Biodesix Inc (NASDAQ: BDSX) is a diagnostic testing company focused on lung disease that develops and commercializes blood-based tests for lung nodule risk assessment and lung cancer treatment guidance. Revenue comes from two streams: Lung Diagnostic testing fees billed per test to payers and healthcare providers, and Development Services fees paid by biopharmaceutical companies for research partnerships. In FY2025 (fiscal year ended, per 10-K filed 2026-02-26), Lung Diagnostics generated $79.2 million in revenue, a 22% increase, from 62,600 tests delivered, a 15% increase. Development Services contributed $9.3 million in biopharmaceutical services revenue, a 41% increase. Biodesix offers two tests assessing cancer risk in lung nodules and three tests providing treatment guidance after a lung cancer diagnosis. The company targets a U.S. addressable market it estimates at over 10 million testing opportunities annually across the lung cancer continuum of care. It operates as a smaller reporting company listed on the NASDAQ Global Market and requires additional capital to fund ongoing operations.

Revenue model

Per-test fees from Lung Diagnostic testing reimbursed by private payors and other payers, plus project-based biopharmaceutical services fees from Development Services partnerships. FY2025: Lung Diagnostics $79.2M (89% of total reported revenue), Development Services $9.3M (11%).

Products and services

Two lung nodule risk assessment tests (Nodify Lung Nodule Risk Assessment, including the Nodify Lung brand); three lung cancer treatment guidance tests for non-small cell lung cancer (NSCLC); Biodesix Development Services for biopharmaceutical research partnerships. The CLARIFY study enrolled more than 1,500 patients as of the filing date to collect outcomes data on 4,000 Nodify Lung patients.

Customers and end markets

Healthcare providers including pulmonologists, primary care providers, and hospital systems ordering diagnostic tests for patients with lung nodules or lung cancer diagnoses. Biopharmaceutical companies purchasing Development Services. End markets: lung nodule management, early-stage and advanced-stage NSCLC treatment guidance, lung cancer monitoring.

Value-chain role

Diagnostic laboratory and test developer. Receives patient samples, performs blood-based molecular diagnostic testing, and reports results to ordering clinicians. Also provides contracted research and diagnostic services to biopharmaceutical companies.

Geographic exposure

United States. Filing references U.S. lung nodule and lung cancer market exclusively in market size estimates. No international revenue figures disclosed in the excerpts.

Source: SEC 10-K, filed 2026-02-26

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