Q2 2026 Biodesix Inc Earnings Call Transcript
Key Points
- Biodesix Inc (BDSX) delivered strong Q2 2026 results with total revenue of $26.9 million, a 34% increase year-over-year, driven by 42% growth in diagnostic testing revenue.
- Test volumes grew 38% year-over-year, with notable adoption from primary care (up 133%) and pulmonology (up 31%), indicating broad market penetration.
- Gross margin improved to 82%, marking the fifth consecutive quarter at or above 80%, driven by higher average revenue per test and lower cost per test.
- The company achieved significant operational leverage, with operating expenses (excluding direct costs) growing only 7% despite 34% revenue growth, and net loss improving by 37% year-over-year.
- Clinical evidence, including the publication of the largest lung nodule biomarker validation study, is driving increased adoption of Notify CDT in smaller nodules and expanding utilization across the broader lung nodule continuum.
- Cash position strengthened to $30 million, a 17% increase from Q1, with net cash used in operations improving by 70% year-over-year, supporting the company's path to profitability.
- Development services revenue declined to $1.5 million from $2.1 million in the prior year period, reflecting timing of project completion and revenue recognition, which can be lumpy.
- The company's full-year revenue guidance of $108 million to $114 million implies a slowdown in second-half growth to 16-22% year-over-year, due to tougher comps and a $1 million back-pay collection in the prior year.
- Sales force expansion is progressing slower than expected, with the company ending Q2 with 104 reps versus a planned 120 by year-end, potentially limiting near-term growth capacity.
- Gross margin improvements are expected to moderate, as management noted it is 'hard to drive it too much higher' above 80%, limiting further margin expansion potential.
- The company remains unprofitable, with an adjusted EBITDA loss of $3.2 million in Q2, and relies on continued operational discipline to achieve sustained profitability.
- The lack of updated ACCP guidelines for blood-based biomarkers remains a headwind, as the company awaits potential guideline updates that could significantly expand market adoption.
Good day, and thank you for standing by.
Welcome to the Biodesics Q2 2026 Earnings Conference Call.
At this time, all participants are in a listen-only mode.
After the speaker's presentation, there will be a question-and-answer session.
To ask a question during the session, you'll need to press *11 on your telephone.
You will then hear an automated message advising that your hand is raised.
To withdraw your question, please press *11 again.
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Chris Brinsey.
Please go ahead.
Thank you, operator, and good afternoon, everyone. Today, Biodesic released results from the second quarter of 2026. Leading the call today will be Scott Hutton, Chief Executive Officer.
Is joined by Robin Harper-Cowie, Chief Financial Officer. An audio recording of today's call and the press release announcement
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