Biodesix reported preliminary revenue of $28.8 million for the fourth quarter of 2025, a 41% increase from the $20.4 million earned in the same period a year earlier. Full‑year revenue is estimated at $88.5 million, up 24% from $71.3 million in 2024 and exceeding the company’s revised guidance of $84‑$86 million, which had been lowered from an earlier 2025 target of $92‑$95 million.
The growth was driven almost entirely by the Lung Diagnostics segment, which generated an estimated $25.2 million in Q4 2025—up 47% YoY—and $79.2 million for the full year, a 22% increase. Development Services also expanded, posting $3.6 million in Q4 and $9.3 million for the year, a 13% and 41% rise respectively, adding new data‑asset revenue streams. The company’s focus on primary‑care markets is reflected in the rising mix of orders from primary‑care physicians, which helped lift average selling prices and broaden payer coverage.
Profitability improved markedly. Management confirmed that adjusted EBITDA will be positive in Q4 2025, a turnaround from the $3.9 million loss reported in Q4 2024 and the $4.6 million loss in Q3 2025. Gross margin for the quarter was 81%, a 400‑basis‑point lift over the prior year, driven by higher test volumes and a more favorable mix of high‑margin Lung Diagnostics tests. Net income for the quarter was a loss of $2.1 million, down from a $3.2 million loss in Q4 2024, reflecting disciplined cost management and the elimination of one‑time charges.
Cash and liquidity remain a concern. As of December 31 2025, cash and cash equivalents totaled $19.0 million, including $2.3 million of at‑the‑market proceeds that were raised to support growth. The company’s debt load stands at $74.4 million, and $1.0 million of Lung Diagnostics revenue in Q4 2025 came from claims older than one year, a non‑recurring item that could affect future revenue recognition. Despite these headwinds, the company’s operating leverage and expanding reimbursement landscape support a path to profitability.
CEO Scott Hutton emphasized the company’s momentum, stating, “Biodesix finished 2025 with a strong fourth quarter delivering full‑year estimated revenue of $88.5 million, exceeding the top end of our increased guidance of $84‑$86 million.” He added, “Throughout the year, we delivered accelerating growth in our Lung Diagnostics testing revenue, driven by an increase in test volumes and continued expansion of reimbursement. We also grew our Development Services revenue while advancing key partnerships.” Hutton concluded that the company’s “strong revenue flow‑through and operating leverage” underpinned the positive adjusted EBITDA outlook and that the team remains “unwaveringly committed to the healthcare professionals and the patients we serve.”
Investors reacted positively to the results. The company’s consensus revenue estimate for the full year was $84.65 million, and the Q4 estimate was $24.95 million; the actual figures beat both estimates by $3.85 million and $3.85 million respectively. Analysts noted the accelerated growth, margin expansion, and the company’s strategic shift into primary‑care markets as key drivers of the market’s favorable response.
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