Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 28, 2026
Biodesix Inc (BDSX)
A forensic read on Biodesix Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-15.9
Distress distance
Clean
Earnings quality
2
Forensic signals
-9.3
P / E (ttm)
$310M
Market cap
0.00%
Dividend yield
24.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Biodesix Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -15.9, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-43.1%
FY2025
Return on invested capital.Return on invested capital is -43.1% in the latest fiscal year and rising across FY2023–FY2025 from -82.9%. After-tax operating profit was ($33M) in FY2023 and ($22M) in FY2025, with operating income at -84.2% of revenue in FY2023, -48.4% in FY2024 and -31.5% in FY2025. The capital base behind it grew +30% across FY2023–FY2025, from $39M to $51M, and the return did not fall doing it, so the dollars added over that window earned at least the -82.9% the older base was already earning.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue in FY2025 — about $0.55 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 16.7% a year across FY2024–FY2025, above the level at which the count is a material claim on a stake, and only one year's change is on file — enough to state what a holder gave up, not enough to say whether the rate is climbing or coming down. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$88.5M
Revenue Growth YoY+24.1%
Revenue CAGR (2yr)+34.2%
Net Margin-39.8%
Free Cash Flow-$23.5M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Biodesix Inc's actual 10-K/10-Q/8-K filings?