Biodesix, Inc. (BDSX), a diagnostic solutions company focused on lung disease, reported strong first-quarter 2026 results, highlighted by double-digit revenue growth, expanding margins, and continued momentum across both its Diagnostic Testing and Development Services businesses.
For the first quarter ended March 31, 2026, Biodesix generated $25.6 million in revenue, a 42% increase from $18.9 million in the same period last year. Diagnostic Testing revenue rose to $22.3 million, up 37% from $16.3 million in Q1 2025, driven by a 29% increase in test volumes to 17,800 and higher average revenue per test.
Development Services revenue nearly doubled to $3.3 million, compared with $1.6 million a year ago, supported by new and expanded customer programs.
Gross margin improved to 84%, or 82% excluding a one-time $0.4 million tax recovery, representing a roughly 300-basis-point expansion over Q1 2025. Operating expenses increased 18% year over year to $27.6 million, reflecting continued investment in commercial and administrative capabilities.
Net loss narrowed to $7.8 million, a 30% improvement from $11.1 million in the prior-year quarter, while adjusted EBITDA improved to a loss of $4.1 million, compared with a loss of $6.2 million in Q1 2025.
Biodesix ended the quarter with $25.6 million in cash and cash equivalents, up 35% from year-end 2025, supported by $16.8 million in at-the-market financing proceeds.Following the strong first-quarter performance, the company raised its full-year 2026 revenue guidance to $108-114 million, implying 23-29% growth over $88.5 million in full-year 2025 revenue.
Biodesix reiterated expectations for continued improvement toward sustained adjusted EBITDA profitability, supported by expanding clinical evidence for its Nodify Lung tests, a growing Development Services pipeline, and increasing sales productivity.
Management highlighted ongoing momentum across both business segments, with Diagnostic Testing benefiting from broader payer coverage and improved revenue cycle management, while Development Services continued to scale through new agreements and consistent delivery on existing partnerships. The company was also recognized as a Top Workplace for the third consecutive year.
Biodesix will host a conference call and webcast today at 4:30 p.m. ET to discuss the results and updated outlook.
BDSX has traded between $3.44 and $20.21 over the past year. The stock closed Monday's trading at $11.27, up 1.71%. In pre-market trading, the stock is at $13.03, up 15.59%.
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