Stock

BCAL Diagnostics Limited

BDX.AX

Medical - Diagnostics & Research · Healthcare

Price

A$0.07

-0.00 (-5.26%)

Market Cap

A$26.5M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+79.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 204.3M (2022) → 367.6M (2026)

§Winston Score History

The full picture

BCAL Diagnostics Limited is a biotechnology firm focused on creating an advanced, non-surgical laboratory blood test for the identification of breast cancer. Its flagship product, the BCAL test, is a lipid biomarker-based blood assay designed for potential use in breast cancer prevention strategies, early screening, and ongoing patient monitoring. This in vitro diagnostic (IVD) technology functions by detecting a unique pattern of lipid biomarkers, which are isolated from extracellular vesicles present in a patient's plasma or blood, thereby enabling the diagnosis of breast cancer cells. Established in 2010, the company's main operations are based in Sydney, Australia.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-88.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-2.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$5M/ year

↑ Rising (+197% vs prior year)

>1,000% of revenue

142.2x the sector average (18%)

Investing heavily in future products and technology

Cash Runway

~3 months

A$3M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

BCAL Diagnostics Limited is putting 2560% of revenue into R&D and that number is rising. That's 142.2x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-132.6%

Thin — -132.6% gross margin

Profit after running costs

Operating Margin

-3125.8%

Losing money on operations — -3125.8%

Return on the money invested

ROCE

-74.1%

Weak — -74.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-93.1%

Shrinking sales (-93.1% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-3626.7%

Burning cash (-3626.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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