Biodesix Cuts 2026 Outlook After Growth Slows

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

Third-quarter revenue was $24.0 million, up 10% from a year earlier, as the company lowered full-year guidance to $101 million to $103 million.

Biodesix, Inc. (BDSX), a diagnostic solutions company, reported third-quarter revenue of $24.0 million, up 10% from a year earlier, a sharp slowdown from 34% growth in the second quarter and 42% in the first.

The company revised full-year 2026 revenue guidance to $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025. That range replaced the $108 million to $114 million outlook, whose midpoint implied about 25% growth, that Biodesix had maintained after the second quarter and raised after the first.

Chief Executive Officer Scott Hutton said growth was below the company’s expectations and that the principal drivers were fewer contributing sales representatives than planned, greater-than-anticipated seasonality in primary care that reduced ordering among otherwise stable base customers, and delays in external customer dependencies that postponed Development Services projects and associated revenue recognition. He said the factors were largely execution and timing related rather than a change in demand, clinical utility, or market opportunity.

Diagnostic Testing revenue was $23.0 million, up 16% from a year earlier after 42% growth in the second quarter and 37% in the first. Test volumes rose 24% to 19,400, down from 38% growth in the second quarter. Average revenue per test declined year over year, which the company said was primarily attributable to a larger percentage of total lung test volume from Nodify CDT. That mix shift reversed the higher average revenue per test the company had cited in the first two quarters.

Development Services revenue was $1.0 million, compared with $1.9 million in the year-ago period. The company said the decline reflected timing of project completion and revenue recognition.

Gross margin was 81%, flat versus the year-ago quarter. The company said it continues to deliver strong gross margins driven by higher Diagnostic Testing volumes and continued optimization of laboratory workflows, resulting in a lower cost per test.

Operating expenses excluding direct costs were $25.5 million, up 3% from the year-ago quarter. Non-cash stock compensation was $0.9 million. Net loss was $8.0 million, an 8% improvement from the year-earlier period, or $0.75 a share. Adjusted EBITDA was a loss of $3.9 million, a 16% improvement from a year earlier.

Cash and cash equivalents were $28.4 million at September 30, 2026, down $1.6 million from June 30. The change included $6.3 million of net proceeds from the at-the-market program.

The company said the outlook reflects third-quarter results, the timing of its sales team expansion, and timing of expected Development Services contract execution and revenue recognition. It expects to continue to make progress toward profitability while maintaining gross margins of approximately 80%.

Hutton said Biodesix has identified the drivers, taken corrective actions, and entered the fourth quarter with a larger sales organization positioned for improved execution. He said early fourth-quarter trends indicate accelerating new customer acquisition, continued growth across the established customer base, and broader physician engagement, and that October produced the company’s strongest month of new physician acquisition this year.

The company also said it strengthened its lung-diagnostics position through CHEST recognition of biomarker-guided lung nodule management, an expansion into multimodal Digital Diagnostics, and complementary molecular residual disease programs. A radiomics-based lung nodule risk test developed with Vanderbilt University and Vanderbilt Health is designed to complement the Nodify Lung portfolio; commercial availability is anticipated in 2028. Two MRD approaches — a tumor-informed assay with Bio-Rad Laboratories and a tumor-naïve, methylation-based assay with Thermo Fisher Scientific — are being validated with investigators at Memorial Sloan Kettering Cancer Center.