NEW YORK – Biodesix said after the close of the market on Wednesday that its second quarter revenues increased 50 percent year over year, prompting the company to increase its full-year revenue guidance.
For the three months ended June 30, the Louisville, Colorado-based diagnostics firm totaled $17.9 million in revenues compared to $11.9 million a year ago, beating analysts' average estimate of $16.2 million.
The company's Q2 diagnostic testing revenue grew 43 percent to $16.5 million from $11.5 million a year ago, driven primarily by the continued adoption of its Nodify Lung nodule risk assessment tests. Lung diagnostic test volume grew 42 percent year over year to 13,900.
Meanwhile, its biopharmaceutical services and other revenue more than tripled to $1.4 million from $423,000 as a result of existing business and new agreements.
The company trimmed its Q2 net loss to $10.8 million, or $.08 per share, from $13.4 million, or $.17 per share, a year ago. On average, analysts had expected a loss per share of $.09.
Biodesix's Q2 R&D costs decreased 10 percent to $2.6 million from $2.9 million a year ago, while its SG&A expenditures increased 18 percent to $19.7 million from $16.7 million.
The company finished the quarter with $42.2 million in cash and cash equivalents.
Biodesix increased its full-year revenue guidance to a range of $70 million to $72 million from a previous range of $65 million to $68 million.
In midmorning Thursday trading on the Nasdaq, shares of Biodesix were up more than 3 percent at $1.63.