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Biodesix (BDSX)
NASDAQ:BDSX
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Biodesix
(NASDAQ:BDSX)
39Underperform
Positive Factors
Financial Performance
Management continues to believe cash on hand will be sufficient to reach positive free cash flow and has access to a $10M loan facility if needed.
Revenue Growth
Biodesix's core lung diagnostics revenue increased 39% year-over-year in 4Q with an overall gross margin of about 79%.
Salesforce Expansion
The company is expanding its sales force significantly, aiming for 95-100 sales representatives by the end of 2025.
Negative Factors
Stock Price
The company's share price has fallen below $1.
Third Quarter Results
Shares have been under pressure, especially recently, likely due to rocky 3Q results and general weakness in the space.
Weather Impact
Biodesix's performance was negatively impacted by severe hurricanes that recently occurred in the Southeast region of the U.S.
Biodesix (BDSX) vs. S&P 500 (SPY)
Market Cap
$79.62M
Dividend YieldN/A
Average Volume (3M)474.55K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth45.30%
EPS Growth45.67%
CountryUS
Employees273
SectorHealthcare
Sector Strength74
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.35
Shares Outstanding145,978,410
10 Day Avg. Volume400,694
30 Day Avg. Volume474,550
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.73
Price to Cash Flow (P/CF)-7.50
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$3.13Price Target Upside449.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Biodesix Business Overview & Revenue Model
Company DescriptionBiodesix, Inc. operates as a data-driven diagnostic solutions company in the United States. The company offers blood-based lung tests, including Nodify XL2 and Nodify CDT tests, together marketed as part of Nodify Lung Nodule Risk Assessment testing strategy, to assess the risk of lung cancer and help in identifying the appropriate treatment pathway and help physicians in reclassifying risk of malignancy in patients with suspicious lung nodules. It also offers GeneStrat ddPCR and VeriStrat tests, which are used in the diagnosis of lung cancer to measure the presence of mutations in the tumor and the state of the patient's immune system to establish the patient's prognosis and help guide treatment decisions; and GeneStrat NGS (NGS) test, a 72-hour blood-based NGS test. In addition, the company, through its partnership with Bio-Rad Laboratories, Inc., provides Bio-Rad SARS-CoV-2 ddPCR, a COVID-19 Test under Biodesix WorkSafe testing program; and Platelia SARS-CoV-2 Total Ab test, an antibody test for detecting a B-cell immune response to SARS-CoV-2 that indicate recent or prior infection. Further, it offers diagnostic and clinical research, as well as clinical trial testing services to biopharmaceutical companies; and discovers, develops, and commercializes companion diagnostics. The company was formerly known as Elston Technologies, Inc. Biodesix, Inc. was incorporated in 2005 and is headquartered in Boulder, Colorado.
How the Company Makes MoneyBiodesix generates revenue through the sale of its proprietary diagnostic tests, primarily targeting healthcare providers and hospitals. The company's key revenue streams include test sales, service agreements, and partnerships with pharmaceutical companies for companion diagnostics. These partnerships are significant as they enable Biodesix to expand its market reach and integrate its tests into broader treatment protocols. Additionally, Biodesix benefits from research grants and collaborations which provide funding and support for continued innovation and development of new diagnostic solutions.
