olivLaw · US equity research
Biodesix, Inc. BDSX
Services-Medical Laboratories · SIC 8071 · Vertical: Services-Medical Laboratories (SIC 8071)
Biodesix is a diagnostics company offering blood-based tests for lung disease, mainly assessing lung nodules and guiding lung cancer treatment, supplemented by development services for biopharmaceutical clients. It matters now because test volumes and reimbursement coverage are growing fast, yet the company still reports losses and its 2026 guidance points to revenue of 108-114 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Biodesix, Inc. (BDSX) stock was 19.84 USD (−7.68% on the day), with market capitalisation 220.0 m USD, beta 0.63, 52-week range 5.46–30.60 USD. Latest reported quarter (Q3 2026): revenue of 24.0 m USD (+10.4% YoY), net income of -8.0 m USD, diluted EPS -0.75 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.4
- weak (30–45)
- Bollinger (20, 2)
- 19.87 – 26.49
- below the lower band · %B -0.00 · band width 28.6%
- SMA 50 / 200
- 25.93 / 18.91
- mixed trend
- MACD (12, 26, 9)
- -1.40 / -1.19
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.0% | −5.9% | −23.1 pp | — |
| 3 months | −10.2% | −4.6% | −5.6 pp | — |
| 6 months | +28.2% | +0.2% | +28.0 pp | — |
| Year to date | +191.8% | +7.4% | +184.3 pp | — |
| 1 year | +130.7% | +8.2% | +122.5 pp | −13.7% |
| 3 years | −31.6% | +68.4% | −100.0 pp | +63.6% |
| 5 years | −86.6% | +56.5% | −143.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.4 m | 18.0 m | 20.0 m | 21.8 m | 28.8 m | 25.6 m | 26.9 m | 24.0 m |
| Research & development | 2.4 m | 2.9 m | 3.3 m | 3.0 m | 2.9 m | 3.3 m | 3.1 m | 3.0 m |
| SG&A | 20.2 m | 20.4 m | 22.4 m | 21.7 m | 23.0 m | 24.3 m | 24.3 m | 22.5 m |
| Operating income | -6.6 m | -9.1 m | -9.7 m | -7.1 m | -2.0 m | -6.2 m | -5.4 m | -6.1 m |
| Depreciation & amortisation | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m | 1.4 m ≈ |
| Interest expense | 1.8 m | 1.7 m | 1.9 m | 2.1 m | 2.1 m | 2.0 m | 2.0 m | 2.0 m |
| Income tax | 0 | 0 | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
| Net income | -8.3 m | -11.1 m | -11.5 m | -8.7 m | -4.0 m | -7.8 m | -7.3 m | -8.0 m |
| Diluted EPS | -1.13 ≈ | -1.52 | -1.56 | -1.16 | -0.49 ≈ | -0.81 | -0.71 | -0.75 |
| Operating cash flow | -4.1 m | -8.6 m | -6.6 m ≈ | -8.9 m ≈ | 778.0 k | -10.2 m | -1.6 m ≈ | -7.2 m ≈ |
| Capex | 839.0 k | 74.0 k | 51.0 k ≈ | 48.0 k ≈ | 86.0 k | 81.0 k | 197.0 k ≈ | 555.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 24.6 m | 45.6 m | 54.5 m | 38.2 m | 49.1 m | 71.3 m | 88.5 m |
| Revenue YoY | unavailable | +85.6% | +19.6% | −29.9% | +28.5% | +45.3% | +24.1% |
| Net income | -30.7 m | -65.4 m | -43.2 m | -65.4 m | -52.1 m | -42.9 m | -35.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.58 | -1.55 | -0.64 | -6.64 | -4.67 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -125.1% | -143.7% | -79.2% | -171.3% | -106.2% | -60.2% | -39.8% |
| Free cash flow | -23.0 m | -23.3 m | -30.5 m | -48.3 m | -45.8 m | -51.9 m | -23.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.0 m USD
- Financial debt
- 50.0 m USD
- Net debt
- 31.0 m USD
- Equity
- -2.5 m USD
- Total assets
- 87.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.86x
- ROE
- unavailable
- ROA
- -38.2%
- FCF margin
