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Biodesix Preliminary Q4 Revenues Down 73 Percent as COVID-19 Testing Dries Up

NEW YORK — Biodesix on Monday announced preliminary fourth quarter 2021 revenues of $7.2 million, a decrease of 73 percent compared to revenues of $27.0 million in Q4 2020 and short of analysts' average expectations for revenues of $7.5 million.

Excluding COVID-19 testing revenues, the Boulder, Colorado-based firm expects revenues of $6.8 million for the three months ended Dec. 31, a year-over-year increase of $1.2 million or 22 percent.

For full-year 2021, Biodesix expects revenues of $54.5 million, up 20 percent from $45.6 million in 2020, but short of analysts' average expectation for full-year revenues of $54.7 million.

Excluding COVID-19 testing revenues, the firm expects full-year 2021 revenues of $24.3 million, up 41 percent compared to the prior year.

Revenue growth for core lung diagnostic testing and COVID-19 testing in the first half of 2021 were factors contributing to overall revenue growth for the year, the firm said.

Its 2021 core lung diagnostic testing revenues grew 49 percent year over year, the firm said.

"We are very well positioned to continue to drive growth in our core business in 2022," Biodesix CEO Scott Hutton said in a statement.

He said that the firm has launched its new IQLung Treatment Guidance Testing Strategy, which includes its GeneStrat NGS test; provides early and advanced stage lung cancer testing results; and includes its Nodify Lung testing for lung nodule risk assessment as well as a broad array of tests that it conducts on behalf of biopharmaceutical firms.

"As we said in our third quarter earnings call, given our current financial position, including covenants under our current debt facility, we will continue to explore paths to greater liquidity, including raising capital through additional equity and/or debt as the markets continue to evolve, and through partnering opportunities," Hutton added.

The firm said it expects to report cash and cash equivalents of $32.7 million at the end of Q4.