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# Biodesix CEO Disputes 'Record October' Framing As Guidance Implies 2% Fourth-Quarter Lung Test Growth
- URL: https://www.bullished.co/biodesix-ceo-disputes-record-october-framing-as-guidance-implies-2-fourth-quarter-lung-057cb1f2/
- Published: 2026-11-06T07:50:48.000Z
- Updated: 2026-11-06T07:50:48.000Z
- Description: The CFO said the midpoint implies 2% year-over-year growth once last year's back-claim collections are removed, against full-year revenue guidance of $101 million to $103 million.
- Author: Matteo Parrino
- Tags: Earnings, BDSX, Industry: Healthcare

Biodesix, which sells blood-based lung disease tests, implied slower fourth-quarter growth in its lung diagnostics business, and its CEO pushed back when an analyst said October was a record. Chief Executive Scott Hutton said on the company's [earnings call](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co) Thursday: "We did not state we had a record October."

## A 2% number under 20% growth

A Craig-Hallum analyst walked through the guidance math, assuming about $1 million of development services revenue in the fourth quarter. He got to roughly $24.6 million of lung diagnostic revenue, which he said would be down from a year earlier.

Chief Financial Officer Robin Harper Cowie said last year's fourth quarter included just over $1 million of collections on older claims. Strip that out, she said, and the midpoint of the guidance implies 2% year-over-year growth, which she called slower than the company wanted but still growth.

The analyst said the problems management had described did not look big enough to take growth "[from sort of 20% plus down to 2%,](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co)" and asked what he was missing.

Hutton said the company had cited its strongest month of new physician acquisition, not a record month. New hires must be onboarded and trained, he said, so "[there's a ramp to their contributions.](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co)" He urged the analyst to "think of it in terms of a recovery and a rebound."

## Why the quarter fell short

Biodesix [reported](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co) third-quarter revenue of $24.0 million, up 10% from $21.8 million. Diagnostic testing revenue rose 16% to $23.0 million on about 19,400 tests, up 24%. Hutton said results missed expectations.

He blamed three factors: fewer sales representatives than planned, stronger-than-expected seasonality in primary care, and customers delaying the start of several development services projects. Development services revenue was [$1.0 million](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co), down from $1.9 million. The company averaged 101 field representatives in the quarter, about 110 now, with a plan for about 115 by year-end.

The net loss was $8.0 million, 8% better than a year earlier, and cash stood at $28.4 million, including $6.3 million of net proceeds from its at-the-market stock program.

## Lowered outlook and the next stops

Management now expects 2026 revenue of $101 million to $103 million, with the midpoint about 15% above 2025\. Cowie said the outlook reflects third-quarter results, the timing of sales hiring and training, and development services contract timing. For development services, she expects about $1 million in the fourth quarter, with some projects slipping into 2027.

Biodesix will present MRD (residual cancer monitoring) data at next week's AMP meeting in Seattle. It is also scheduled for a [fireside chat](https://www.globenewswire.com/news-release/2026/11/04/3395091/0/en/biodesix-to-participate-in-upcoming-investor-conferences.html?ref=bullished.co) at the UBS Global Healthcare Conference on Tuesday, November 10.

Hutton said a new sales training class went into the field this week, and the company plans to keep hiring six to eight representatives a quarter.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [Biodesix Q3 2026 Earnings Call Transcript](https://www.benzinga.com/news/26/11/62959141/biodesix-q3-2026-earnings-call-transcript?ref=bullished.co) — benzinga.com
- [Biodesix, Inc. (BDSX) Reports Q3 Loss, Lags Revenue Estimates](https://finance.yahoo.com/healthcare/articles/biodesix-inc-bdsx-reports-q3-214505191.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Sera Prognostics, Inc. (SERA) Reports Q3 Loss, Lags Revenue Estimates](https://finance.yahoo.com/markets/stocks/articles/sera-prognostics-inc-sera-reports-215009653.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Biodesix to Participate in Upcoming Investor Conferences](https://www.globenewswire.com/news-release/2026/11/04/3395091/0/en/biodesix-to-participate-in-upcoming-investor-conferences.html?ref=bullished.co) — globenewswire.com