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Investor releaseQuarter not tagged2026-05-05Biodesix (BDSX) Q1 2026 Earnings Transcript
Motley Fool
Biodesix (BDSX) Q1 2026 Earnings Transcript
Image source: The Motley Fool. May 4, 2026 at 4:30 p.m. ET Chief Executive Officer — Scott Hutton Chief Financial Officer — Robin Harper Cowie Need a quote from a Motley Fool analyst? Email [email protected] Scott Hutton: Thank you, Christopher F. Brinzey, and thank you all for joining today. Biodesix, Inc. delivered an exceptional start to 2026 with first quarter results that demonstrate continued momentum across our commercial, operational, and strategic priorities. Revenue growth accelerated, margins expanded, and we continued to demonstrate operating leverage as we progress towards profitability. As a reminder, our focus in 2026 centers on three objectives: driving top-line growth, improving operational efficiency and leverage, and advancing our pipeline to support long-term expansion. In the first quarter, we made meaningful progress across all three objectives. Total revenue for the quarter was $25.6 million, representing 42% growth year over year, accompanied by strong operating discipline and execution. Starting with our diagnostic testing business, revenue grew 37%, driven by accelerating test volume growth and improved ASPs over 2025. Total test volumes grew 29% year over year due to increased adoption from both pulmonology and primary care, with test volumes from primary care now representing 15% of total tests delivered in the quarter. In support of both healthcare provider and payer adoption, we continue to present and publish clinical data for our on-market test. Specifically, Notify Lung testing is used by pulmonologists and primary care providers to triage patients by risk of lung cancer, helping determine who needs intervention versus surveillance, and allowing higher-risk patients to be prioritized for prompt follow-up. In February, we announced the publication of the largest lung nodule biomarker clinical validation study that included over 1.1 thousand patients leveraging our ongoing real-world evidence study, Clarify. The study demonstrated consistently strong NotifyCDT test performance with high specificity, or low false positive rates, regardless of nodule size or other patient risk factors. Recent data on patients without biomarker testing reported that 40% of malignant nodules had progressed in tumor size between the time of the first detection and the time of initiation of definitive treatment, underscoring the urgent clinical need for te...
Investor releaseQuarter not tagged2026-05-05Biodesix Q1 Earnings Call Highlights
MarketBeat
Biodesix Q1 Earnings Call Highlights
Biodesix reported Q1 revenue of $25.6 million, up 42% year-over-year, and raised full-year 2026 guidance to $108 million to $114 million, driven by diagnostic testing strength (diagnostic revenue $22.3 million and test volumes of ~17,800, up 29%). Profitability metrics improved as gross margin expanded to 84% GAAP (82% ex one-time recovery, +300 bps YoY), net loss narrowed to $7.8 million, and adjusted EBITDA loss improved to $4.1 million, with management planning to reinvest margin gains into commercial expansion to reach sustained EBITDA and cash-flow positivity. Development services nearly doubled to $3.3 million (up 99%) with about $10.4 million in contracted business, while clinical data—including the >1,100-patient CLARIFY study—supports broader Nodify adoption, growth in smaller nodules, and expansion into primary care. Interested in Biodesix, Inc.? Here are five stocks we like better. Biodesix (NASDAQ:BDSX) reported first-quarter 2026 results that company leadership said reflected accelerating revenue growth, expanding margins, and continued operating leverage as it works toward profitability. Chief Executive Officer Scott Hutton said Biodesix delivered “an exceptional start to 2026,” citing progress against three stated objectives for the year: driving top-line growth, improving operational efficiency and leverage, and advancing its pipeline. Total revenue in the quarter was $25.6 million, up 42% year-over-year, which Hutton attributed to momentum in both diagnostic testing and development services. → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Chief Financial Officer Robin Harper Cowie said Biodesix is raising its full-year 2026 revenue guidance to $108 million to $114 million. She said the higher outlook reflects “strong first quarter performance and improved visibility into demand and execution,” while remaining “consistent with our full year planning assumptions.” Diagnostic testing revenue was $22.3 million, up 37% from the prior-year period. Hutton said the growth was driven by accelerating test volumes and improved average selling prices compared with the first quarter of 2025. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Total test volumes were approximately 17,800, up 29% year-over-year. Hutton said adoption increased among both pulmonology and primary care providers, and noted that primary...
Investor releaseQuarter not tagged2026-05-05Biodesix, Inc. Q1 2026 Earnings Call Summary
Moby
Biodesix, Inc. Q1 2026 Earnings Call Summary
Revenue growth of 42% was driven by accelerating test volumes in the diagnostic business and a near-doubling of development services revenue. Primary care adoption has become a significant growth lever, now representing 15% of total test volumes following a strategic sales force expansion into the channel. Diagnostic volume growth of 29% was supported by increased utilization from pulmonologists and their referral networks for lung nodule triage. Gross margin expansion to 82% (adjusted) reflects improved pricing realization, durable payer coverage gains, and laboratory workflow optimizations that lowered cost per test. Development services growth was fueled by accelerated revenue conversion of contracted programs and strong biopharma interest in multi-omic technologies. The company is leveraging a 'pulmonologist-first' strategy where specialists help facilitate introductions into primary care referral networks to capture incidentally found nodules earlier. Management attributes operational leverage to a maturing sales force and disciplined expense management while scaling the commercial organization. Full-year revenue guidance was raised to $108 million to $114 million, reflecting strong Q1 performance and improved visibility into diagnostic demand. Commercial expansion will continue at a steady cadence of approximately six new sales representatives per quarter throughout 2026. Management expects continued progress toward sustained adjusted EBITDA profitability, driven by increasing sales productivity as newer cohorts move up the experience curve. Future growth assumptions rely heavily on volume expansion rather than further significant ASP increases, though slight ASP improvements are anticipated versus Q1 levels. The company plans to share additional data on pipeline products, including genomic and proteomic MRD tests and AI-based digital diagnostics, at upcoming conferences. A one-time $400 thousand sales and use tax recovery positively impacted GAAP gross margins by approximately 200 basis points in the quarter. The company strengthened its balance sheet with $16.8 million in net proceeds from at-the-market (ATM) equity activity during the quarter. Inclement weather and logistics disruptions at FedEx hubs impacted late January and early February operations, though the company recovered strongly by quarter-end. Contracted business for development services...
Investor releaseQuarter not tagged2026-05-05Biodesix BDSX Q2 2025 Earnings Call Transcript
Motley Fool
Biodesix BDSX Q2 2025 Earnings Call Transcript
Image source: The Motley Fool. Thursday, Aug. 7, 2025 at 4:30 p.m. ET Chief Executive Officer — Scott Hutton Chief Financial Officer — Robin Harper Cowie Scott Hutton: Thank you, Chris, and thank you all for joining us today. At Biodesix, our mission is to transform patient care and improve outcomes through personalized diagnostics that are timely, accessible and address immediate clinical needs. We leverage a multimodal approach that includes genomics, proteomics and radiomics, combined with AI to discover, develop and commercialize innovative diagnostic tests for physicians, biopharmaceutical, life sciences and diagnostic companies to help improve patient care. In 2025, we are focused on 3 main goals: growing our top line revenue, improving operational effectiveness and efficiencies that will result in a positive adjusted EBITDA in the fourth quarter, and advancing our pipeline for future growth and expansion. In the second quarter, we made progress on all 3 by growing revenue by 12% year-over-year, improving our already strong gross margins by 150 basis points to 80%, and presenting clinical data on multiple pipeline products. Starting with the clinical offering in lung diagnostics, our major focus is on lung nodule management where nodules are either found incidentally when the patient has an image taken for another purpose or during low-dose CT screening for lung cancer. In our recent earnings calls, we've provided detailed information about our plan to expand our commercial sales efforts to better address gaps in care for patients with lung nodules. Throughout last year, a growing number of ordering pulmonologists provided important feedback, stating that ordering the Nodify XL2 and Nodify CDT test within their referral network would help optimize nodule management. If the tests are ordered earlier, those patients who are at higher risk of lung cancer should be referred on to the interventional pulmonologist, while lower-risk patients may remain with the primary care physicians for monitoring. This feedback was instrumental in the formation and implementation of our territory-based sales strategy to engage both pulmonologists and their referral network, including primary care. In the first quarter, we implemented this change and reconfigured our sales team to 49 territories. Each territory is anchored by a pulmonology sales rep with a mix of primary ca...
Investor releaseQuarter not tagged2026-05-05Biodesix Announces First Quarter 2026 Results and Highlights
GlobeNewswire
Biodesix Announces First Quarter 2026 Results and Highlights
Delivered $25.6 million in revenue representing 42% growth in Q1 2026; Achieved 84% gross margin in Q1 2026; Increased FY 2026 Revenue Guidance to $108-114 million, mid-point reflects 25% growth; Conference Call and Webcast Today at 4:30 p.m. ET LOUISVILLE, Colo., May 04, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the first quarter ended March 31, 2026. "Biodesix delivered exceptional first quarter results that reflect strong momentum across both our Diagnostic Testing and our Development Services business,” said Scott Hutton, Chief Executive Officer. “Test volumes grew 29%, Development Services revenue doubled, and average revenue per test increased through expanded payer coverage and improved revenue cycle management, driving total revenue growth of 42% year over year. We were also recognized as a Top Workplace for the third consecutive year, reinforcing that our culture is not aspirational, its operational. Our first quarter results reflect a disciplined culture of execution in service to our partners, healthcare providers, and the patients they serve. With strong performance across both business lines and continued operational leverage, we are raising our full-year 2026 guidance and remain on a clear path toward profitability." Business and Financial Highlights for the First Quarter 2026 Diagnostic Testing revenue was $22.3 million in the first quarter, representing 37% year-over-year growth, driven by a 29% increase in test volumes to 17,800 and higher average revenue per test. The improvement in average revenue per test was primarily attributable to expanded payer coverage and enhancements to revenue cycle management; Development Services revenue of $3.3 million in the first quarter 2026, representing a 99% increase year over year, driven by continued execution on existing contracts and the addition of new Development Services agreements; Total revenue of $25.6 million in the first quarter 2026, an increase of 42% over the respective prior year comparable period; Gross margin was 84% in the first quarter, including a one-time recovery of $0.4 million related to previously paid sales and use taxes. Excluding this one-time item, gross margin was 82%, representing a 300-basis-point improvement over the prior-year period. Margin expansion was driven...
TranscriptFY2026 Q12026-05-04FY2026 Q1 earnings call transcript
Earnings source - 58 paragraphs
FY2026 Q1 earnings call transcript
It is now my pleasure to turn the call over to Chris Brinzey, investor relations. You may begin.
Thank you, operator, and good afternoon, everyone. Today, Biodesix released results from the first quarter of 2026. Leading the call today will be Scott Hutton, Chief Executive Officer. He is joined by Robin Harper Cowie, Chief Financial Officer. An audio recording of today's call and the press release announcement with the quarterly results can be found in the investor relations section of the company's website at biodesix.com. As today's call includes forward-looking statements, we encourage you to review the statements contained in today's press release and the risks and uncertainties described in our SEC filing, which identify certain factors that may cause the company's actual events, performance, and results to differ materially from those contained in the forward-looking statements made on today's webcast. In addition, we will discuss non-GAAP financial measures on this call.
Description of these non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release. I would now like to turn the call over to Scott Hutton, Chief Executive Officer. Scott?
Thank you, Chris, and thank you all for joining today. Biodesix delivered an exceptional start to 2026, with first quarter results that demonstrate continued momentum across our commercial, operational, and strategic priorities. Revenue growth accelerated, margins expanded, and we continued to demonstrate operating leverage as we progress towards profitability. As a reminder, our focus in 2026 centers on three objectives: driving top line growth, improving operational efficiency and leverage, and advancing our pipeline to support long-term expansion. In the first quarter, we made meaningful progress across all three objectives. Total revenue for the quarter was $25.6 million, representing 42% growth year-over-year, accompanied by strong operating discipline and execution. Starting with our diagnostic testing business, revenue grew 37%, driven by accelerating test volume growth and improved ASPs over the first quarter of 2025.
Total test volumes grew 29% year over year due to increased adoption from both pulmonology and primary care, with test volumes from primary care now representing 15% of total tests delivered in the quarter. In support of both healthcare provider and payer adoption, we continue to present and publish clinical data for our on-market test. Specifically, Nodify Lung Testing, which is used by pulmonologists and primary care providers to triage patients by risk of lung cancer, helping determine who needs intervention versus surveillance and allowing higher-risk patients to be prioritized for prompt follow-up. In February, we announced the publication of the largest lung nodule biomarker clinical validation study that included over 1,100 patients, leveraging our ongoing real-world evidence study, CLARIFY.
The study demonstrated consistently strong Nodify CDT test performance with high specificity or low false positive rates, regardless of nodule size or other patient risk factors. Recent data on patients without biomarker testing reported that 40% of malignant nodules had progressed in tumor size between the time of the first detection and the time of initiation of definitive treatment, underscoring the urgent clinical need for tests like Nodify Lung to expedite diagnosis and enable earlier intervention when outcomes are most favorable for the patient. Turning to development services, revenue in the quarter nearly doubled year-over-year. This reflects execution on contracted programs as well as continued success securing new agreements, reinforcing the strength and differentiation of our development platform. The depth and breadth of our offering was recently highlighted with several presentations at AACR in April.
It is especially exciting to see our multi-omic technologies combined with advanced data informatics translating into meaningful clinical impact on our pipeline product concepts and fueling strong interest in our development services offering. Additional data on our pipeline products, including our genomic and proteomic MRD and ROR test, the VeriStrat test clinical utility in prostate cancer, and our new AI-based digital diagnostic test, will be shared at upcoming conferences and events throughout the course of the year. Gross margin for the quarter was 84% on a GAAP basis and 82% excluding a one-time sales and use tax recovery, representing a 300 basis point improvement year-over-year. Margin expansion continues to be driven by scale and diagnostic testing, improved pricing realization, and ongoing workflow optimization in the laboratory, resulting in decreasing cost per test.
We are encouraged by the consistency of these trends in strong revenue growth and operating leverage and believe they reinforce the scalability of our model. As a result of the performance across both diagnostic testing and development services in Q1 and our continued progress towards profitability, we are raising our full year 2026 revenue outlook. With that, let me turn it over to Robin to review our financial performance. Robin?
Thanks, Scott. Good afternoon, everyone. Total revenue for the first quarter was $25.6 million, representing a 42% increase over the prior year period. Diagnostic testing revenue was $22.3 million, an increase of 37% year-over-year. The increase in lung diagnostics revenue was driven by growth in test volumes and high average revenue per test. Test volumes were approximately 17,800, an increase of 29% year-over-year, supported by an average of 100 sales representatives in the field in the quarter. We expect to continue our commercial expansion as described in prior calls at a cadence of about six representatives per quarter through 2026.
