Biodesix reported its most operationally clean quarter in company history on August 5, 2026: Q2 revenue of $26.9M was up 34% year-over-year, gross margin reached 82% (a 200-basis-point expansion), and net loss narrowed 37% to $7.3M while Adjusted EBITDA improved 56% to a $3.2M loss. The shape of the print is what matters - Diagnostic Testing volume grew 38% to 20,900 tests, but operating expenses ex-direct costs grew only 7%, a ~5:1 ratio that is the first sustained proof of the operating-leverage thesis the company has been pitching since the 2020 IPO. Management held FY2026 revenue guidance at $108M–$114M (midpoint implies 25% growth), and the cash position grew to $30.0M from $25.7M at March 31, with $6.5M of Q2 net proceeds from the at-the-market (ATM) program. The open question is sequencing: H1 2026 printed $52.4M, so the implied H2 guide of $56M–$62M is a 7%–18% sequential step-up that needs Q3 and Q4 to hold the volume momentum while Development Services - a smaller line that fell 29% YoY this quarter to $1.5M - recovers.