Biodesix, Inc. ( (BDSX) ) has released its Q3 earnings. Here is a breakdown of the information Biodesix, Inc. presented to its investors.
Biodesix, Inc. is a diagnostic solutions company specializing in blood-based tests for lung diseases, offering products such as the Nodify Lung® Nodule Risk Assessment and IQLung™ test portfolio, with a focus on improving patient outcomes in the healthcare sector.
Biodesix, Inc. announced its third-quarter 2024 financial results, highlighting a significant 35% increase in revenue over the same period last year, driven primarily by the growth in its lung diagnostic tests and maintaining a high gross profit margin.
A notable performance metric was the 40% year-over-year growth in lung diagnostics revenue, contributing to the overall $18.2 million in quarterly revenue. The company also reported a 77% gross profit margin, slightly up from 76.1% in the previous year, and an improvement in net loss by 6%. Despite a decrease in biopharmaceutical services revenue, Biodesix presented new clinical data and announced the CLARIFY study, indicating strategic efforts to enhance its diagnostic offerings.
Operating expenses rose by 29%, largely due to increased sales and marketing efforts to bolster product awareness and adoption. The company ended the quarter with $31.4 million in cash and equivalents, reflecting a decrease primarily due to final payments related to a past acquisition.
Looking ahead, Biodesix reiterates its revenue guidance for 2024 and anticipates achieving adjusted EBITDA profitability in the latter half of 2025, showcasing a continued commitment to financial growth and operational efficiency.