- -26.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 45.6 m | 54.5 m | 38.2 m | 49.1 m | 71.3 m | 88.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 10.8 m | 12.8 m | 13.1 m | 10.0 m | 9.6 m | 12.0 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 34.9 m | 50.5 m | 61.5 m | 67.4 m | 80.5 m | 87.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -22.9 m | -40.9 m | -50.6 m | -41.3 m | -34.5 m | -27.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 2.9 m | 3.2 m | 3.6 m | 3.3 m | 5.8 m | 5.7 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -20.0 m ≈ | -37.8 m ≈ | -47.0 m ≈ | -38.0 m ≈ | -28.7 m ≈ | -22.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 7.6 m | 4.5 m | 8.1 m | 9.5 m | 8.3 m | 7.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -65.4 m | -43.2 m | -65.4 m | -52.1 m | -42.9 m | -35.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | — | -1.58 | -1.55 | -0.64 | -6.64 | -4.67 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | — | 27.4 m | 42.1 m | 82.1 m | 6.5 m | 7.6 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 62.1 m | 32.7 m | 43.1 m | 26.3 m | 26.2 m | 19.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 15.3 m | 3.7 m | 5.1 m | 7.7 m | 8.6 m | 9.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 86.1 m | 43.6 m | 53.3 m | 39.7 m | 39.5 m | 32.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 3.2 m | 4.2 m | 5.8 m | 27.9 m | 27.8 m | 24.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 15.0 m | 15.0 m | 15.0 m | 15.0 m | 15.0 m | 15.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 13.3 m | 11.6 m | 9.8 m | 7.9 m | 5.9 m | 3.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 121.1 m | 76.1 m | 92.9 m | 99.1 m | 97.2 m | 87.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 9.0 m | 1.7 m | 1.7 m | 2.9 m | 2.2 m | 3.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 28.1 m | 10.1 m | 30.1 m | 40.1 m | 40.0 m | 50.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 32.1 m | 29.0 m | 22.8 m | 33.4 m | 14.3 m | 17.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 79.9 m | 56.4 m | 72.3 m | 94.5 m | 76.4 m | 89.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 41.2 m † | 19.7 m † | 20.6 m † | 4.6 m † | 20.9 m † | -2.5 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -21.4 m | -28.2 m | -45.0 m | -22.9 m | -48.6 m | -23.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 1.9 m | 2.2 m | 3.3 m | 22.9 m | 3.2 m | 259.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -23.3 m ≈ | -30.5 m ≈ | -48.3 m ≈ | -45.8 m ≈ | -51.9 m ≈ | -23.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -2.9 m | -2.5 m | -3.5 m | -23.1 m | -3.4 m | -403.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 81.1 m | 1.3 m | 58.9 m | 29.1 m | 52.1 m | 16.4 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 220.0 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -53.3% | 13 (vs peers) | 24% |
| Net margin · Quality | -25.7% | 43 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 32.3% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.7% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality24/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIODESIX, INC. (BDSX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 88.5 m USD in 2025; YoY growth 24.1%; net margin -25.7%; ROE -778.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 32.3%
- Current ratio: 3.0x
What contradicts it
- ROIC: -53.3%
- Interest coverage: -2.5x
- FCF yield: -8.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Medical Laboratories (SIC 8071) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NTRANatera, Inc. | 52.7 bn | — | -10.6% | -5.7% | +35.9% | +52% / +550% |
| LHLabcorp Holdings Inc. | 29.5 bn | 29.8 | 11.4% | 6.9% | +7.2% | +35% / +67% |
| DGXQuest Diagnostics Inc | 28.0 bn | 25.4 | 15.2% | 9.5% | +11.8% | +35% / +86% |
| GHGuardant Health, Inc. | 20.8 bn | — | — | -37.9% | +32.9% | +42% / +510% |
| CAICaris Life Sciences, Inc. | 7.5 bn | 76.5 | 17.2% | 9.2% | +97.0% | +2% / unavailable |
| RDNTRadNet, Inc. | 6.1 bn | — | -2.1% | -0.9% | +11.5% | −6% / +135% |
| GRALGRAIL, Inc. | 5.4 bn | — | -17.3% | -243.8% | +17.2% | +8% / unavailable |
| CDNACaredx, Inc. | 4.0 bn | 31.9 | 33.0% | 25.9% | +13.8% | +327% / +686% |
| FTREFortrea Holdings Inc. | 2.0 bn | — | -12.3% | -2.6% | +1.0% | +61% / −31% |
| VCYTVeracyte, Inc. | 1.9 bn | 15.6 | 9.4% | 21.8% | +16.0% | −49% / −6% |
| PSNLPersonalis, Inc. | 1.7 bn | — | -62.1% | -147.7% | −17.7% | +45% / +916% |
| BLLNBillionToOne, Inc. | 1.3 bn | 116.9 | 30.2% | 11.3% | +100.0% | −14% / unavailable |
| CSTLCastle Biosciences, Inc. | 1.1 bn | — | -4.9% | -6.1% | +3.7% | −14% / +71% |
| FLGTFulgent Genetics, Inc. | 521.3 m | — | -8.6% | -27.5% | +13.8% | −37% / −32% |
| YDESYD Bio Limited | 508.3 m | — | -445.1% | -1,392.6% | +16.9% | −38% / unavailable |
| BDSXBiodesix, Inc. | 220.0 m | — | -778.9% | -25.7% | +24.1% | +131% / −32% |
| XGNExagen Inc. | 184.1 m | — | -113.8% | -26.6% | +19.7% | −4% / +313% |
| SERASera Prognostics, Inc. | 60.9 m | — | -49.7% | -34,866.7% | +5.2% | −38% / +7% |
| AMSAmerican Shared Hospital Services | 7.8 m | — | -7.5% | -5.8% | −0.9% | −45% / −51% |
| MDXHMdxhealth SA | 7.8 m | — | -2,440.4% | -31.1% | +19.8% | −96% / −95% |
| ACONAclarion, Inc. | 4.5 m | — | -74.1% | -10,260.0% | +65.6% | −75% / −100% |
| ADVBAdvanced Biomed Inc. | 3.1 m | 0.4 | 84.8% | 5,231.3% | unavailable | −77% / unavailable |
| BGLCBioNexus Gene Lab Corp. | 2.5 m | — | -33.7% | -82.4% | −21.9% | −81% / −91% |
| BNRBurning Rock Biotech Limited | 0 | — | -10.1% | -10.3% | +9.2% | −39% / +60% |
1- and 3-year price returns: for BDSX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
In brief
Biodesix is a diagnostics company offering blood-based tests for lung disease, mainly assessing lung nodules and guiding lung cancer treatment, supplemented by development services for biopharmaceutical clients. It matters now because test volumes and reimbursement coverage are growing fast, yet the company still reports losses and its 2026 guidance points to revenue of 108-114 million USD 123.
SWOT
Strengths
- The company has a high gross margin and fast-growing test volume, which shows rising operating efficiency 13.
- Its blood-based diagnostics are covered by Medicare, and the company reports published clinical data and ongoing studies 1.
- Operating expense growth has been held well below revenue growth, which supports progress toward profitability 3.
Weaknesses
- The company keeps reporting net losses and carries a large accumulated deficit, which could limit its financing options 1.
- Development services revenue fell in one quarter, showing dependence on project timing 3.
- The company relies on third-party suppliers, including single-source ones, which exposes operations to supply disruption and price swings 1.
Opportunities
- Wider reimbursement coverage and growing clinical evidence could open opportunities to grow test volume 13.
- A growing development services pipeline could support revenue in the second half of 2026 3.
- If clinical studies confirm test performance, the company could see broader adoption by clinicians and payers 1.
Risks
- Continued losseshigh
The company expects to keep incurring losses and cannot guarantee it will reach sustainable profitability 1.
- Uncertain market acceptancehigh
Commercial success depends on acceptance by payers, clinicians and patients, which may not persist if better alternatives appear 1.
- Supplier dependencemedium
Single-source suppliers could create supply problems and price swings that affect operations 1.
