Companies

Biodesix Test Volume Growth Accelerates

The Tip Desk · August 5, 2026 · 3 min read

Second-quarter revenue was $26.9 million, up 34%, as diagnostic test volumes rose 38% to 20,900.

Biodesix, Inc. (BDSX), a leading diagnostic solutions company, reported second-quarter revenue of $26.9 million, up 34% from a year earlier, as year-over-year growth slowed from 42% in the first quarter.

The diagnostic company said the quarter was defined by a faster rise in test volumes and a smaller increase in operating expenses, which together narrowed the Adjusted EBITDA loss. Diagnostic Testing revenue was $25.4 million, up 42% from a year earlier, after 37% growth in the first quarter.

Test volumes rose 38% year-over-year to 20,900, after 29% growth to 17,800 in the first quarter. Chief Executive Officer Scott Hutton said the company’s performance reflected continued adoption of blood-based lung diagnostics, expanding reimbursement coverage, and improving sales-force productivity. The company said the improvement in average revenue per test was primarily attributable to expanded payer coverage and continued improvements to revenue cycle management.

Gross margin was 82% in the second quarter, a 200-basis-point improvement over the year-ago period. The company said it continues to deliver strong gross margins driven by higher Diagnostic Testing volumes, improved average revenue per test, and continued optimization of laboratory workflows, resulting in a lower cost per test.

Development Services revenue was $1.5 million, compared with $2.1 million in the prior-year period, which the company attributed to timing of project completion and revenue recognition. The company said the Development Services pipeline is strong and supports expectations for growth over the remainder of 2026.

Operating expenses excluding direct costs were $27.4 million, up 7% from a year earlier, after 18% growth in the first quarter. Non-cash stock compensation expense was $0.8 million. The company said it expects continued operating leverage as its expanded sales team gains experience, increases productivity, and delivers sustained performance.

Net loss was $7.3 million, an improvement of 37% from a year earlier. Adjusted EBITDA was a loss of $3.2 million, a 56% improvement from the year-ago period. Loss from operations was $5.4 million.

Cash and cash equivalents were $30.0 million at June 30, 2026, an increase of 17% from March 31, 2026. The change in cash included $6.5 million of net proceeds from the company’s at-the-market program. The company said it believes current cash, expected growth in revenue, and ongoing operational leverage provide sufficient liquidity to execute its growth strategy.

For full year 2026, Biodesix expects total revenue of $108 million to $114 million, with the midpoint representing approximately 25% growth over 2025. That range was raised from $106 million to $112 million in the first-quarter release. The company also said it expects to maintain gross margin of about 80% and continued improvement on a path to Adjusted EBITDA profitability, driven by increasing sales productivity, expanded clinical evidence supporting the Nodify Lung tests, growth in the Development Services pipeline, and demonstrated operating leverage.

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