Biodesix Inc (NASDAQ: BDSX)

Biodesix, Inc. is a diagnostic solutions company that develops and commercializes blood‑based tests to improve patient care in lung disease and related fields. The company uses genomics, proteomics, radiomics and artificial intelligence to create personalized diagnostics that are timely, accessible and address immediate clinical needs. Its mission is to transform patient outcomes by providing clinicians with actionable information for cancer risk assessment, treatment guidance and disease monitoring.

Biodesix generates revenue from two primary sources. Lung Diagnostic Testing supplies five blood‑based tests to healthcare providers for nodule risk assessment and treatment guidance in lung cancer. Development Services offers diagnostic testing, assay development, regulatory support and consulting to biopharmaceutical, life sciences and diagnostic companies. In 2025 Lung Diagnostic Testing contributed $79.2 million and Development Services contributed $9.3 million to total revenue of $88.5 million, representing a 24% year‑over‑year increase.

The company operates through the following segments.

• Lung Diagnostic Testing: This segment provides five blood‑based tests—Nodify CDT, Nodify XL2, VeriStrat, GeneStrat ddPCR and GeneStrat NGS—to help clinicians assess pulmonary nodule malignancy risk, guide early‑ and advanced‑stage treatment decisions and monitor disease recurrence. The tests deliver results within one to five business days, support reimbursement through Advanced Diagnostic Laboratory Test status and address an estimated $27 billion annual market opportunity in the United States.

• Development Services: This segment delivers end‑to‑end solutions including translational research, biomarker discovery, assay design, development and validation, testing of clinical trial samples, regulatory and reimbursement consulting, commercialization support and logistical assistance such as specimen collection kits. It serves over 65 industry clients and academic partners, collaborates with institutions like Memorial Sloan Kettering Cancer Center and leverages technologies licensed from Bio-Rad to expand its service portfolio.

Biodesix holds a strong position in the lung diagnostics market due to its rapid turnaround times, broad multi‑omic test menu and established commercial infrastructure focused on pulmonology and primary care referral networks. The company differentiates itself through extensive clinical data publications, health economics outcomes research and reimbursement advances, including Advanced Diagnostic Laboratory Test designations for Nodify CDT, Nodify XL2 and VeriStrat. Key competitors include Veracyte in nodule risk assessment, Guardant Health and Foundation Medicine in liquid biopsy profiling, Tempus AI and NeoGenomics in broader oncology diagnostics, and Adaptive Biotechnologies and Personalis in immune profiling.

The company serves a diverse customer base that includes pulmonologists, primary care physicians, hospital systems and oncology clinics that order its lung diagnostic tests for patient care. It also works with biopharmaceutical companies, life sciences firms and academic research institutions that engage its Development Services for assay development, clinical trial support and consulting. Specific partners referenced in the filing include Memorial Sloan Kettering Cancer Center and Bio-Rad, which provides critical reagents and technology for the GeneStrat platform.