Biodesix (BDSX) Q2 2026 earnings summary

Executive summary

• Achieved total revenue of $26.9 million in Q2 2026, up 34% year-over-year, with Diagnostic Testing revenue growing 42% and test volumes up 38%, driven by expanded payer coverage and improved revenue cycle management.

• Gross margin improved to 82%, a 200-basis point increase year-over-year, attributed to higher volumes, improved average revenue per test, and laboratory workflow optimization.

• Net loss narrowed to $7.3 million, a 37% improvement year-over-year; Adjusted EBITDA loss improved by 56% to $3.2 million.

• Continued commercial expansion, especially in primary care, with Nodify CDT and XL2 adoption accelerating after new clinical evidence.

• Cash and cash equivalents stood at $30.0 million at quarter-end, up 17% sequentially, aided by $6.5 million in net proceeds from at-the-market equity sales.

Financial highlights

• Diagnostic Testing revenue: $25.4 million, up 42% year-over-year; Development Services revenue: $1.5 million, down from $2.1 million due to project timing.

• Test volumes: ~20,900, up 38% year-over-year.

• Gross margin: 82%, a 200-basis point improvement over Q2 2025.

• Operating expenses (excluding direct costs): $27.4 million, up 7% year-over-year.

• Net loss: $7.3 million, improved by 37% year-over-year; Adjusted EBITDA loss: $3.2 million, a 56% improvement.

Outlook and guidance

• FY 2026 revenue guidance maintained at $108–114 million, midpoint representing 25% growth over 2025.

• Expects continued sales productivity improvements and operational leverage as sales team matures.

• Anticipates steady operating expenses with moderate increases tied to commercial team expansion and ongoing R&D investments.

• Ongoing focus on achieving sustained adjusted EBITDA profitability.

• Development Services pipeline is strong, supporting expectations for growth in the remainder of 2026.