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) Beneish M-score
Biodesix, Inc.'s Beneish M-score for fiscal 2025 is −3.13; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.13 | (1.21) |
| FY2024 | −1.92 | 1.58 |
| FY2023 | −3.50 | (0.31) |
| FY2022 | −3.19 | 0.61 |
| FY2021 | −3.80 | (2.45) |
| FY2020 | −1.35 | 0.82 |
| FY2019 | −2.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.85 | — | 0.78 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.12 | — | 0.45 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 1.03 | — | 0.12 | |
| SG&A index | 0.88 | — | −0.15 | |
| Total accruals to total assets | (0.14) | — | −0.64 | |
| Leverage index | 1.42 | — | −0.46 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.13 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| IMDX Insight Molecular Diagnostics Inc. compare | −7.7× |
| QUCY Quantum Cyber N.V compare | −6.1× |
| MYGN Myriad Genetics, Inc. compare | −5.4× |
| CSTL Castle Biosciences, Inc. compare | −3.5× |
| BDSX Biodesix, Inc. | −3.1× |
| XGN Exagen Inc. compare | −2.8× |
| BNR Burning Rock Biotech Limited Sponsored ADR compare | −2.5× |
| FLGT Fulgent Genetics, Inc. compare | −2.3× |
| MDXHF MedX Health Corp. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI