Biodesix, Inc. reported fourth‑quarter 2025 revenue of $28.8 million, a 41% increase from $20.4 million in Q4 2024. Gross margin rose to 83%, the highest level in company history, and the company posted an adjusted EBITDA of $530,000, marking the first time the metric turned positive.
Full‑year 2025 revenue totaled $88.5 million, up 23% from $71.3 million in 2024. Management reaffirmed its 2026 revenue guidance of $106 million to $112 million, implying a 23% year‑over‑year increase at the midpoint. The company also reiterated its expectation of sustained adjusted EBITDA positivity in 2026.
The revenue growth was driven by a 46% year‑over‑year increase in Diagnostic Test revenue, which reached $25.1 million, and a 12% rise in Development Services revenue to $3.6 million. Strong demand for Nodify Lung tests and a growing backlog in development services underpinned the performance.
CEO Scott Hutton said, "Biodesix delivered exceptional results in the fourth quarter, with revenue of $28.8 million and 83% gross margin." CFO Robin Harper‑Cowie added, "For 2026, Biodesix guided to annual revenue of $106 million to $112 million, which management said implies 23% growth at the midpoint compared with 2025, along with “continued improvement towards sustained Adjusted EBITDA positivity.” She also noted that revenues excluding $1 million in collections from claims older than one year should be considered when comparing Q1 to Q4.
The company’s guidance signals confidence in continued demand for its lung diagnostics and development services. The 83% gross margin reflects pricing power and efficient cost management, while the first positive adjusted EBITDA indicates that operating leverage is translating into profitability as revenue scales.
Biodesix’s results demonstrate a significant milestone in its growth trajectory, with revenue and margin expansion driven by high‑margin diagnostic tests and a growing services backlog. The company’s ability to achieve profitability while maintaining strong growth positions it for sustained performance in the coming quarters.
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