Biodesix Reports 12% Revenue Growth to $20M in Q2 2025, Despite Net Loss

Biodesix, Inc. reported a total revenue of $20.0 million for the second quarter of 2025, marking a 12% increase from $17.9 million in the same period last year. The growth was primarily driven by an 8% rise in lung diagnostic testing revenue, which reached $17.9 million, attributed to an increase in the number of tests delivered. Additionally, revenue from development services surged by 53% to $2.1 million, reflecting the company's expanding client base and service offerings. Despite the revenue growth, Biodesix recorded a net loss of $11.5 million for the quarter, a 6% increase compared to the $10.8 million loss in the prior year.

The company's operating expenses for the second quarter totaled $29.7 million, up 14% from $26.2 million in the previous year. This increase was largely due to higher sales and marketing costs associated with expanding the sales team and enhancing market awareness of Biodesix's products. Research and development expenses also rose by 28% to $3.3 million, driven by increased internal costs related to employee compensation and external costs for clinical trials. The gross margin for the quarter was reported at 80%, a slight improvement from the previous year, attributed to optimized testing workflows and growth in the development services sector.

In terms of strategic developments, Biodesix has been actively expanding its operational capabilities and product offerings. The company recently drew $10 million from its Tranche C loan under the Perceptive Term Loan Facility, which has been extended through December 2025. This funding is expected to support ongoing research and development initiatives, including clinical studies aimed at validating the utility of its diagnostic tests. The company also continues to focus on enhancing its relationships with biopharmaceutical clients, which is critical for future revenue growth.

As of June 30, 2025, Biodesix reported cash and cash equivalents of $20.7 million, a decrease from $26.2 million at the end of the previous quarter. The company has been managing its cash flow effectively, with a significant reduction in cash used in operating activities, which totaled $15.2 million for the first half of 2025, down from $33.9 million in the same period last year. This improvement is attributed to favorable changes in working capital and a decrease in net loss from operations.

Looking ahead, Biodesix remains focused on increasing its market share in the diagnostic testing sector while continuing to innovate and expand its product offerings. The company anticipates that its investments in research and development will yield new diagnostic tests and enhance existing services, ultimately driving revenue growth. However, the company also acknowledges the challenges posed by reimbursement rates and the need to maintain strong relationships with payers and providers to ensure continued success in the competitive healthcare landscape.