Biodesix, Inc.
BDSX Healthcare Diagnostics & Research
Biodesix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $88.5 million, up 24.1% from fiscal 2024. In the quarter to June 2026, revenue grew 34.2%, EPS grew 55.6%, free cash flow grew 72.8% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Biodesix, Inc. (BDSX) Altman Z-score
Biodesix, Inc.'s Altman Z-score for fiscal 2025 is −7.46, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −7.46 | (2.23) |
| FY2024 | −5.23 | 0.54 |
| FY2023 | −5.77 | (0.05) |
| FY2022 | −5.72 | (0.88) |
| FY2021 | −4.84 | (2.87) |
| FY2020 | −1.97 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | (5.69) | — | −7.97 | |
| EBIT / total assets | (0.32) | — | −1.05 | |
| Market value of equity / total liabilities | 0.57 | — | 0.34 | |
| Sales / total assets | 1.01 | — | 1.01 | |
| Altman Z-score | Distress zone | −7.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −19.59 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CSTL Castle Biosciences, Inc. compare | 6.7× |
| FLGT Fulgent Genetics, Inc. compare | 5.6× |
| MYGN Myriad Genetics, Inc. compare | −1.5× |
| BNR Burning Rock Biotech Limited Sponsored ADR compare | −3.0× |
| XGN Exagen Inc. compare | −4.6× |
| BDSX Biodesix, Inc. | −7.5× |
| IMDX Insight Molecular Diagnostics Inc. compare | −25.6× |
| QUCY Quantum Cyber N.V compare | −37.0× |
| MDXHF MedX Health Corp. compare | −157× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets