Revenue: As of FY2026 Q1, the actual value is USD 25.56 M, beating the estimate of USD 23.18 M.

EPS: As of FY2026 Q1, the actual value is USD -0.81, beating the estimate of USD -1.096.

EBIT: As of FY2026 Q1, the actual value is USD -4.609 M.

Segment Revenue

• Diagnostic Tests Revenue: Increased by $5,975 thousand, or 37%, to $22,291 thousand for the three months ended March 31, 2026, primarily due to a 29% increase in test volumes and higher average revenue per test, mainly from the Nodify Lung Nodule Risk Assessment testing strategy .
• Development Services Revenue: Increased by $1,622 thousand, or 99%, to $3,264 thousand for the three months ended March 31, 2026, driven by continued execution on existing contracts and new agreements .

Operational Metrics

• Gross Margin: Was 84% in the first quarter of 2026, including a one-time recovery of $0.4 million; excluding this item, the gross margin was 82%, representing a 300-basis-point improvement over the prior-year period .
• Loss from Operations: Improved by $2,935 thousand, or 32%, to -$6,201 thousand for the three months ended March 31, 2026, from -$9,136 thousand in the prior year period .
• Net Loss: Improved by $3,308 thousand, or 30%, to -$7,793 thousand for the three months ended March 31, 2026, from -$11,101 thousand in the prior year period .
• Total Operating Expenses: Increased by $4,662 thousand, or 17%, to $31,756 thousand for the three months ended March 31, 2026, from $27,094 thousand .
  • Direct Costs and Expenses: Increased by $502 thousand, or 14%, to $4,205 thousand, primarily due to increased testing volume .
  • Research and Development Expenses: Increased by $415 thousand, or 14%, to $3,285 thousand, mainly due to higher internal expenses and increased external costs associated with clinical trials .
  • Sales, Marketing, General and Administrative Expenses: Increased by $3,813 thousand, or 19%, to $24,261 thousand, primarily due to increased internal and external costs for sales and marketing activities .
  • Impairment Loss on Intangible Assets: Decreased by $68 thousand, or -93%, to $5 thousand .
• Interest Expense: Increased by $292 thousand, or 17%, to -$1,977 thousand, primarily due to drawing the Tranche C loan of $10.0 million .
• Other Income, Net: Increased by $287 thousand, or 293%, to $385 thousand, primarily related to interest and other income .
• Share-Based Compensation Expense: Increased by $143 thousand, or 15%, to $1,115 thousand .

Cash Flow

• Net Cash Flows Used in Operating Activities: -$10,168 thousand for the three months ended March 31, 2026, compared to -$8,602 thousand for the same period in 2025, primarily due to unfavorable changes in net working capital .
• Net Cash Used in Investing Activities: -$144 thousand for the three months ended March 31, 2026, compared to -$137 thousand for the same period in 2025 .
• Net Cash Provided by Financing Activities: $16,897 thousand for the three months ended March 31, 2026, compared to $97 thousand for the same period in 2025, including $17.2 million in gross proceeds from common stock issuance .

Unique Metrics

• Medicare Revenue Contribution: Accounted for 32% of total revenue for the three months ended March 31, 2026, down from 36% in the prior year .
• Cash and Cash Equivalents: $25,572 thousand as of March 31, 2026, an increase of 35% over $18,987 thousand as of December 31, 2025 .
• Available Capacity (2024 ATM Program): $25.5 million remained available for share issuances as of March 31, 2026 .

Future Outlook and Strategy

Biodesix, Inc. anticipates achieving continued operating leverage as its expanded sales team enhances productivity and performance . The company plans to invest in research and development to foster innovation and create new clinically relevant tests . Additionally, sales and marketing expenses are expected to rise as Biodesix, Inc. expands its sales force and marketing efforts to boost awareness and adoption of its tests .