Biodesix reports preliminary 2024 financial results, showing significant revenue growth in Lung Diagnostics and Biopharma Services.
Quiver AI Summary
Biodesix, Inc. announced its preliminary financial results for the fourth quarter and full year of 2024, reporting estimated total revenues of $20.4 million and $71.3 million, representing increases of 39% and 45% year-over-year, respectively. The company highlighted significant growth in its Lung Diagnostics and Biopharma Services, with revenue increases of 34% and 69%, respectively. As of December 31, 2024, Biodesix had cash and cash equivalents totaling $26.2 million, and entered 2025 with $12.2 million under contract but not yet recognized as revenue. CEO Scott Hutton emphasized the company's successful delivery on key initiatives, including operational efficiencies and achieving profitability. The reported figures are preliminary and subject to further review and auditing.
Potential Positives
- Total revenue for the fourth quarter and fiscal 2024 is estimated to have increased significantly by 39% and 45%, respectively, compared to the prior year, indicating strong financial growth.
- Lung Diagnostics revenue increased by 34% and 43% for the fourth quarter and fiscal 2024, respectively, showcasing the success and demand for their diagnostic testing solutions.
- Biopharma Services revenue saw a remarkable increase of 68% and 69% for the fourth quarter and fiscal 2024, respectively, highlighting the strength of their service offerings in the biopharmaceutical sector.
- The company is entering 2025 with $12.2 million under contract but not yet recognized as revenue, representing a 54% increase over the prior year, indicating a strong foundation for future revenue growth.
Potential Negatives
- The preliminary financial results are unaudited and subject to final review and adjustment, indicating potential instability in the accuracy of reported figures.
- Forward-looking statements in the release highlight substantial risks and uncertainties that could negatively impact the company’s future performance, including potential issues with revenue collection and funding availability.
- The press release emphasizes that the company's ability to continue as a going concern is uncertain, which could raise concerns among investors about the company's financial health.
FAQ
What are Biodesix's preliminary financial results for Q4 2024?
Biodesix estimates total revenue of $20.4 million for Q4 2024, a 39% increase over the previous year.
How did Lung Diagnostics contribute to Biodesix's revenue?
Lung Diagnostics revenue is estimated at $17.2 million for Q4 2024, marking a 34% year-over-year increase.
What was the total revenue for Biodesix in fiscal 2024?
Total revenue for fiscal 2024 is estimated to be $71.3 million, representing a 45% increase from the prior year.
What initiatives did Biodesix focus on in 2024?
Biodesix focused on growing revenue, implementing operational efficiencies, and advancing towards profitability in 2024.
What cash reserves does Biodesix have as of December 31, 2024?
As of December 31, 2024, Biodesix reported cash and cash equivalents totaling $26.2 million.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BDSX Insider Trading Activity
$BDSX insiders have traded $BDSX stock on the open market 30 times in the past 6 months. Of those trades, 10 have been purchases and 20 have been sales.
Here’s a breakdown of recent trading of $BDSX stock by insiders over the last 6 months:
- LAWRENCE T. JR KENNEDY has traded it 3 times. They made 3 purchases, buying 106,200 shares and 0 sales.
- JACK W SCHULER has traded it 3 times. They made 3 purchases, buying 400,253 shares and 0 sales.
- ROBIN HARPER COWIE (CFO, Sec'y & Treasurer) has traded it 4 times. They made 0 purchases and 4 sales, selling 1,946 shares.
- CHRIS VAZQUEZ (Chief Accounting Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 412 shares.
- GARY ANTHONY PESTANO (Chief Development Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 858 shares.
- KIERAN O'KANE (Chief Commercial Officer) has traded it 4 times. They made 0 purchases and 4 sales, selling 927 shares.
- SCOTT HUTTON (President & CEO) has traded it 4 times. They made 0 purchases and 4 sales, selling 7,484 shares.
- MATTHEW STROBECK has traded it 2 times. They made 2 purchases, buying 40,000 shares and 0 sales.
- HANY MASSARANY purchased 22,500 shares.
