BDSXMEDIUM SIGNALOPERATIONAL10-K

BDSX demonstrated improved operational efficiency with gross margins expanding to 81% while growing revenue 24% and meaningfully reducing operating losses.

The company is executing well on its cost discipline strategy, limiting operating expense growth to just 10% while achieving solid revenue growth, resulting in improved operating leverage. The combination of margin expansion and loss reduction suggests the business is moving toward profitability, though it remains cash-flow negative and increased debt financing.

Comparing 2026-02-26 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

BDSX showed strong operational progress with revenue growing 24% to $88.5M while gross margins improved to 81% from 78%. Operating losses narrowed notably to $27.9M from $34.5M despite a 25% increase in R&D spending, demonstrating improved cost management. However, the company's cash position declined to $19.0M from $26.2M and total debt increased to $50.0M, indicating continued reliance on external financing while burning cash at a reduced rate.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-92%
$3.2M→$259K

Capex reduced 92% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+52.2%
-$48.6M→-$23.3M

Operating cash flow surged 52.2% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
-27.7%
$26.2M→$19.0M

Cash decreased 27.7% — monitor burn rate and upcoming capital needs.

R&D Expense
P&L
+25.5%
$9.6M→$12.0M

R&D investment increased 25.5% — signals commitment to future product development, though near-term margin impact.

Total Debt
Balance Sheet
+24.9%
$40.0M→$50.0M

Debt rose 24.9% — additional borrowing for investment or operations; monitor coverage ratios.

Revenue
P&L
+24.1%
$71.3M→$88.5M

Revenue growing 24.1% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
+21.8%
$14.3M→$17.4M

Current liabilities rose 21.8% — increased short-term obligations, watch current ratio.

Operating Income
P&L
+19.2%
-$34.5M→-$27.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Net Income
P&L
+17.9%
-$42.9M→-$35.3M

Net income grew 17.9% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
+17.8%
$76.4M→$89.9M

Liabilities increased 17.8% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-03
ADDED
We improved our operational efficiencies increasing gross margin percentage to 81% as compared to 78% in 2024; We maintained our cost-disciplined approach limiting growth in full year Operating Expense, excluding Direct costs and expenses to 10% over 2024, including non-cash share-based compensation expenses, while growing revenue by 24%; and We were awarded the prestigious 2025 Denver Post | Energage Top Workplaces, the second consecutive year receiving an employee-survey based recognition award a reflection of our strong team culture and employee engagement.
Lung cancer is the deadliest cancer in the United States with most patients diagnosed late stage, with advanced disease.
With the introduction of numerous treatment options, healthcare providers need an ever-increasing amount of information to select the best treatment plan for each individual patient.
Diagnosis : We estimate there are approximately 5 to 6 million lung nodules in the United States annually.
Approximately 1.6 million new nodules are identified incidentally, and potentially 4 million lung nodules from the adoption of screening could be identified annually in the United States.
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REMOVED
We improved our operational efficiencies increasing gross margin percentage to 78% as compared to 73% in 2023; We maintained our cost-disciplined approach limiting growth in full year Operating Expense, excluding Direct costs and expenses to 17% over 2023, including non-cash share-based compensation expenses, while growing revenue by 45%; and We were awarded the prestigious 2024 Inc.
Magazine Best Workplaces a reflection of our strong team culture and employee engagement.
This is our clinical testing focus because lung cancer is the deadliest cancer in the United States with the majority of patients diagnosed with advanced disease.
With the introduction of numerous treatment options, physicians need an ever-increasing amount of information in order to select the best treatment plan for each individual patient.
Diagnosis : We estimate approximately 1.6 million new incidental lung nodules and potentially 4 million lung nodules from the adoption of screening could be identified annually in the United States.
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