- Managing growthmedium
Rapid expansion of staff and testing capacity could disrupt operations if not managed effectively 1.
- Data securitymedium
Security breaches or unauthorised access to data could bring costs, lost revenue and reputational harm 1.
Investment thesis
What would need to be true (bull case)
- Fast test volume growth, rising gross margins and the 2026 guidance could indicate a gradual move toward profitability if the trend holds 3.
- Wider reimbursement coverage and growing clinical evidence could support test adoption in a large market if payers keep recognising the tests 13.
- If development services recover from project timing, they could add a further source of growth for the company 3.
What would break the thesis
- Continued net losses and a large accumulated deficit could pressure financing and push the company toward external capital 1.
- Pressure from payers and purchasing groups could reduce revenue per test, especially if reimbursement weakens 1.
- If cheaper or better-received competing technologies emerge, the company could lose market share, which would hurt growth 1.
What to watch
- Delivery against 2026 revenue guidance of 108-114 million USD2026
- Development of test volume and revenue per testQ3 2026
- Progress toward adjusted EBITDA profitabilitynext 10-Q
- Results of the CLARIFY and other clinical studies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
The business
Biodesix, Inc. presents itself as a diagnostic solutions company aiming to improve patient care through personalized diagnostics built on genomics, proteomics and radiomics combined with artificial intelligence 1. Revenue comes from two sources: Biodesix Lung Diagnostic Testing, which provides lung testing for providers using its five blood-based tests, and Biodesix Development Services, which provides testing and consulting to biopharmaceutical, life sciences and diagnostics companies 1. Total revenue for 2025 was estimated at 88.5 million USD, up 24% 1.
The main revenue source is lung testing, which produced 79.2 million USD in 2025 from 62,600 tests delivered 1. The company said its gross margin rose to 81% in 2025 from 78% in 2024 1. The net loss narrowed to 35.3 million USD in 2025 from 42.9 million USD in 2024, and the accumulated deficit reached about 497.8 million USD at year-end 2025 1.
For the second quarter of 2026 the company reports total revenue of 26.9 million USD, up 34%, and a gross margin of 82% 3. Full-year 2026 guidance points to revenue of 108-114 million USD, and the company says it continues to work toward adjusted EBITDA profitability 3.
Segments
Lung Diagnostic Testing
This is the main growth driver, with 79.2 million USD of revenue in 2025 and test volume up 15% 1. In the second quarter of 2026 testing revenue reached 25.4 million USD and volume rose 38% to 20,900 tests 3. The Nodify Lung tests assess cancer risk in lung nodules, and the IQLung tests guide treatment after diagnosis 1.
Market context
The company estimates that the US lung cancer continuum of care represents over 10 million annual testing opportunities and a market greater than 27 billion USD per year 1. Its estimates also include roughly 5 to 6 million lung nodules a year in the US, which indicates the size of the nodule assessment segment 1.
These are company estimates, and the real addressable market could differ. Volume and revenue depend on clinician adoption and payer coverage, so the accessible market may be smaller than the theoretical opportunity 1.
Competitive position
The reviewed sources do not explicitly name the company's competitors or give a direct market comparison. The company does emphasise that its advantage comes from clinical evidence, reimbursement, commercial execution and expense discipline, and its tests must compete with cheaper or better-received alternatives 13.
The company says it combines several technologies and that it offers two blood-based nodule tests covered by Medicare and Medicaid, which could be a relative advantage 1. The risk remains that cheaper or better-received competing technologies could reduce its market share 1.
- Other blood-based lung diagnostic tests
The sources generally mention alternatives that could be preferred if cheaper or better received, without naming specific competitors.
- Tissue biopsy and tissue-based molecular tests
Tissue tests are mentioned as alternatives for identifying mutations, and the company says blood tests can complement rather than replace them.
- Diagnostic laboratories and clinical research services
The company notes the risk of losing biopharmaceutical clients to in-house testing or other parties, which points to competition in the development services segment.
- Genomic and proteomic test providers
The sources point to competing technologies that could become more cost-effective, without identifying the providers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Nov 2026
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Biodesix, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Biodesix, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Biodesix, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.