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Biodesix Q1 Revenues Rise 63 Percent on Strong Lung Cancer Testing Figures

NEW YORK — Biodesix said after the close of the market on Wednesday that its total revenues for the first quarter rose 63 percent year over year, aided by a 58 percent boost in lung diagnostic testing revenues.

For the three months ended March 31, Biodesix reported $14.8 million in revenues compared to $9.1 million a year ago and beat the consensus Wall Street estimate of $14.2 million. Lung diagnostic revenues totaled $13.8 million during the recently completed quarter compared to $8.6 million a year ago, and biopharmaceutical services and other revenues came in at $1.0 million, up from $411,000 a year ago.

The Louisville, Colorado-based company said that lung diagnostic testing volumes were up 57 percent year over year.

Biodesix posted a net loss of $13.6 million, or $.14 per share, in Q1 2024 compared to a net loss of $18.7 million, or $.24 per share, in Q1 2023. The consensus Wall Street estimate was a loss of $.14 per share for the recently completed quarter.

The firm lowered its R&D spending by 39 percent to $2.0 million from $3.3 million a year ago but increased its SG&A costs by 8 percent to $20.6 million from $19.0 million.

It finished the quarter with $11.5 million in cash and cash equivalents.

In April, the company said it raised $55.0 million in gross proceeds in an offering of its common stock and a concurrent private placement.

"Our team is off to a strong start, helping to impact more patients every quarter in the large and underserved lung nodule diagnostic testing market," Biodesix CEO Scott Hutton said in a statement. "Following the closing of the offering in April, we are well capitalized and positioned to execute on our plan of growing top-line revenue and reaching profitability.”

For full-year 2024, Biodesix reaffirmed its guidance of between $65 million and $68 million in revenues.