MeritValue

BIODESIX INC

BDSXdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

BIODESIX INC earns about -470% on equity, and has bought back 72% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$54.5M1$38.2M2$49.1M3$71.3M4$88.5M4
Net income−$43.2M5−$65.4M6−$52.1M7−$42.9M8−$35.3M8
Operating cash flow−$28.2M9−$45M10−$22.9M11−$48.6M12−$23.3M12
Capital expenditure$2.24M13$3.3M14$22.9M15$3.23M16$259,00016
Free cash flow (derived)−$30.5M9−$48.3M10−$45.8M11−$51.9M12−$23.5M12
Total debt$10.1M17$30.1M18$40.1M19$40M20$50M21
Cash & equivalents$32.7M22$43.1M23$26.3M24$26.2M25$19M25
Diluted shares27.4M42.1M82.1M6.5M7.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$3.26
your share of equity
Profit it earned you last year
−$46.7
Free cash flow it threw off
−$31.16
Debt you’d be carrying
$66.22

10 shares is a claim on −$3.26 of net worth that earned you −$46.7 and generated −$31.16 of cash last year, against $66.22 of debt.

iii. Is this a good business?
Moat signal · return on equity
-470% avg · 5y
FY21 -219%FY22 -318%FY23 -1139%FY24 -206%FY25 —

It earned an average -470% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−72% shares · 5y

Share count is down 72% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 396% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-006092 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-023513 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-030835 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-076547 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-006092 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-023513 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-030835 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-076547 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-006092 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-023513 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-030835 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-076547 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006092 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023513 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-030835 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076547 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-22-003495 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-23-006092 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-24-023513 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0000950170-25-030835 (LongTermDebt)
  21. 10-K · period ending 2025-12-31 · accession 0001193125-26-076547 (LongTermDebt)
  22. 10-K · period ending 2021-12-31 · accession 0000950170-23-006092 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-12-31 · accession 0000950170-24-023513 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-12-31 · accession 0000950170-25-030835 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K · period ending 2024-12-31 · accession 0001193125-26-076547 (CashAndCashEquivalentsAtCarryingValue)