Biodesix Announces Third Quarter 2024 Results and Highlights
Biodesix (NASDAQ: BDSX) reported Q3 2024 financial results with revenue growing 35% year-over-year to $18.2 million. Lung Diagnostic revenue increased 40% to $17.2 million, while Biopharmaceutical Services revenue decreased 17% to $1.0 million. The company achieved a gross profit margin of 77.0%, up from 76.1% in Q3 2023. Net loss improved by 6% compared to Q3 2023. Lung Diagnostic test volume grew 34% to 13,900 tests. The company reiterated its 2024 revenue guidance of $70-72 million and expects to achieve Adjusted EBITDA profitability in H2 2025.
Biodesix (NASDAQ: BDSX) ha riportato i risultati finanziari del terzo trimestre del 2024, con un fatturato in crescita del 35% anno su anno a $18,2 milioni. Il fatturato dei Diagnostici Polmonari è aumentato del 40% a $17,2 milioni, mentre il fatturato dei Servizi Biofarmaceutici è diminuito del 17% a $1,0 milione. L'azienda ha raggiunto un margine di profitto lordo del 77,0%, in aumento rispetto al 76,1% del terzo trimestre del 2023. La perdita netta è migliorata del 6% rispetto al terzo trimestre del 2023. Il volume dei test diagnostici polmonari è cresciuto del 34% a 13.900 test. L'azienda ha ribadito le sue previsioni di fatturato per il 2024 di $70-72 milioni e si aspetta di raggiungere la redditività dell'EBITDA rettificato nella seconda metà del 2025.
Biodesix (NASDAQ: BDSX) reportó los resultados financieros del tercer trimestre de 2024, con un crecimiento de ingresos del 35% interanual, alcanzando $18,2 millones. Los ingresos por Diagnósticos Pulmonares aumentaron un 40%, alcanzando $17,2 millones, mientras que los ingresos por Servicios Biofarmacéuticos disminuyeron un 17% a $1,0 millón. La compañía logró un margen de utilidad bruta del 77,0%, en comparación con el 76,1% del tercer trimestre de 2023. La pérdida neta mejoró en un 6% respecto al tercer trimestre de 2023. El volumen de pruebas de diagnóstico pulmonar creció un 34%, alcanzando 13,900 pruebas. La empresa reiteró su guía de ingresos para 2024 de $70-72 millones y espera alcanzar la rentabilidad del EBITDA ajustado en la segunda mitad de 2025.
Biodesix (NASDAQ: BDSX)는 2024년 3분기 재무 결과를 발표했으며, 수익이 전년 대비 35% 증가하여 $18.2백만에 도달했습니다. 폐 진단 수익은 40% 증가하여 $17.2백만에 이르렀고, 생물의약 서비스 수익은 17% 감소하여 $1.0백만이 되었습니다. 회사는 3분기 2023년의 76.1%에서 증가한 77.0%의 총 이익률을 달성했습니다. 순손실은 2023년 3분기 대비 6% 개선되었습니다. 폐 진단 검사량은 34% 증가하여 13,900건에 달했습니다. 회사는 2024년 매출 가이드를 $70-72백만으로 재확인했으며, 2025년 하반기에는 조정된 EBITDA 수익성을 달성할 것으로 기대하고 있습니다.
Biodesix (NASDAQ: BDSX) a publié ses résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires en hausse de 35% par rapport à l'année précédente, atteignant $18,2 millions. Les revenus des diagnostics pulmonaires ont augmenté de 40%, atteignant $17,2 millions, tandis que les revenus des services biopharmaceutiques ont diminué de 17% pour s'établir à $1,0 million. L'entreprise a enregistré une marge brute de 77,0%, en hausse par rapport à 76,1% au troisième trimestre 2023. La perte nette a diminué de 6% par rapport au troisième trimestre 2023. Le volume des tests de diagnostic pulmonaire a augmenté de 34% pour atteindre 13 900 tests. L'entreprise a réaffirmé ses prévisions de chiffre d'affaires pour 2024 entre $70-72 millions et s'attend à atteindre la rentabilité de l'EBITDA ajusté au second semestre 2025.
