BDSX · Biodesix, Inc.

Biodesix delivered strong Q1 2026 results with total revenue of $25.6 million, a 42% increase year-over-year, driven by 37% growth in Diagnostic Testing to $22.3 million from 29% higher test volumes of 17,800 and improved average revenue per test via expanded payer coverage and revenue cycle enhancements. Development Services revenue more than doubled to $3.3 million from new agreements and contract execution. Gross margin expanded to 84%, or 82% excluding a $0.4 million one-time tax recovery, reflecting higher volumes, better revenue per test, and lab workflow optimizations that lowered cost per test—a 300 basis point improvement. Operating expenses rose 18% to $27.6 million, primarily from 19% higher sales, marketing, and G&A to support revenue growth, with non-cash stock compensation up 15% to $1.1 million. Net loss improved 30% to $7.8 million, and Adjusted EBITDA loss narrowed 35% to $4.1 million. Cash position strengthened to $25.6 million, up 35% from year-end 2025, bolstered by $16.8 million in at-the-market proceeds. CEO Scott Hutton highlighted momentum across both business lines, operational leverage, and a disciplined execution culture, as evidenced by the third consecutive Top Workplace recognition. The company raised FY 2026 revenue guidance to $108-114 million (midpoint 25% growth from 2025), maintaining ~80% gross margin outlook and progress toward Adjusted EBITDA profitability through sales productivity, clinical evidence for Nodify Lung tests, Development Services pipeline growth, and leverage.