Biodesix Stock Crashes Nearly 30% After Q3 Revenue Miss, Slashes 2026 Outlook

Biodesix Inc. (NASDAQ: BDSX) shares fell 29.44% to $14 in after-hours trading Thursday after the company reported third-quarter 2026 financial results and lowered its full-year revenue guidance to be between $101 million and $103 million.

Biodesix is a diagnostic solutions company that develops tests to support clinical decisions for patients with lung disease and provides development services to biopharmaceutical and life sciences companies.

Biodesix Reports Third-Quarter Results

Biodesix reported third-quarter 2026 revenue of $24 million, up 10% year over year but below the analyst estimate of $27.44 million, representing a 12.4% miss. Non-GAAP EPS was a loss of $0.75 per share, matching the estimate.

Diagnostic Testing revenue rose 16% to $23 million, while test volumes increased 24% to approximately 19,400. Development Services revenue declined to $1 million from $1.9 million a year earlier, reflecting the timing of project completion and revenue recognition.

Gross margin remained at 81%, unchanged from the prior-year period. Net loss improved 8% to $8 million, while adjusted EBITDA loss narrowed 16% to $3.9 million.

CEO Scott Hutton said growth was below the company’s expectations. He attributed the shortfall to fewer contributing sales representatives than planned, greater-than-anticipated seasonality in primary care, and delays in external customer dependencies that postponed the start of Development Services projects and associated revenue recognition.

Hutton said the factors were largely related to execution and timing rather than a change in demand, clinical utility or market opportunity. He also noted that October delivered the company’s strongest month of new physician acquisition this year.

Biodesix Revises 2026 Revenue Outlook

Biodesix now expects full-year 2026 revenue of $101 million to $103 million, with the midpoint representing about 15% growth over 2025.

The revised outlook marks a reduction from the company’s previous guidance of $108 million to $114 million, issued in August. The midpoint fell from $111 million to $102 million, an approximately 8.1% reduction.

The company said the updated outlook reflects third-quarter results, the timing of its sales team expansion, and expected Development Services contract execution and revenue recognition.

Management also indicated on the earnings call that some Development Services projects are expected to shift into 2027. The company anticipates approximately $1 million in Development Services revenue in the fourth quarter.

Biodesix expects to continue making progress toward profitability while maintaining gross margins of approximately 80%.

The company also highlighted progress in its lung diagnostics portfolio, including the addition of Digital Diagnostics, which combines blood-based biomarkers, imaging biomarkers and artificial intelligence. Commercial availability of its first radiomics-based lung nodule risk assessment test, developed with Vanderbilt University and Vanderbilt Health, is anticipated in 2028.

Trading Metrics, Technical Analysis

Biodesix has a market capitalization of approximately $209.33 million.

Over the past year, the stock has traded between a 52-week high of $31.97 and a 52-week low of $5.26.

Benzinga’s Edge Stock Rankings indicate negative price trends in the short and medium term, but a positive trend in the long term.

Price Action: Biodesix shares fell 7.68% to close at $19.84 during Thursday’s regular trading session.

Image via Shutterstock