Biodesix (NASDAQ: BDSX) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatzwachstum von 35% im Vergleich zum Vorjahr auf $18,2 Millionen. Der Umsatz im Bereich Lung Diagnostics stieg um 40% auf $17,2 Millionen, während der Umsatz im Bereich biopharmazeutische Dienstleistungen um 17% auf $1,0 Millionen zurückging. Das Unternehmen erreichte eine Bruttomarge von 77,0%, gegenüber 76,1% im dritten Quartal 2023. Der Nettoverlust verbesserte sich um 6% im Vergleich zum dritten Quartal 2023. Das Testvolumen für Lung Diagnostics wuchs um 34% auf 13.900 Tests. Das Unternehmen bekräftigte seine Umsatzprognose für 2024 von $70-72 Millionen und erwartet, in der zweiten Hälfte von 2025 die Profitabilität des bereinigten EBITDA zu erreichen.
- Revenue growth of 35% YoY to $18.2 million
- Lung Diagnostic revenue increased 40% YoY
- Gross profit margin improved to 77.0% from 76.1%
- Net loss improved by 6% compared to Q3 2023
- Lung Diagnostic test volume grew 34% to 13,900 tests
- Biopharmaceutical Services revenue decreased 17% YoY
- Operating expenses increased 29% compared to Q3 2023
- Cash and cash equivalents decreased to $31.4M from $42.2M in Q2 2024
- Adjusted EBITDA loss of $5.6M, slightly worse than Q3 2023
Insights
The Q3 results show notable progress in Biodesix's financial performance, with revenue growing
While still operating at a loss of
The
Hurricane Helene's impact on Q3 test volumes highlights operational vulnerabilities, but the temporary nature suggests minimal long-term effects. The high gross margins indicate scalable test processing infrastructure, important for sustaining growth while moving toward profitability.
Q3 2024 revenue grew
Q3 2024 gross profit margin of
Q3 2024 Net loss improved by
Conference Call and Webcast Today at 8:30 a.m. ET
LOUISVILLE, Colo., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the third quarter ended September 30, 2024.
“The Biodesix team is pleased to report another solid quarter focused on executing and delivering on our three main goals - driving revenue growth through the adoption of our lung diagnostic tests and biopharma services, continued implementation of operational efficiencies, and maintaining a cost-disciplined approach as we drive our business to profitability,” said Scott Hutton, CEO of Biodesix.
“We reported
Third Quarter Ended September 30, 2024 Business Highlights
- Grew Lung Diagnostic test volume to 13,900, a
34% improvement over the third quarter of 2023. - Quarterly gross profit margin of
77.0% versus76.1% for the third quarter of 2023. - Presented compelling new data at the CHEST Annual Meeting and announced the launch of a new clinical study, CLARIFY.
- New data was presented detailing the experience of healthcare providers using the Nodify Lung® Nodule Risk Assessment Tests (Nodify XL2 and Nodify CDT tests) in over 35,000 patients tested in a real-world clinical setting. Results shared were consistent with prior studies, highlighting the high proportion of results that up- or down-classify patients into actionable risk categories with clear, guideline-recommended, diagnostic plans.
- The new study, CLARIFY, is designed to confirm performance of the Nodify CDT and Nodify XL2 tests in diverse patient subgroups through a retrospective chart review of up to 4,000 patients that were tested in a real-world clinical setting. The study’s intent is to expand the extensive evidence characterizing the validation and utility of Nodify Lung testing.
Third Quarter Ended September 30, 2024 Financial Highlights
- Total revenue of
$18.2 million , an increase of35% over the third quarter 2023:- Lung Diagnostic revenue of
$17.2 million reflected a year-over-year increase of40% driven by the continued adoption of Nodify XL2 and Nodify CDT nodule risk assessment tests and strong reimbursement. However, test volumes were impacted at the end of the third quarter by disruption to patients, healthcare providers, and Biodesix teammates in the southeast due to Hurricane Helene; - Biopharmaceutical Services revenue of
$1.0 million decreased17% year-over-year, driven by the timing of receipt of samples and shift of the completion of certain projects from the end of the third quarter into the beginning of the fourth;
- Lung Diagnostic revenue of
- Third quarter 2024 gross profit of
$14.0 million , or77.0% gross margin compared to76.1% gross margin in the comparable prior year period. Our steady margin performance is primarily driven by volume growth in Lung Diagnostic testing that continues to drive down the per test costs; - Operating expenses (excluding direct costs and expenses) of
$22.6 million , an increase of29% as compared to the third quarter 2023, which includes$3.0 million of non-cash stock compensation expense and depreciation and amortization as compared to$1.7 million in third quarter of 2023. This increase is primarily attributable to an increase in sales and marketing costs to support both business lines’ sales growth to enhance product awareness and drive adoption, and an increase in depreciation expense related to the leasehold improvements in the Company’s Louisville, CO offices and laboratory which opened in January 2024; - Net loss of
$10.3 million , an improvement of6% as compared to the same period of 2023; - Adjusted EBITDA was a loss of
$5.6 million , a slight increase over the loss of$5.4 million in the third quarter of 2023 and consistent with the second quarter of 2024; - Cash and cash equivalents of
$31.4 million as of September 30, 2024, a decrease from$42.2 million from June 30, 2024;- Cash and cash equivalents as of September 30, 2024 includes the final milestone payment of
$6.1 million for the acquisition of Integrated Diagnostics in 2018.