Improvements in average revenue per test over the prior year were primarily driven by additional payer coverage and improvement to revenue cycle management, continuing the trend that began in the third quarter of 2025. We believe recent improvements in average revenue per test reflect durable changes in payer coverage and revenue cycle execution rather than discrete or one-time effects. Development services revenue for the first quarter was $3.3 million, an increase of 99% year-over-year, driven by delivery against our contracted programs and the addition of new development services agreements. We finished the quarter with approximately $10.4 million in contracted business following accelerated revenue conversion velocity in the quarter. We continue to see strong demand and visibility across our development services pipeline and do not expect the timing of these completions to impact our full year expectations.
Gross margin for the first quarter was 84%, which included a one-time recovery of $0.4 million related to previously paid sales and use taxes. Excluding the one-time recovery, gross margins were 82%, representing a 300 basis point improvement over the prior year period. Year-over-year margin expansion was driven by growth in lung diagnostic testing, improvements in average revenue per test, and decrease in average cost per test. Gross margins continue to reflect Biodesix's strong operational efficiency and execution. Operating expenses, excluding direct costs and expenses, were $27.6 million, an increase of 18% year-over-year, supporting the 42% revenue growth delivered during the quarter. The increase in operating expenses is driven by a 19% increase in sales, marketing, and general administrative expenses due to our planned commercial organization expansion.
The company expects continued operating leverage as our expanded sales team advances along the productivity curve and converts growing experience into sustained performance. R&D expense for the quarter was $3.3 million, representing a 14% increase over the prior year period. R&D investment reflects continued clinical studies supporting adoption of our lung diagnostic tests and progress across our pipeline. Net loss for the quarter was $7.8 million, a 30% improvement compared to the prior year period. Adjusted EBITDA, which excludes non-cash and other one-time items, was a loss of $4.1 million, representing a 35% improvement over the first quarter of 2025. We also strengthened our balance sheet, ending the quarter with $25.6 million in unrestricted cash on cash equivalents, a 35% increase compared to the fourth quarter, providing solid runway to support our growth initiative.
The change in cash balance includes $15.8 million of at-the-market net proceeds raised during the quarter, partially offset by planned cash outflows that occur annually during the first quarter. Looking ahead to the remainder of 2026, in addition to our planned headcount expansion, we expect sales productivity to continue to improve as our various sales cohorts gain experience and tenure, which remains a key driver of operating leverage through 2026. Following the strong first quarter performance and improved visibility into demand and execution, we are raising our full year revenue guidance to $108 million-$114 million. The increased midpoint represents 25% growth over 2025, which reflects the strength of the first quarter while remaining consistent with our full year planning assumptions.
We also expect continued progress towards sustained adjusted EBITDA profitability driven by increasing sales productivity, expanded clinical evidence supporting the Nodify Lung test, growth in the development services pipeline, and demonstrated operating leverage. With that, I'll turn it back to Scott for some closing thoughts before we begin the Q&A.
Thank you, Robin. In April, Biodesix was recognized as a top workplace for the third consecutive year. This recognition reflects who we are at our core, a team built on trust, collaboration, growth, and shared ownership of results. Our culture here at Biodesix is not aspirational, it is operational. Our first quarter performance reflects that discipline and reinforces our confidence in the scalability and durability of our business model. We continue to see significant opportunities ahead as adoption expands, clinical evidence grows, and our commercial organization continues to mature. We remain focused on executing with discipline, improving capital efficiency, and delivering meaningful value to patients, providers, partners, and shareholders. In closing, I want to thank the entire Biodesix team for their continued focus, discipline, and commitment to our mission and culture. Let's now move to questions. Operator, let's start the Q&A session.
At this time, I would like to remind everyone, in order to ask a question, simply press star 1 on your telephone keypad. Our first question is from the line of Andrew Brackmann with William Blair. Please go ahead.
Scott and Robin, good afternoon. Thanks for taking the questions. I wanted to focus on the commercial team. I think you called out about 15% of volumes were coming from the primary care channel there. Clearly something's working. I guess as you sort of think about, you know, some of the learnings, the successes in some territories that are driving a lot of that volume growth, how transferable are those to other territories? I guess, where are we in the process of amplifying these learnings just sort of across the entire sales force? Thanks.
Thanks, Andrew Brackmann. Great question. It's been about three quarters since we brought on that first sales cohort, focused on primary care physicians. You know, you nailed it. We continue to learn, but we had some immediate learnings that we've been able to apply. We had our national sales meeting at the end of February, which is a great opportunity for us to share best practices and to roll that out. You know, what we've learned is still that starting with the pulmonologist, building a really strong relationship, allowing them to help us with introductions into their referral network really aids in a smooth transition. It allows the pulmonologist to track those patients through that referral process. We're continuing to see that growth across the United States.
We really started more in the northeast when we first had our initial hires, and we're seeing that transition and progress more westward. It has been transferable. You know, we feel good about the progress we've made. I think you know, we knew with a high level of confidence based upon our early pilot experience that this was the right decision. We think this confirms that we've made the right decision. We've still got a lot of opportunity to grow. I'll just remind everybody, what it really did was opened up the addressable market that was serviceable to us. We knew that about 49% of those patients with incidentally found nodules are stuck in primary care.
