sales force and laboratory infrastructure.
While the operating margin improved from -74.4% in 2024Q1 to -24.3% in 2026Q1, the absolute dollar spend on SG&A remains a significant drag on profitability. This suggests that management is prioritizing market share acquisition over immediate bottom-line performance, a strategy that warrants further investigation regarding the long-term efficiency of the sales organization.
Financial data indicates that with a net loss of $7.8M in 2026Q1 and limited cash reserves, the company faces a precarious path to self-sustainability, raising concerns among analysts regarding the potential for future equity dilution to fund ongoing operations and bridge the gap to positive cash flow.
The reliance on external financing to cover operating deficits creates a structural risk that could overshadow the company's operational progress. Investors should be wary of the possibility that the current growth rate is being subsidized by capital raises, which may not be sustainable in a higher-interest-rate environment.
Quick answers to the most common questions about buying BDSX stock.
For fiscal year 2025, Biodesix, Inc. (BDSX) reported total revenue of $88.5M. This represents a 333.1% increase compared to $20.4M in 2018.
Biodesix, Inc. (BDSX) reported a net loss of $35.3M for the fiscal year ending 2025.
Biodesix, Inc. (BDSX) reported an operating income of $-27.9M, resulting in an operating profit margin of -31.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Biodesix, Inc. (BDSX) generated $66.6M in gross profit for the year, representing a gross profit margin of 75.2%. This demonstrates the company's core pricing power and production efficiency.