Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 16, 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.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-16.6

Distress distance

Clean

Earnings quality

Forensic signals

-8.0

P / E (ttm)

$253M

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). 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 a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -16.6, placing it in the Distress zone. 3 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 from -148% — well below its ~10% cost of capital, and it has been across FY2020–FY2025, so reinvested dollars have not been earning their keep.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed -82% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw -43.6%/yr figure isn't a real buyback/dilution read here.

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 35.3% a year, and the rate is falling. 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 (3yr)+32.3%

Net Margin-39.8%

Free Cash Flow-$23.5M

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Data from SEC EDGAR public filings · metrics as of Aug 16, 2026. Forensic signals flag probability, not certainty.