third quarter 2026
Filed Nov 5, 2026Delivered total revenue of $24.0 million, an increase of 10% year over year, and revised full-year 2026 revenue guidance to $101 million to $103 million.
Diagnostic Testing revenue and volumes grew, gross margin held at 81%, and net loss and Adjusted EBITDA loss improved, but management said growth was below expectations and reduced full-year revenue guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $24.04M | – | 10% |
| Total revenues, nine months ended September 30, 2026GAAP | $76.46M | – | – |
| Test volumes, third quarter 2026other | 19,400 | – | 24% |
| Gross margin, third quarter 2026GAAP | 81% | – | flat |
| Direct costs and expenses, three months ended September 30, 2026GAAP | 4.66M | – | – |
| Research and development, three months ended September 30, 2026GAAP | 2.99M | – | – |
| Sales, marketing, general and administrative, three months ended September 30, 2026GAAP | 22.50M | – | – |
| Impairment loss on intangible assets, three months ended September 30, 2026GAAP | — (in thousands) | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | 30.15M | – | – |
| Operating expenses excluding direct costs and expenses, third quarter 2026GAAP | $25.5M | – | 3% |
| Share-based compensation expense, third quarter 2026GAAP | $900K | – | decrease of 19% |
| Loss from operations, three months ended September 30, 2026GAAP | −6.11M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −2.00M | – | – |
| Other income, net, three months ended September 30, 2026GAAP | 82K | – | – |
| Net loss, three months ended September 30, 2026GAAP | −$8.03M | – | improvement of 8% |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $ (0.75 ) | – | – |
| Weighted-average shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 10.66M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | −$3.86M | – | 16% improvement |
| Direct costs and expenses, nine months ended September 30, 2026GAAP | 13.69M | – | – |
| Research and development, nine months ended September 30, 2026GAAP | 9.41M | – | – |
| Sales, marketing, general and administrative, nine months ended September 30, 2026GAAP | 71.04M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | 94.16M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −17.70M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$23.10M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $ (2.26 ) | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | −$11.10M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Diagnostic TestingDriven by a 24% increase in test volumes to 19,400, partially offset by lower average revenue per test year-over-year. | $23M | – | 16% |
| Development ServicesTiming of project completion and revenue recognition. | $1M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full-year 2026 outlook
- Revenue$101 million to $103 million
- Gross marginapproximately 80%
- NoteThe Company expects to continue to make progress toward profitability.
What drove it
- Higher Diagnostic Testing volumes and continued optimization of laboratory workflows resulted in a lower cost per test.
- A larger percentage of total lung test volume from Nodify CDT reduced average revenue per test year-over-year.
- CHEST published a framework identifying validated biomarker testing, such as Nodify Lung Risk Assessment Testing, as a core component of standardized risk stratification in lung nodule programs.
- The Company added Digital Diagnostics to its Lung Diagnostics portfolio strategy, including a radiomics-based test developed with Vanderbilt University and Vanderbilt Health.
- The Company announced tumor-informed and tumor-naïve, methylation-based molecular residual disease monitoring programs.
Concerns
- Management said third-quarter growth was below its expectations.
- Fewer contributing sales representatives than planned limited new physician and account growth.
- Greater-than-anticipated seasonality, primarily in primary care, reduced ordering frequency among otherwise stable base customers.
- Delays in external customer dependencies postponed the start of Development Services projects and associated revenue recognition.
- Full-year 2026 revenue guidance was revised to $101 million to $103 million.
What to watch
- Early fourth-quarter trends in new customer acquisition, growth across the established customer base, and broader physician engagement.
- Execution following sales team expansion and the larger sales organization entering the fourth quarter.
- The timing of expected Development Services contract execution and revenue recognition.
- Commercial availability of the radiomics-based lung nodule risk assessment test, anticipated in 2028.
- Validation of the two molecular residual disease monitoring programs with investigators at Memorial Sloan Kettering Cancer Center.
Balance sheet and cash flow
- Cash and cash equivalents were $ 28,409 (in thousands) as of September 30, 2026, compared with $ 18,987 (in thousands) as of December 31, 2025.
