Biodesix posts 34% revenue growth in Q2 2026 on lung test volumes

Biodesix has reported second-quarter 2026 revenue of $26.9 million, a 34% increase on the same period a year earlier, driven by strong uptake of its blood-based lung cancer diagnostic tests and an improvement in reimbursement coverage. The Nasdaq-listed company maintained its full-year revenue guidance of $108–114 million, with the midpoint implying approximately 25% annual growth.

Diagnostic Testing revenue, which accounts for the bulk of the business, rose 42% year-on-year to $25.4 million. Test volumes climbed 38% to 20,900 tests, while average revenue per test also increased, reflecting broader payer coverage and improvements to the company's revenue cycle management processes. Development Services, which covers contract work for biopharma and research clients, contributed $1.5 million, down from $2.1 million in the prior-year quarter due to the timing of project completions.

Operating leverage takes hold

Gross margin reached 82% in the quarter, a 200-basis-point improvement year-on-year, as higher volumes spread laboratory fixed costs and workflow optimisation reduced the cost per test. Operating expenses excluding direct costs grew by just 7%, a contrast that chief executive Scott Hutton highlighted as evidence of meaningful operating leverage.

Hutton said the performance "reflects continued adoption of our blood-based lung diagnostics, expanding reimbursement coverage, and improving sales force productivity." The company recorded a net loss of $7.3 million for the quarter, a 37% improvement on the $11.5 million loss in Q2 2025. Adjusted EBITDA loss narrowed to $3.2 million from $7.2 million in the prior-year period, a 56% improvement. Cash on hand rose 17% over the prior quarter to $30.0 million, partly supported by $6.5 million of net proceeds raised through the company's at-the-market equity programme.

Biodesix's two principal diagnostic products are the Nodify Lung nodule risk assessment test and the IQLung cancer treatment guidance test, both aimed at guiding clinical decisions for patients with suspected or confirmed lung disease.

Market context and competitive landscape

The liquid biopsy and blood-based lung diagnostics segment has attracted growing commercial and investment interest over the past several years. Established players such as Exact Sciences and Grail have focused on multi-cancer early detection, while a number of smaller companies compete in the lung nodule assessment space. Biodesix's positioning around reimbursement strength and clinical evidence generation is a deliberate strategic choice in a market where coverage decisions by large US payers remain the primary gating factor for volume growth.

Reimbursement momentum in molecular diagnostics more broadly has benefited from a series of positive LCD determinations from US Medicare contractors, though the environment for novel diagnostic codes remains competitive and subject to policy review. Biodesix noted that expanding payer coverage was a contributor to the improvement in average revenue per test, suggesting that coverage negotiations are an active front for the business.

Looking ahead, Biodesix said it expects to progress toward Adjusted EBITDA profitability through the remainder of the year, driven by continued growth in diagnostic test volumes, an expanding Development Services pipeline, and operating leverage from its maturing sales organisation. Investors will watch closely for evidence that the narrowing EBITDA loss can convert to breakeven without a further draw on equity markets.