BDSXHIGH SIGNALFINANCIAL10-K

BDSX's stockholders' equity collapsed from $20.9M to -$2.5M, indicating severe financial distress despite improved operational metrics.

The company has moved into negative equity territory, which represents a critical deterioration in financial position that could trigger debt covenant violations or liquidity constraints. While operational improvements show promise, the balance sheet weakness creates significant going concern risks that investors must carefully monitor.

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

BDSX demonstrated strong operational progress with revenue growing 24% to $88.5M and operating losses narrowing 19% to -$27.9M, while cash burn improved significantly with operating cash flow losses decreasing 52% to -$23.3M. However, these positive trends are overshadowed by the catastrophic decline in stockholders' equity to negative $2.5M, combined with increased debt to $50M and declining cash reserves to $19M. The financial picture reveals a company making operational strides but facing severe balance sheet stress that threatens its financial stability.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
-111.8%
$20.9M→-$2.5M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

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.

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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