- Cash and cash equivalents of $28.4 million decreased by $1.6 million compared with the period ending June 30, 2026.
- Change in cash included $6.3 million of net proceeds from the at-the-market program.
- Long-term notes payable, net of current portion, were 47,146 (in thousands) as of September 30, 2026, compared with 47,445 (in thousands) as of December 31, 2025.
- Total liabilities were 85,269 (in thousands) as of September 30, 2026, compared with 89,941 (in thousands) as of December 31, 2025.
Analysis
Third-quarter total revenues were $ 24,041 (in thousands), compared with $ 21,768 (in thousands) in the prior-year period, while the company characterized growth as 10%. Diagnostic Testing revenue was $23.0 million and grew 16%, supported by a 24% increase in test volumes to 19,400. Development Services revenue was $1.0 million, compared with $1.9 million in the prior-year period, reflecting the timing of project completion and revenue recognition. Management said growth fell below its expectations because of sales-representative shortfalls, primary-care seasonality, and external customer dependencies affecting Development Services starts.
Mix was favorable for volume but unfavorable for realized Diagnostic Testing revenue per test. The company said lower average revenue per test was primarily attributable to a larger percentage of total lung test volume from Nodify CDT. Gross margin remained 81% and was flat year over year. Management attributed the margin performance to higher Diagnostic Testing volumes and laboratory workflow optimization that reduced cost per test.
Losses improved despite increased operating expense. Operating expenses excluding direct costs and expenses were $25.5 million, up 3%, including $0.9 million of non-cash stock compensation expense, down 19%. Net loss was $ (8,032 ) (in thousands), an 8% improvement, while Adjusted EBITDA was $ (3,860 ) (in thousands), a 16% improvement. For the first nine months, net loss was $ (23,098 ) (in thousands), compared with $ (31,285 ) (in thousands), and Adjusted EBITDA was $ (11,096 ) (in thousands), compared with $ (18,000 ) (in thousands).
Liquidity included cash and cash equivalents of $ 28,409 (in thousands) at September 30, 2026, with the sequential cash change including $6.3 million of net proceeds from the at-the-market program. Long-term notes payable, net of current portion, were 47,146 (in thousands). The filing did not report operating cash flow or free cash flow. No dividends or share repurchases were reported.
The company revised full-year 2026 revenue guidance to $101 million to $103 million, with the midpoint representing approximately 15% growth over 2025, and expects gross margins of approximately 80%. The outlook incorporates third-quarter results, the timing of sales-team expansion, and expected Development Services contract execution and revenue recognition. Management highlighted stronger October new-physician acquisition and stated that early fourth-quarter trends show accelerating new customer acquisition, continued customer-base growth, and broader physician engagement.
Management, verbatim
Biodesix delivered another quarter of year-over-year growth, with total revenue increasing 10%, Diagnostic Testing revenue increasing 16%, test volumes increasing 24%, and gross margin remaining strong at 81%.
Scott Hutton, Chief Executive Officer
However, our growth was below our expectations, and we understand the principal drivers: fewer contributing sales representatives than planned limited new physician and account growth; greater-than-anticipated seasonality, primarily in primary care, reduced ordering frequency among otherwise stable base customers; and delays in external customer dependencies postponed the start of Development Services projects and the associated revenue recognition.
Scott Hutton, Chief Executive Officer
The factors that impacted the quarter were largely execution and timing related rather than a change in demand, clinical utility, or market opportunity.
Scott Hutton, Chief Executive Officer
Not in the filing
stated, not guessed- Prior outlook was not provided, so no comparison of actual results with prior guidance is available.
- Prior-quarter values and sequential changes for reported operating metrics were not provided.
- Operating cash flow was not provided.
- Free cash flow was not provided.
- Capital-return activity, including dividends and share repurchases, was not provided.
- Non-GAAP earnings per share was not provided.
- Detailed full-year 2026 guidance for operating expenses and tax rate was not provided.
- A numerical prior-year gross-margin percentage was not provided.
- Numerical average revenue per test was not provided.
- CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.