We think that we've begun tapping into that, and we're really confident that over time, what it'll start to show, is that we're getting to patients earlier. We know in this scenario, earlier detection and diagnosis is gonna lead to better outcomes.
Perfect. Appreciate all that color. Just on the evidence front, Scott, you called out the publication of the validation study in February. Can you maybe just sort of talk about what that publication, what impact it's had on the field? I think in particular, you sort of mentioned across that study, there's low false positives regardless of the nodule size. Are you seeing an increase in the use of Nodify in the smaller nodules? I guess how big of an opportunity is that for you in the grand scheme? Thanks.
Yeah. You know, for us it really is about data development. I think there's a continued opportunity for us to educate and empower pulmonologists and primary care physicians to utilize Nodify Testing. The more we can publish and present, it gives us opportunities to put new data out in front of healthcare professionals, and that's what this did. You nailed it. We know that not only do physicians wanna get to these patients earlier, but they wanna be bolder than they've been in the past. Something has to change because we haven't seen a significant change in screening, detection, over the last 10-15 years.
We are seeing an increase in smaller nodules, but that goes hand in hand with the advent of robotic bronchoscopies, where these interventional pulmonologists feel more confident that they can get to some of the smaller nodules that they wouldn't have been able to get to easily and successfully in the past. We thought the time was right. We're excited to get that data out. I would add that, you know, additionally, whenever we see strong performance in a real-world environment, it really starts to show that these tests are durable, that our growth is sustainable, and that we're gonna continue to have a significant impact with the healthcare professionals that we serve.
Great. I'll keep it at two. Thanks, guys.
Thanks, Andrew.
Our next question comes from the line of Thomas Flaten with Lake Street Capital Markets. Please go ahead.
Hey, Scott and Robin. Just a question to follow up on the PCPs. I'm just curious what you're hearing anecdotally from the PCPs, their level of comfort at retaining these patients with this test result in hand. Do they feel comfortable with the referral networks? I get that having it come from the pulmonologist is probably helpful, but any anything you can share on their experience that they've had? I know it's only been three quarters, but I'm just curious if there's anything you can share.
Thanks, Thomas. It's a great question. You know, speaking on behalf of those healthcare professionals in the primary care setting, you know, one of the things that we anticipated and we've confirmed is they've got an abundance of patients that are eligible for Nodify Testing. They still have questions as to how to take those and interpret those test results and defining who they refer on versus who they keep to monitor or surveil. What we've seen is through our brochures and materials, sharing of publications and data, they've become very comfortable with how those test results can better inform what they do with those patients, building that confidence. You know, one of the things we have seen in primary care is they're very comfortable with diagnostic testing. It's what they do.
They understand it. They have phlebotomy services on site. From a workflow kind of implementation, we've actually found primary care to be really accessible and, you know, receptive of Nodify Testing. You know, we're excited to continue to help educate them. One of the things that we really focus on is ensuring that when those patients are referred on, that they stay in contact with that pulmonologist, right? That primary care physician will always be that patient's primary care physician. They, over time, will gain additional confidence as they see what ends up happening for those patients. Hopefully we're able to see a stage shift and we're starting to see patients live longer, which will build even more confidence within the primary care community.
Then just sticking with this theme, you called out in a prior response that, you know, what are the PCPs gonna do with the incidentally identified nodules, but you didn't mention the screening nodules. I'm curious what you're hearing from the PCPs and not necessarily that having a bit access to your test is gonna help them get more patients in the screening, but if they've shared anything anecdotal about pushing the high-risk patients into the screening programs, and by that I mean low-dose CT, and more and maybe more broadly if you've seen any change in the trends there in number of patients getting pushed into that screening protocol.
It, you know, it's been one of the challenges regardless of whether you talk to pulmonology or primary care physicians. You know, 10 years ago, lung cancer screening compliance for those screen-eligible patients was low-to-mid single digits. We've seen improvements in the last five to 10 years, you know, most of the reports out there will still state that it's less than 15% to 20% of the screen-eligible patient population. You know, we've come a long way. We still have a significant room to grow and improve. One of the beauties of Nodify Testing is our test works not only in incidentally found nodules, but also in screen detection. As we see more support and compliance with screening programs, it will only increase this opportunity for us.
We have seen that a little bit, but we're still not there. I do think the advent of blood-based screening test in lung cancer will help, and we think this will benefit Nodify Testing and the Biodesix team.
Got it. Appreciate that. Thanks, guys.
Thanks, Thomas.
Your next question comes from the line of John Wilkin with Craig-Hallum. Please go ahead.
Hi, guys. Thanks for taking the questions. Just a couple questions on the guide. Wondering if you can break out a little bit, just in terms of how much is baked into the guidance for development services versus testing revenue. I know Q1 came in really strong and just trying to get a sense of what you're expecting with that business for the remainder of the year.
Yeah, absolutely. We're anticipating that the development services revenues for the full year remains consistent with where we had expected it to be. We had a little bit of a pull forward in the quarter, so we're able to recognize more revenue earlier in the year. We expect the services business to remain consistent with those expectations and the majority of the increase is included in the lung diagnostics revenues.
Perfect. That's super helpful. On the lung side, how much, if any, additional ASP expansion are you guys factoring in for the remainder of the year, and is that something that we should expect to see continued progress on, or is growth at least embedded in the guide more, more skewed towards the volume side?
Growth in the guide is absolutely weighted towards volume. We do anticipate that we'll see a little bit better ASP versus the first quarter. I anticipate somewhere like what we saw mid-year last year, fourth quarter was skewed higher due to the one-time collections that we had in that quarter. While we anticipate a little bit improvement in ASP, we're very pleased with where we are right now and the improvements made both through coverage contracting and revenue cycle management. Volume should be the growth driver.
Perfect. That's all for me. Thanks so much.
Thanks, John.
Your next question comes from the line of Kyle Mikson with Canaccord Genuity.
Yeah, hey, guys. Thanks for the questions. Gonna ask on the quarter. It looks like the, I think that you did better on the pharma front this quarter. Could you maybe talk about the pipeline funnel there? Yeah, I wanted to start there. Maybe like specifically what's, you know, like what's most attractive with your portfolio, relative to maybe prior years that's helping you succeed on that front?
Kyle, great question. This was more of a kind of a cadence or timing scenario. We had a number of retrospective samples that came in earlier than we anticipated and forecasted, so we were able to pull a couple of those forward, those contracts. We don't see it changing kind of what our long-term performance is. Just as a reminder, this has historically been about 8%-10% of our total annual revenue. We continue to see great progress and momentum within the biopharma services and development services front. You may have noticed that we exited the quarter with $10.4 million in contracted dollars out there to be recognized over the coming months and quarters.
We've stayed above that $10 million mark for quite some time now. That gives us a lot of confidence about what the future looks like. It really isn't a shift or a change. This momentum has been building over the last few years. It's really interest across our portfolio on the genomic side and the proteomic side. Being a company that is focused on multi-omics solutions resonates with our biopharma services partners. Our team continues to do a great job on that front. We're excited about the rest of the year. We just finished AACR, and we've got ASCO upcoming. Those two meetings usually set us up for a strong second half.
Perfect. You had a great top-line beat, and your gross margin has been really solid the past few quarters. Can you just specify how you're going to reinvest those dollars, sales force, new products, new markets? You know, just how do you guys think about that? With respect to the EBITDA positivity going forward, how does that affect that kind of pathway?
Yes. We're obviously very pleased with the gross margins and the continued improvements that we've seen over the last several quarters. The team works very, very hard to not only improve our ASPs but also gain real efficiencies and productivity improvements within our operations to drive down the average cost per test. The dollars that are coming in through those gross margins go to support the business, and our main focus is our commercial expansion, growing the top-line revenue and then getting to adjusted EBITDA, sustained adjusted EBITDA positivity and cash flow positivity. I guess the dollars really are going towards commercial. We're still on track. We are executing to plan and on the path to profitability.
On, on that note, anything additional say, like pipeline investment? 'Cause I feel like Salesforce is kind of an obvious one, and you're gonna be consistent with the, you know, I guess several reps or almost double-digit reps per quarter, but anything on the pipeline maybe going forward or maybe partnerships perhaps that you can kind of accelerate with this extra money?
Yeah, yeah. Well, we hope so, right? As we look towards the remainder of 2026, we think we've got great opportunities to highlight progress being made, investments, and the return on those investments and hopefully additional partnership and collaboration opportunities. We'll look forward to sharing those when we get there. You know, for us, it really is about control, what we can control. We've worked long and hard to build what we believe is the strongest and best pulmonology-focused sales team in the market, and we wanna continue to give them an opportunity to flex and demonstrate that we can continue to build this market. You know, last year in the beginning of the fourth quarter, we had an R&D Day.
We'll look forward to providing more on kind of our R&D and development services front in the second half. Anything that happens between now and then, we're gonna share that broadly and celebrate it.
Great. Thanks, guys. Congrats again.
Thanks, Kyle.
Thanks.
Okay. Once again, to ask a question, press star one on your telephone keypad. Our next question comes from the line of Daniel Brennan with TD Cowen. Please go ahead.
Hi, Pradeep Ambrose on behalf of Daniel Brennan. Can you quantify how much quarter one revenue was impacted by weather versus typical seasonality?
Yes, it's a great question. Like everybody else, particularly those in the areas of the country that were impacted by the series of storms, we were as well. It was a pretty significant impact to us in the late January, early February timeframe, as the FedEx hubs across the country were impacted. We were very pleased with how the team responded and clearly finished the quarter strong to end with a nice strong beat for the quarter.
Awesome. Thank you.
Okay. With no further questions in queue, this does conclude today's conference call. You may now.
