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Biodesix (BDSX) investor relations material
Biodesix Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 41% year-over-year revenue growth in Q4 2025 and 24% for the full year, driven by strong performance in lung diagnostics and expanded commercial reach.
Reached adjusted EBITDA positivity for the first time in Q4, reflecting operational leverage and improved gross margins.
Q4 gross margin reached 83%, surpassing guidance, with FY2025 gross margin at 81%.
Expanded sales force and commercial strategy, with primary care volumes rising and new partnerships announced.
Continued to generate and publish real-world clinical and health economics data to support adoption and reimbursement.
Financial highlights
Q4 revenue: $28.8M (+41% YoY); FY2025 revenue: $88.5M (+24% YoY).
Lung diagnostics/diagnostic tests revenue: $25.1M in Q4 (+46% YoY); $79.2M for FY2025 (+22% YoY).
Test volumes: 18,000 in Q4 (+23% YoY); 62,600 for FY2025 (+15% YoY).
Gross margin: 83% in Q4 (+400 bps YoY); 81% for FY2025 (+300 bps YoY).
Net loss: $4M in Q4 (improved 52% YoY); $35.3M for FY2025 (improved 18% YoY).
Adjusted EBITDA: +$0.53M in Q4 (first positive quarter); -$17.5M for FY2025 (improved 21% YoY).
Cash and cash equivalents at year-end: $19M; pro forma $33.7M after subsequent ATM proceeds.
Outlook and guidance
FY2026 revenue guidance: $106M–$112M, midpoint implies 23% growth over 2025.
Expect continued improvement toward sustained adjusted EBITDA positivity.
Revenue growth to be driven by expanded and maturing sales force, higher average revenue per test, new clinical data, and increased development services pipeline.
Guidance incorporates expected Q1 seasonality and weather-related impacts.
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