Biodesix is a diagnostic testing company focused exclusively on lung disease. Its core product is a suite of five blood-based diagnostic tests sold to pulmonologists and primary care physicians to manage patients with lung nodules and lung cancer. The tests fall into two categories: Nodify Lung, used at diagnosis to assess whether a lung nodule is malignant or benign, and IQLung, used after a lung cancer diagnosis to guide treatment selection and monitor disease. Biodesix runs these tests in its own CLIA-certified labs and bills Medicare and commercial insurers directly. Revenue is driven by test volume and average reimbursement per test. About 90% of revenue comes from lung diagnostic testing, with the remainder from development services — fee-for-service research and clinical trial testing for biopharma partners including Thermo Fisher, Bio-Rad, and Memorial Sloan Kettering. Gross margins are high, given low incremental costs per test once lab infrastructure is in place. Biodesix sells through a direct sales force, historically focused on pulmonologists but expanding into primary care in 2025, targeting the roughly 50% of lung nodule patients managed outside of pulmonology. Sales rep productivity is a key operating metric, with management targeting roughly $1M in annualized revenue per rep. The company is not yet profitable but is targeting adjusted EBITDA breakeven. The pipeline includes a combination MRD test developed with Memorial Sloan Kettering, expanded VeriStrat indications across cancer types, and radiomics combining AI imaging with blood-based biomarkers.