Investor releaseQuarter not tagged2026-05-01Earnings To Watch: Biodesix Inc (BDSX) Reports Q1 2026 Result
GuruFocus.com
Earnings To Watch: Biodesix Inc (BDSX) Reports Q1 2026 Result
This article first appeared on GuruFocus. Biodesix Inc (NASDAQ:BDSX) is set to release its Q1 2026 earnings on May 4, 2026. The consensus estimate for Q1 2026 revenue is $23.18 million, and the earnings are expected to come in at -$1.12 per share. The full year 2026's revenue is expected to be $108.68 million and the earnings are expected to be -$3.09 per share. More detailed estimate data can be found on the Forecast page. Warning! GuruFocus has detected 4 Warning Signs with BDSX. Is BDSX fairly valued? Test your thesis with our free DCF calculator. Revenue estimates for Biodesix Inc (NASDAQ:BDSX) have increased from $108.18 million to $108.68 million for the full year 2026 and declined from $132.07 million to $129.49 million for 2027 over the past 90 days. Earnings estimates have improved from -$3.32 per share to -$3.09 per share for the full year 2026, while for 2027, they have decreased from -$1.64 per share to -$2.09 per share over the past 90 days. In the previous quarter ending December 31, 2025, Biodesix Inc's (NASDAQ:BDSX) actual revenue was $25.15 million, which missed analysts' revenue expectations of $25.73 million by -2.25%. Biodesix Inc's (NASDAQ:BDSX) actual earnings were -$0.49 per share, which beat analysts' earnings expectations of -$0.86 per share by 42.69%. After releasing the results, Biodesix Inc (NASDAQ:BDSX) was up by 7.81% in one day. Based on the one-year price targets offered by 4 analysts, the average target price for Biodesix Inc (NASDAQ:BDSX) is $30.00 with a high estimate of $40.00 and a low estimate of $20.00. The average target implies an upside of 170.68% from the current price of $11.08. Based on GuruFocus estimates, the estimated GF Value for Biodesix Inc (NASDAQ:BDSX) in one year is $28.48, suggesting an upside of 156.97% from the current price of $11.08. Based on the consensus recommendation from 5 brokerage firms, Biodesix Inc's (NASDAQ:BDSX) average brokerage recommendation is currently 1.8, indicating an "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies a Strong Buy, and 5 denotes Sell.
Investor releaseQuarter not tagged2026-04-20Biodesix to Report First Quarter 2026 Financial Results on May 4, 2026
GlobeNewswire
Biodesix to Report First Quarter 2026 Financial Results on May 4, 2026
LOUISVILLE, Colo., April 20, 2026 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced that it will release financial results for the first quarter ended March 31, 2026 after the close of trading on Monday, May 4. Biodesix management will host a conference call and webcast to discuss its financial results and provide a general business update at 4:30 p.m. Eastern Time on the same day. Listeners can register for the webcast via this link. Analysts who wish to participate in the question and answer session should access the live call by dialing (800) 715-9871 (domestic) or +1 (646) 307-1963 (international) and enter the passcode 2430172. Participants are advised to join 15 minutes prior to the start time. About Biodesix Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, including the Nodify Lung® Nodule Risk Assessment test and the IQLung® Cancer Treatment Guidance test, 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. Note Regarding Forward-Looking Statements This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix...
Investor releaseQuarter not tagged2026-02-27Biodesix Q4 Earnings Call Highlights
MarketBeat
Biodesix Q4 Earnings Call Highlights
Strong top-line and margin improvement: Q4 revenue was $28.8M (up 41% YoY) and FY revenue $88.5M (up 24%), with gross margins of 83% in Q4 and 81% for the year; the company posted its first positive adjusted EBITDA quarter at $0.53M and guided 2026 revenue to $106–112M (≈23% growth at midpoint). Lung diagnostics remain the growth engine: Lung diagnostics generated $25.1M in Q4 with 18,000 tests (62,600 tests for FY), driven by higher average revenue per test from improved reimbursement and an expanded commercial push into primary care (primary care volumes +67% YoY in Q4). Balanced capital and pipeline discipline: Biodesix ended the quarter with $19.0M cash (pro forma ~$33.7M including ATM proceeds and an additional $14.7M raised after quarter-end), extended its term loan, grew development services revenue and partnerships, but will defer commercializing pipeline tests for at least 12 months to prioritize profitability and reimbursement timing. Interested in Biodesix, Inc.? Here are five stocks we like better. Biodesix (NASDAQ:BDSX) reported fourth-quarter and full-year 2025 results that management said reflected progress on its priorities of accelerating revenue growth, improving operational leverage, and advancing a diagnostic pipeline aimed at supporting future expansion. Chief Executive Officer Scott Hutton said the company’s top-line growth accelerated in the fourth quarter, with revenue up 41% year over year. Chief Financial Officer Robin Harper-Cowie reported total revenue of $28.8 million for the quarter and $88.5 million for the full year, representing increases of 41% and 24%, respectively. → SoundHound’s New Sales Assist Agent Put Voice AI Back in the Spotlight Gross margin improved to 83% in the fourth quarter and 81% for the year, up 400 basis points and 300 basis points, respectively, compared to the prior-year periods. Harper-Cowie attributed the improvement to growth in lung diagnostic testing, increases in average revenue per test, and workflow optimization that reduced average cost per test. She said Biodesix expects gross margins to remain “near 80% throughout 2026.” Lung diagnostics remained the company’s largest business line. Harper-Cowie said lung diagnostics revenue was $25.1 million in the fourth quarter and $79.2 million for fiscal 2025, up 46% and 22% year over year. Excluding claims older than one year, fourth-quarter lung diagnos...
Investor releaseQuarter not tagged2026-02-27Biodesix Inc (BDSX) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic ...
GuruFocus.com
Biodesix Inc (BDSX) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic ...
This article first appeared on GuruFocus. Release Date: February 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Biodesix Inc (NASDAQ:BDSX) reported a 41% increase in revenue for the fourth quarter of 2025, showcasing strong top-line growth. The company achieved an impressive gross margin of 83%, a 400 basis point improvement, indicating enhanced operational efficiency. Biodesix Inc (NASDAQ:BDSX) reached adjusted EBITDA positivity for the first time, reflecting strong revenue flow and operational leverage. The company expanded its sales strategy, resulting in a 67% growth in test volumes from primary care and a 26% increase from pulmonology. Biodesix Inc (NASDAQ:BDSX) announced key partnerships with ThermoFisher Scientific and BioA Laboratories, highlighting the strength of its development services. The company anticipates a seasonal step down in average selling price (ASP) and volume in the first quarter of 2026 due to weather disruptions and historical trends. Despite revenue growth, Biodesix Inc (NASDAQ:BDSX) reported a net loss of $4 million for the fourth quarter, although this was an improvement over the previous year. The company is not planning to commercialize any new tests within the next 12 months, focusing instead on profitability and reimbursement timing. Biodesix Inc (NASDAQ:BDSX) faces challenges in publishing real-world data as it relies on independent physicians to share their findings. The company is still in the early stages of penetrating the primary care market, with primary care volumes accounting for only 12% of total notified test orders. Warning! GuruFocus has detected 3 Warning Signs with BDSX. Is BDSX fairly valued? Test your thesis with our free DCF calculator. Q: Can you explain the expected revenue and volume changes in the first quarter compared to the fourth quarter, considering factors like weather and deductible dynamics? A: Robin Harper Cowie, CFO: We anticipate a step down in ASP and volume in the first quarter, consistent with historical seasonality. The fourth quarter included about a million dollars in collections from claims over one year, so comparisons should exclude that amount. Weather disruptions, particularly in the Northeast, are also a consideration. Q: Could you elaborate on the new tests being developed and what excites you most about the future po...
Investor releaseQuarter not tagged2026-02-27Biodesix (BDSX) Q4 2025 Earnings Call Transcript
Motley Fool
Biodesix (BDSX) Q4 2025 Earnings Call Transcript
Image source: The Motley Fool. Feb. 26, 2026, at 4:30 p.m. ET Chief Executive Officer — Scott Hutton Chief Financial Officer — Robin Cowie Need a quote from a Motley Fool analyst? Email [email protected] Scott Hutton: Thank you, Chris, and thank you all for joining today. At Biodesix, Inc., our mission is to transform patient care and improve outcomes through personalized diagnostics that are timely, accessible, and address immediate clinical needs. We leverage a multimodal approach that includes genomics, proteomics, and radiomics combined with AI to discover, develop, and commercialize innovative diagnostic tests for physicians, biopharmaceutical, life sciences, and diagnostic companies to help improve patient care. In 2025 and 2026, we are focused on three main goals: growing top-line revenue, improving organizational effectiveness and operational leverage, and advancing our pipeline for future commercial growth and expansion. In the fourth quarter, we made progress on all three goals. Our top-line growth accelerated with revenue up 41%, we improved upon already strong gross margins by 400 basis points to 83%, we achieved adjusted EBITDA positivity, and we presented real-world clinical data that continues to support the use of our on-market tests and demonstrates the potential of our product pipeline. Starting with our clinical offerings in lung diagnostics, our major focus remains on lung nodule management, where nodules are either found during low-dose CT screening for lung cancer, or incidentally when the patient has an image taken for another medical purpose. We have implemented a three-tiered commercial strategy focused on improving the management of patients with lung nodules, through the use of our on-market tests. This strategy started at the launch of Nodify Lung testing with interventional pulmonologists, who are typically responsible for diagnosing lung cancer. We then expanded into their referral network in general and community pulmonology. In 2025, we selectively expanded further into the primary care referral network, allowing us to access the remaining 50% of the available nodule market being managed by those physicians. This approach enhances the value of Nodify Lung testing by first helping general pulmonologists and primary care providers triage patients by risk of malignancy, and deciding who should be referred for intervention or managed lo...
Investor releaseQuarter not tagged2026-02-27Biodesix Announces Fourth Quarter and Fiscal Year 2025 Results and Highlights
GlobeNewswire
Biodesix Announces Fourth Quarter and Fiscal Year 2025 Results and Highlights
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....