- JOHN PATIENCE purchased 75,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BDSX Hedge Fund Activity
We have seen 24 institutional investors add shares of $BDSX stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FARALLON CAPITAL MANAGEMENT LLC added 2,758,616 shares (+146.9%) to their portfolio in Q3 2024
- SOLEUS CAPITAL MANAGEMENT, L.P. removed 2,073,899 shares (-33.9%) from their portfolio in Q3 2024
- SILVERARC CAPITAL MANAGEMENT, LLC added 1,752,135 shares (+96.9%) to their portfolio in Q3 2024
- LMR PARTNERS LLP removed 1,600,000 shares (-100.0%) from their portfolio in Q3 2024
- PERKINS CAPITAL MANAGEMENT INC added 310,000 shares (+74.7%) to their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 270,724 shares (+50.7%) to their portfolio in Q3 2024
- MONASHEE INVESTMENT MANAGEMENT LLC added 240,000 shares (+7.4%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
LOUISVILLE, Colo., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its preliminary financial results for the fourth quarter and year ended December 31, 2024 (fiscal 2024). The financial results included in this release pertaining to the fourth quarter and fiscal 2024 are preliminary, unaudited, and subject to final review and adjustment.
Preliminary Unaudited Fourth Quarter and Full-Year 2024 Financial Highlights
Total revenue is estimated to be $20.4 million and $71.3 million for the fourth quarter and fiscal 2024, respectively, an increase of 39% and 45% over the respective prior year comparable periods;
Lung Diagnostics revenue is estimated to be $17.2 million and $64.7 million for the fourth quarter and fiscal 2024, respectively, an increase of 34% and 43% over the respective prior year comparable periods;
Biopharma Services and other revenue is estimated to be $3.2 million and $6.6 million for the fourth quarter and fiscal 2024, respectively, an increase of 68% and 69% over the respective prior year comparable periods; entering 2025 with $12.2 million under contract but not yet recognized as revenue, a 54% increase over the prior year comparable period;
Lung Diagnostic test volumes of 14,600 and 54,300 for the fourth quarter and fiscal 2024, respectively, an increase of 34% and 40% over the respective prior periods;
Cash and cash equivalents of $26.2 million as of December 31, 2024.
"Biodesix capped off a strong fourth quarter and 2024, successfully delivering on our three key initiatives. We grew revenue for both our Lung Diagnostics tests and our Biopharma Services, implemented operational efficiencies, and made progress on our path to profitability through our cost-disciplined approach,” said Scott Hutton, Chief Executive Officer. "In 2024, we delivered an estimated $71.3 million in total revenue, exceeding the mid-point of our increased guidance range. We expanded and capitalized on our commercial, clinical, and R&D strengths, growing our Lung Diagnostics revenues by 43% and our Biopharma Services revenues by 69%, year-over-year. We also continued to present new clinical data supporting our tests, increased reimbursement coverage, and launched new research partnerships. I am exceptionally proud of the Biodesix team and our accomplishments in 2024, setting us up for another year of success in 2025.”
The financial information above is preliminary and subject to Biodesix’s normal quarter and year-end accounting procedures and external audit by the company's independent registered public accounting firm. In addition, these preliminary unaudited results are not a comprehensive statement of the company’s financial results for the year ended December 31, 2024, should not be viewed as a substitute for full, audited financial statements prepared in accordance with generally accepted accounting principles, and are not necessarily indicative of the company’s results for any future period.
About Biodesix
Biodesix is a leading diagnostic solutions company with five Medicare-covered tests available for pulmonology patients. The Nodify Lung® Nodule Risk Assessment evaluates the risk of malignancy in pulmonary nodules, enabling physicians to better triage patients to the most appropriate course of action. The IQLung™ test portfolio for lung cancer patients supports treatment decisions across all stages of lung cancer and expedites 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, visit
biodesix.com
.
Trademarks: Biodesix, Biodesix Logo, Nodify Lung, and IQLung are trademarks or registered trademarks of Biodesix, Inc.
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, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, 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.
Media:
Natalie St. Denis
Natalie.StDenis@biodesix.com
(720) 925-9285
Investors:
Chris Brinzey
chris.brinzey@icrhealthcare.com
(339) 970-2843
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