Biodesix, Inc.

Second-quarter total revenue was $26.9 million, up 34% year over year. Diagnostic testing revenue was $25.4 million, up 42%, driven by test volumes of approximately 20,900, up 38% year over year. Gross margin was 82%, a 200-basis-point improvement from Q2 2025. Operating expenses, excluding direct costs and expenses, were $27.4 million, up 7% year over year; net loss was $7.3 million, a 37% improvement; and adjusted EBITDA was a loss of $3.2 million, a 56% improvement. Cash and cash equivalents ended at $30 million, including $6.5 million of ATM proceeds; excluding that, net cash used was $2.1 million versus $6.9 million in Q2 2025. For 2026, the company reaffirmed full-year revenue guidance of $108 million to $114 million and said it expects continued progress toward sustained adjusted EBITDA profitability.

Scott Hutton said the quarter showed "strong growth, expanding margins, and improving operating leverage," and framed the business as progressing toward profitability. He emphasized that clinical evidence is expanding adoption, especially after the publication supporting Nodify CDT in small nodules, and said that customers who start with smaller nodules often expand use across the broader lung nodule continuum. He also pointed to the ATS presentations and upcoming publications as part of a broader strategy to deepen account penetration and validate the platform.

Robin Cowie detailed the financial outperformance, citing $26.9 million of revenue, 82% gross margin, $7.3 million net loss, and a $3.2 million adjusted EBITDA loss. She said average revenue per test improved due to additional payer coverage and better revenue cycle management, not a one-time item, and that the average revenue per test for both Nodify CDT and Nodify XL2 improved sequentially. She also noted $30 million in unrestricted cash, $6.5 million of ATM proceeds, and said the company expects relatively steady operating expenses for the rest of the year with moderate step-ups tied to commercial hiring.

Analysts focused on whether the post-publication boost in small-nodule testing can remain a meaningful volume driver, and Scott Hutton said yes, calling it the "new trend and trajectory." Questions also centered on sales-force hiring, PCP penetration, and whether stronger demand in primary care would change the company’s cautious growth strategy; management said it will stay disciplined and maintain a 6 to 8 hiring cadence per quarter, ending the year around 120 sales professionals. On guidelines, management said CHEST/ACCP updates remain a key catalyst to watch in 2026 because current guidelines still do not reference blood-based biomarkers.