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Biodesix Q3 Revenues Rise Sharply

NEW YORK – Biodesix announced late on Thursday that its revenues soared about 136 percent year over year, due to an increase in revenue from its two COVID-19 diagnostic tests.

For the three months ended Sept. 30, the Boulder, Colorado-based firm reported revenues of $9.2 million compared to $3.9 million in the same period the year before, matching the Wall Street estimate of $9.2 million.

Biodesix said it posted $5.5 million in COVID-19-related revenues for the recently completed quarter, partially offset by a decline in its non-COVID-19 test volumes of $700,000. The firm's sales efforts were also impacted by travel and other COVID-19 related restrictions.

Subsequent to the end of Q3, in October, the firm raised about $63 million from its initial public offering.

"With the proceeds from the offering, we plan to continue to market our suite of commercially available diagnostic tests, including our Biodesix Lung Reflex and Nodify Lung testing strategies, in addition to our COVID-19 testing," Scott Hutton, CEO of Biodesix, said in a statement. The firm will also invest "in the discovery, development, and validation of innovative new tests leveraging our proprietary AI-driven discovery platform."

During Q3, Biodesix launched a prospective trial with the Addario Lung Cancer Medical Institute to evaluate the clinical utility of the firm's Primary Immune Response test in identifying lung cancer patients likely to benefit from immunotherapy.

In November, investment banks William Blair, Canaccord Genuity, and BTIG initiated coverage of Biodesix.

Biodesix's net loss in the third quarter fell to $8.9 million, or $31.93 per share, from a loss of $9.6 million, or $39.35 per share. The firm missed analysts' consensus loss per share of $6.78.

The firm's R&D costs rose about 13 percent to $2.7 million compared to $2.4 million a year ago. Meanwhile, sales, marketing, general, and administrative costs fell about 4 percent to $22.8 million from $24.1 million.

Biocartis ended the quarter with cash and cash equivalents of $6.3 million.

"We continue to monitor the COVID-19 pandemic carefully in light of the recent surge in case counts around the country, as we're are pleased to be able to play an important part in the fight against this dangerous virus through our WorkSafe testing program," Hutton, added. "Our lung disease-focused core business continues perform well even while healthcare facilities devote time and resources to combat COVID-19 and travel restrictions affect our commercial efforts."