Biodesix Posts $0.75 Per-Share Loss in Third Quarter and Cuts 2026 Revenue Outlook
Key Facts
Biodesix reported a basic and diluted net loss of $0.75 per share for the quarter ended September 30, 2026, compared with a loss of $1.16 in the same period of 2025, according to its filing with the U.S. Securities and Exchange Commission. Net loss was $8.0 million, an 8% improvement year over year, while adjusted EBITDA loss narrowed to $3.9 million, an improvement of 16%; adjusted EBITDA is a non-GAAP measure. The results showed progress in reducing losses alongside growth in diagnostic testing activity. But the company said overall growth was below its expectations, placing the quarter’s performance in a broader context of an improving net loss. An estimate for the per-share loss and a comparison of revenue with analysts’ expectations could not be verified from a reliable open source.
Diagnostic testing revenue was $23.0 million, up 16% from the year-earlier quarter, driven by a 24% increase in test volume to 19,400 tests. The company said a decline in average revenue per test partly offset the impact of higher volumes, meaning growth in test numbers did not fully translate into revenue. Gross margin was 81%, unchanged from the year-earlier period. The company attributed the strong margin to higher testing volumes and improved laboratory workflows. The figures highlight a divergence between expanding activity by test count and average revenue per test, while gross margin held steady.
By contrast, revenue from development services fell to $1.0 million in the third quarter from $1.9 million a year earlier. Biodesix attributed the decline to the completion of certain projects and the timing of revenue recognition, factors linked to stages of work execution and accounting. Chief Executive Scott Hutton said the company’s growth was below the level management had expected. He added that a key reason was fewer sales representatives contributing to results than planned. He also cited greater seasonality, concentrated mainly in primary care, and delays related to external customer adoption; management said these factors weighed on growth performance during the quarter.
On liquidity, cash and cash equivalents totaled $28.4 million, down $1.6 million from the end of June 30, 2026. The company said the change included $6.3 million in net proceeds through its at-the-market offering program. This means the cash balance declined during the quarter despite those proceeds being included in the reported cash movement. On its outlook, the company had raised its 2026 revenue estimate in May to a range of $108 million to $114 million, with growth of about 25% at the midpoint compared with 2025 revenue. Available information on the updated guidance in November said it reflected part of that earlier increase.
The company is also working with Vanderbilt University and Vanderbilt Health to develop the first test to assess lung nodule risk based on imaging feature analysis, which it expects to make commercially available in 2028. In the stock market, EL7 data showed Biodesix, listed under the ticker BDSX, closing at $21.49 on November 4, 2026. The research project offers a future development path for the company, while the closing data reflect the stock’s level in that session. The results statement cited here did not include details on the stock’s reaction during the results announcement session.