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
Conference Call and Webcast Today at
"
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;
- Diagnostic Test revenue of
- 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
$28.8 million in the fourth quarter and$88.5 million in fiscal 2025, an increase of 41% and 24% over the respective prior year comparable periods, with gross margin expanding 400bps to 83% in the fourth quarter and 300bps to 81% in fiscal 2025;- Improvements in gross margin percentage were driven by growth in Diagnostic testing, improvements in average revenue per test, and optimization of testing workflows that resulted in decreases in costs per test;
- Operating expenses (excluding direct costs and expenses) of
$25.8 million and$99.7 million for the fourth quarter and fiscal 2025, an increase of 14% and 10% over the respective prior year comparable periods. Sales, marketing, and general administrative investment increased 14% to support the 41% revenue growth delivered in the fourth quarter. The Company expects continued operating leverage as our expanded sales team advances along the productivity curve and converts growing experience into sustained performance;- Includes non-cash stock compensation expense of
$1.1 million and$4.1 million during the fourth quarter and fiscal 2025, a decrease of 15% and 38% over the respective prior year comparable periods;
- Includes non-cash stock compensation expense of
- Net loss of
$4.0 million and$35.3 million for the fourth quarter and fiscal 2025, an improvement of 52% and 18% over the respective prior year comparable periods; - Adjusted EBITDA of
$0.5 million in Q4 2025, the Company’s first quarter of Adjusted EBITDA positivity, representing a$4.5 million or 113% improvement from Q4 2024. This milestone reflects strong revenue flow-through and operating leverage acrossBiodesix . Adjusted EBITDA for fiscal 2025 was a loss of$17.5 million , an improvement of 21% over fiscal 2024;
| Metric | FY25 Guidance (Raised) | FY25 Actual | Result |
| Total Revenue | ? Above High End | ||
| Q4 Adj. EBITDA | Positive in Q4 | ? First-Ever | |
| Gross Margin (FY) | 78% - 79% | 81% | ? +300bps YoY |
- Pro forma cash and cash equivalents of
$33.7 million (including subsequent ATM proceeds), supported by the Company’s first quarter of Adjusted EBITDA positivity, which positionsBiodesix to reduce quarterly cash consumption as revenue scales;- Cash and cash equivalents of
$19.0 million as ofDecember 31, 2025 was inclusive of$2.3 million in at-the-market proceeds, and subsequent to the end of the quarter, the Company raised and additional$14.7 million to support continued growth investment; - Subsequent to the end of the quarter, the Company amended the Senior Secured Term Loan with
Perceptive Advisors to extend the maturity date and interest only period toNovember 2028 . The extension and additional cash strengthens the balance sheet and provides increased financial flexibility.
- Cash and cash equivalents of
2026 Financial Outlook
The Company anticipates generating between
| Metric | FY 2025 Actual | FY 2026 Guidance |
| Total Revenue | ||
| Gross Margin | 81% | Maintain ~80% |
| Adj. EBITDA | Continued improvement on path to profitability |
Conference call and webcast information
Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.
For a full list of
About
Trademarks:
Use of Non-GAAP Financial Measure
Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net loss or Loss from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.
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.
Contacts:
Media:
natalie.stdenis@biodesix.com
(720) 925-9285
Investors:
chris.brinzey@icrhealthcare.com
(339) 970-2843
Condensed Balance Sheets (unaudited) (in thousands, except share data) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 18,987 | $ | 26,245 | ||||
| Accounts receivable, net of allowance for credit losses of | 9,036 | 8,603 | ||||||
| Other current assets | 4,495 | 4,636 | ||||||
| Total current assets | 32,518 | 39,484 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 24,817 | 27,828 | ||||||
| Intangible assets, net | 3,883 | 5,874 | ||||||
| Operating lease right-of-use assets | 2,997 | 1,767 | ||||||
| 15,031 | 15,031 | |||||||
| Other long-term assets | 8,230 | 7,260 | ||||||
| Total non-current assets | 54,958 | 57,760 | ||||||
| Total assets | $ | 87,476 | $ | 97,244 | ||||
| Liabilities and Stockholders' (Deficit) Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,080 | $ | 2,194 | ||||
| Accrued liabilities | 11,033 | 10,064 | ||||||
| Deferred revenue | 961 | 678 | ||||||
| Current portion of operating lease liabilities | 1,364 | 719 | ||||||
| Current portion of notes payable | 6 | 21 | ||||||
| Other current liabilities | 992 | 641 | ||||||
| Total current liabilities | 17,436 | 14,317 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 47,445 | 36,408 | ||||||
| Long-term operating lease liabilities | 24,039 | 24,828 | ||||||
| Other long-term liabilities | 1,021 | 815 | ||||||
| Total non-current liabilities | 72,505 | 62,051 | ||||||
| Total liabilities | 89,941 | 76,368 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ (deficit) equity | ||||||||
| Preferred stock, 0 (2025 and 2024) issued and outstanding | — | — | ||||||
| Common stock, 8,253,053 (2025) and 7,274,578 (2024) shares issued and outstanding | 8 | 7 | ||||||
| Additional paid-in capital | 495,289 | 483,366 | ||||||
| Accumulated deficit | (497,762 | ) | (462,497 | ) | ||||
| Total stockholders’ (deficit) equity | (2,465 | ) | 20,876 | |||||
| Total liabilities and stockholders’ (deficit) equity | $ | 87,476 | $ | 97,244 | ||||
Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Diagnostic Tests | $ | 25,148 | $ | 17,205 | $ | 79,197 | $ | 64,708 | ||||||||
| Development Services | 3,607 | 3,224 | 9,302 | 6,615 | ||||||||||||
| Total revenues | 28,755 | 20,429 | 88,499 | 71,323 | ||||||||||||
| Direct costs and expenses | 4,879 | 4,342 | 16,719 | 15,573 | ||||||||||||
| Research and development | 2,870 | 2,414 | 12,001 | 9,559 | ||||||||||||
| Sales, marketing, general and administrative | 22,972 | 20,219 | 87,545 | 80,451 | ||||||||||||
| Impairment loss on intangible assets | 1 | 103 | 107 | 238 | ||||||||||||
| Total operating expenses | 30,722 | 27,078 | 116,372 | 105,821 | ||||||||||||
| Loss from operations | (1,967 | ) | (6,649 | ) | (27,873 | ) | (34,498 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (2,059 | ) | (1,752 | ) | (7,716 | ) | (8,258 | ) | ||||||||
| Loss on extinguishment of liabilities | — | — | — | (248 | ) | |||||||||||
| Change in fair value of warrant liability, net | — | — | (280 | ) | — | |||||||||||
| Other income, net | 46 | 150 | 604 | 73 | ||||||||||||
| Total other expense | (2,013 | ) | (1,602 | ) | (7,392 | ) | (8,433 | ) | ||||||||
| Net loss | $ | (3,980 | ) | $ | (8,251 | ) | $ | (35,265 | ) | $ | (42,931 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.49 | ) | $ | (1.13 | ) | $ | (4.67 | ) | $ | (6.64 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 8,065 | 7,330 | 7,551 | 6,470 | ||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss | $ | (3,980 | ) | $ | (8,251 | ) | $ | (35,265 | ) | $ | (42,931 | ) | |||
| Interest expense | 2,059 | 1,752 | 7,716 | 8,258 | |||||||||||
| Depreciation and amortization | 1,387 | 1,449 | 5,670 | 5,773 | |||||||||||
| Share-based compensation expense | 1,075 | 1,265 | 4,139 | 6,638 | |||||||||||
| Loss on extinguishment of liabilities | — | — | — | 248 | |||||||||||
| Change in fair value of warrant liability, net | — | — | 280 | — | |||||||||||
| Other income, net | (11 | ) | (150 | ) | (10 | ) | (73 | ) | |||||||
| Adjusted EBITDA | $ | 530 | $ | (3,935 | ) | $ | (17,470 | ) | $ | (22,087 | ) | ||||
