Biodesix misses, cuts outlook

 

Biodesix Q3 2026 revenue grows 10% to $24.0M, misses estimates and prompts updated 2026 outlook

• Q3 2026 revenue was $24.0M, up 10% YoY, below analysts' $27.5M expectation and the internal plan due to execution issues.
• Diagnostic testing revenue was $23m (+16% YoY) on 19,400 tests (+24%), offset by weaker services performance.
• Development services revenue dropped to $1m from $1.9m, with $8.7m backlog shifted out.
• Average revenue per test declined 6% from mix shift toward Nodify CDT small nodules.
• Gross margin held at 81%, while operating expenses rose 3% YoY but fell 7% sequentially.
• Net loss of $8m and adjusted EBITDA loss of $3.9m both improved versus last year.
• Sales reps averaged 101 versus plan, with a goal of ~115 by year‑end to restore growth.
• Company lowered 2026 revenue outlook, now set at $101–103m (~15% YoY), reflecting more conservative assumptions.
• CHEST framework and system‑level nodule pathways bolster long‑term Nodify integration and adoption.
• Management describes issues as timing and execution, not demand, but acknowledges forecasting and hiring must improve.
• Main concern is sustaining growth amid salesforce turnover, primary care seasonality, and lumpy development services timing.
• Quarter viewed as mixed, with solid diagnostic growth offset by salesforce gaps and delayed development services revenue.

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