BIODESIX INC Segments Disclosure
Note 15 – Segment Reporting
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker (CODM) in deciding how to allocate resources and assess performance. The Company's, as a group, represents the entity's chief operating decision makers. The Company’s CODM views the Company’s operations and manages its business as a operating segment focused on diagnostic testing in the clinical setting and providing services to biopharmaceutical companies (see Note 11 – Revenue and Accounts Receivable Credit Concentration). The CODM views the Company's operations as a single operating segment as each revenue stream utilizes the same equipment and resources. In addition, discrete financial information is not available for each revenue stream other than gross margin. The accounting policies of the segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.
Substantially all of the Company’s revenue and all long-lived assets were derived or are located in the United States for the years ended December 31, 2025 and 2024. The measure of segment assets is reported on the balance sheet as total assets.
As a single operating segment, the CODM assesses how to allocate resources and measures the Company's performance based on net income or loss that is reported on the statement of operations as net loss. The CODM uses net income or loss to evaluate the return generated from segment assets in deciding whether to reinvest into the segment or into other parts of the entity, such as acquisitions. Net income or loss is used to monitor budget versus actual results, which are used in assessing performance of the segment and in establishing management's compensation.
The CODM regularly reviews the following significant expenses and other segment items. A summary of the significant expenses and other segment items reported in the Company’s statements of operations as of the dates indicated is as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Revenues |
|
$ |
88,499 |
|
|
$ |
71,323 |
|
Less: |
|
|
|
|
|
|
||
Direct costs and expenses (less employee related expenses and depreciation and amortization) |
|
|
12,072 |
|
|
|
11,476 |
|
Employee related expenses (less share-based compensation expenses) |
|
|
66,824 |
|
|
|
55,606 |
|
Contracted services expenses |
|
|
7,012 |
|
|
|
6,616 |
|
Sales and marketing education and event expenses |
|
|
7,562 |
|
|
|
7,574 |
|
Occupancy and equipment service expenses |
|
|
4,077 |
|
|
|
4,055 |
|
Clinical trials and associated costs |
|
|
1,730 |
|
|
|
1,180 |
|
Depreciation and amortization expense |
|
|
5,670 |
|
|
|
5,773 |
|
Share-based compensation expenses |
|
|
4,139 |
|
|
|
6,638 |
|
Interest expense |
|
|
7,716 |
|
|
|
8,258 |
|
Change in fair value of warrant liability, net |
|
|
280 |
|
|
|
— |
|
Other segment items (1) |
|
|
6,682 |
|
|
|
7,078 |
|
Net loss |
|
$ |
(35,265 |
) |
|
$ |
(42,931 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.