- Cash and cash equivalents as of September 30, 2024 includes the final milestone payment of
2024 - 2025 Financial Outlook
The Company is reiterating the 2024 revenue forecast of between
Conference call and webcast information
Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor relations page on the website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.
For a full list of Biodesix press releases and webinars, please visit biodesix.com.
About Biodesix
Biodesix is a leading diagnostic solutions company with five Medicare-covered tests available for patients with lung diseases. The blood-based Nodify Lung® Nodule Risk Assessment, consisting of the Nodify XL2® and the Nodify CDT® tests, evaluates the risk of malignancy in pulmonary nodules, enabling physicians to better triage patients to the most appropriate course of action. The blood-based IQLung™ test portfolio for lung cancer patients integrates the GeneStrat® targeted ddPCR™ test, the GeneStrat NGS® test, and the VeriStrat® test to support treatment decisions across all stages of lung cancer and expedite personalized treatment. In addition, Biodesix collaborates with the world’s leading biopharmaceutical companies to provide biomarker discovery, diagnostic test development, and clinical trial support services. For more information about Biodesix, visit biodesix.com.
Trademarks: Biodesix, Nodify Lung, Nodify XL2, Nodify CDT, IQLung, GeneStrat, GeneStrat NGS, and VeriStrat are trademarks or registered trademarks of Biodesix, Inc. The ddPCR technology is a trademark of Bio-Rad Laboratories, Inc.
Use of Non-GAAP Financial Measure
Biodesix reported results are presented in accordance with generally accepted accounting principles in the United States (GAAP). Biodesix has provided in this press release financial information that has not been prepared in accordance with GAAP. Biodesix uses the non-GAAP financial measure, Adjusted EBITDA, internally in analyzing its financial results and believes that use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Biodesix financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Biodesix financial statements prepared in accordance with GAAP. A reconciliation of Biodesix historical non-GAAP financial measure to the most directly comparable GAAP measure has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period- to-period comparisons of Net loss or Loss from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, COVID-19 revenue, COVID-19 direct costs and expenses, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. We also exclude revenue and direct costs and expenses associated with COVID-19 because we believe that these revenues and expenses do not reflect expected future operating results as they do not represent our Lung Diagnostic and Biopharmaceutical Services business. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of backlog and the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital including under the term loan facility, expectations regarding revenue and margin growth and its impact on profitability, and the impact of a pandemic, epidemic, or outbreak, including the COVID-19 pandemic, on Biodesix and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company's ability to continue as a going concern could cause actual results to differ materially from those contemplated in this press release and additionally, other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix most recent annual report on Form 10-K, filed March 1, 2024 or subsequent quarterly reports on Form 10-Q during 2024, if applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
Contacts:
Media:
Natalie St. Denis
natalie.stdenis@
biodesix.com
(720) 925-9285
Investors:
Chris Brinzey
chris.brinzey@
westwicke.com
(339) 970-2843
| Biodesix, Inc. Condensed Balance Sheets (unaudited) (in thousands, except share data) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 31,406 | $ | 26,284 | ||||
| Accounts receivable, net of allowance for credit losses of | 8,036 | 7,679 | ||||||
| Other current assets | 4,575 | 5,720 | ||||||
| Total current assets | 44,017 | 39,683 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 28,683 | 27,867 | ||||||
| Intangible assets, net | 6,438 | 7,911 | ||||||
| Operating lease right-of-use assets | 1,918 | 1,745 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Other long-term assets | 6,656 | 6,859 | ||||||
| Total non-current assets | 58,726 | 59,413 | ||||||
| Total assets | $ | 102,743 | $ | 99,096 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,537 | $ | 2,929 | ||||
| Accrued liabilities | 8,553 | 7,710 | ||||||
| Deferred revenue | 676 | 324 | ||||||
| Current portion of operating lease liabilities | 624 | 252 | ||||||
| Current portion of contingent consideration | — | 21,857 | ||||||
| Current portion of notes payable | 29 | 51 | ||||||
| Other current liabilities | 544 | 293 | ||||||
| Total current liabilities | 12,963 | 33,416 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 36,112 | 35,225 | ||||||
| Long-term operating lease liabilities | 25,191 | 25,163 | ||||||
| Other long-term liabilities | 620 | 712 | ||||||
| Total non-current liabilities | 61,923 | 61,100 | ||||||
| Total liabilities | 74,886 | 94,516 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, 0 (2024 and 2023) issued and outstanding | — | — | ||||||
| Common stock, 145,465,941 (2024) and 96,235,883 (2023) shares issued and outstanding | 145 | 96 | ||||||
| Additional paid-in capital | 481,958 | 424,050 | ||||||
| Accumulated deficit | (454,246 | ) | (419,566 | ) | ||||
| Total stockholders' equity | 27,857 | 4,580 | ||||||
| Total liabilities and stockholders' equity | $ | 102,743 | $ | 99,096 | ||||
| Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | ||||||||||||||||
| Diagnostic Testing revenue | $ | 17,168 | $ | 12,301 | $ | 47,503 | $ | 32,395 | ||||||||
| Biopharmaceutical Services and other revenue | 983 | 1,190 | 3,391 | 2,024 | ||||||||||||
| Total revenues | 18,151 | 13,491 | 50,894 | 34,419 | ||||||||||||
| Direct costs and expenses | 4,179 | 3,229 | 11,231 | 9,636 | ||||||||||||
| Research and development | 2,547 | 1,938 | 7,145 | 8,099 | ||||||||||||
| Sales, marketing, general and administrative | 20,016 | 15,496 | 60,232 | 51,136 | ||||||||||||
| Impairment loss on intangible assets | — | — | 135 | 20 | ||||||||||||
| Total operating expenses | 26,742 | 20,663 | 78,743 | 68,891 | ||||||||||||
| Loss from operations | (8,591 | ) | (7,172 | ) | (27,849 | ) | (34,472 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (2,041 | ) | (2,386 | ) | (6,506 | ) | (7,207 | ) | ||||||||
| Loss on extinguishment of liabilities | — | — | (248 | ) | — | |||||||||||
| Change in fair value of warrant liability, net | — | (1,393 | ) | — | (1,332 | ) | ||||||||||
| Other (expense) income, net | 374 | 2 | (77 | ) | 4 | |||||||||||
| Total other expense | (1,667 | ) | (3,777 | ) | (6,831 | ) | (8,535 | ) | ||||||||
| Net loss | $ | (10,258 | ) | $ | (10,949 | ) | $ | (34,680 | ) | $ | (43,007 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.07 | ) | $ | (0.14 | ) | $ | (0.28 | ) | $ | (0.55 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 146,296 | 79,709 | 123,634 | 78,672 | ||||||||||||
| Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (10,258 | ) | $ | (10,949 | ) | $ | (34,680 | ) | $ | (43,007 | ) | |||
| Interest expense | 2,041 | 2,386 | 6,506 | 7,207 | |||||||||||
| Depreciation and amortization | 1,492 | 782 | 4,324 | 2,351 | |||||||||||
| Share-based compensation expense | 1,515 | 954 | 5,373 | 4,292 | |||||||||||
| Loss on extinguishment of liabilities | — | — | 248 | — | |||||||||||
| COVID-19 Revenue | — | — | — | (13 | ) | ||||||||||
| COVID-19 Direct costs and expenses | — | — | — | 1 | |||||||||||
| Change in fair value of warrant liability, net | — | 1,393 | — | 1,332 | |||||||||||
| Other expense (income), net | (374 | ) | (2 | ) | 77 | (4 | ) | ||||||||
| Adjusted EBITDA | $ | (5,584 | ) | $ | (5,436 | ) | $ | (18,152 | ) | $ | (27,841 | ) | |||
FAQ
What was Biodesix (BDSX) revenue in Q3 2024?
When does Biodesix (BDSX) expect to achieve Adjusted EBITDA profitability?
What is Biodesix's (BDSX) revenue guidance for 2024?
How many Lung Diagnostic tests did Biodesix (BDSX) perform in Q3 2024?