Biodesix Financial Statement Overview
Summary
Biodesix faces significant financial challenges despite revenue growth. The company remains unprofitable with negative net profit and EBIT margins. The balance sheet indicates high financial risk due to significant leverage. Negative free cash flow and reliance on financing highlight liquidity issues.Income Statement
Biodesix's revenue growth shows improvement with a 45.3% increase in 2024 compared to 2023. However, the company remains unprofitable with a negative net profit margin of -60.2% and an EBIT margin of -48.3% in 2024. Despite revenue growth, the persistent negative margins indicate challenges in cost management and profitability.45
Neutral
Balance Sheet
The company has a high debt-to-equity ratio of 2.97 in 2024, indicating significant leverage. The equity ratio improved slightly to 21.5%, but remains low, reflecting financial instability. Negative net income impacts ROE, making it unreliable for assessment. Overall, the balance sheet shows high financial risk due to leverage.30
Negative
Cash Flow
Free cash flow remains negative, worsening by 12.9% in 2024. The operating cash flow to net income ratio is negative, indicating cash outflows from operations. Financing activities cover cash shortfalls, but reliance on financing increases financial risk. The cash flow situation indicates liquidity challenges and dependence on external funding.35
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 71.32M | 49.09M | 38.21M | 54.51M | 45.56M | Gross Profit |
| 71.32M | 36.08M | 24.06M | 23.99M | 23.56M | EBIT |
| -34.50M | -41.34M | -50.51M | -39.32M | -22.12M | EBITDA |
| -34.50M | -37.10M | -53.78M | -35.47M | -20.84M | Net Income Common Stockholders |
| -42.93M | -52.15M | -80.39M | -44.48M | -36.47M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 26.25M | 26.28M | 43.09M | 32.71M | 62.13M | Total Assets |
| 97.24M | 99.10M | 92.91M | 76.10M | 121.07M | Total Debt |
| 61.98M | 60.69M | 31.85M | 10.01M | 27.77M | Net Debt |
| 35.73M | 34.41M | -11.24M | -22.70M | -34.36M | Total Liabilities |
| 76.37M | 94.52M | 72.30M | 56.37M | 79.90M | Stockholders Equity |
| 20.88M | 4.58M | 20.61M | 19.73M | 41.17M |
| Cash Flow | Free Cash Flow | |||
| -51.88M | -45.93M | -48.51M | -30.77M | -23.54M | Operating Cash Flow |
| -48.65M | -22.87M | -44.97M | -28.22M | -21.37M | Investing Cash Flow |
| -3.44M | -23.06M | -3.53M | -2.55M | -2.93M | Financing Cash Flow |
| 52.05M | 29.13M | 58.88M | 1.26M | 81.13M |
Biodesix Technical Analysis
Negative
0.57
Price Trends
0.81
Negative
1.06
Negative
1.36
Negative
Market Momentum
-0.06
Positive
28.97
Positive
1.44
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDSX, the sentiment is Negative. The current price of 0.57 is below the 20-day moving average (MA) of 0.69, below the 50-day MA of 0.81, and below the 200-day MA of 1.36, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 28.97 is Positive, neither overbought nor oversold. The STOCH value of 1.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDSX.
Biodesix Risk Analysis
Biodesix disclosed 81 risk factors in its most recent earnings report. Biodesix reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biodesix Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $8.45B | ― | -37.09% | ― | 10.37% | -389.98% | |
51 Neutral | $191.35M | ― | -85.03% | ― | -15.39% | 19.42% | |
49 Neutral | $12.09B | ― | -30.11% | ― | -2.93% | -4.69% | |
49 Neutral | $5.41B | ― | -4584.47% | ― | 31.04% | 16.91% | |
48 Neutral | $6.36B | 1.28 | -45.04% | 2.64% | 19.24% | 1.69% | |
45 Neutral | $1.95B | ― | -50.74% | ― | -7.03% | -20233.78% | |
39 Underperform | $79.62M | ― | -337.30% | ― | 45.30% | 45.67% |
* Healthcare Sector Average
Performance Comparison
BDSX
Biodesix
0.57
-0.67
-54.03%
CDXS
Codexis
2.25
-0.86
-27.65%
EXAS
Exact Sciences
43.74
-29.21
-40.04%
ILMN
Illumina
71.26
-55.76
-43.90%
QDEL
QuidelOrtho
26.42
-16.56
-38.53%
GH
Guardant Health
41.14
22.46
120.24%
Biodesix Earnings Call Summary
Earnings Call Date: Mar 3, 2025 | % Change Since: -19.72% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
Biodesix, Inc. demonstrated strong revenue growth and promising advancements in their lung diagnostic and development services. However, the company continues to face financial challenges with a significant net loss and increased operating expenses. The successful pilot and sales expansion plans highlight a strategic focus towards growth, yet cash burn remains a concern.Highlights
Significant Revenue Growth
Biodesix, Inc. reported a total revenue of $71.3 million for 2024, representing a 45% increase over 2023 and exceeding the midpoint of their improved revenue guidance.
Strong Performance in Lung Diagnostic Testing
Lung diagnostic testing revenue grew by 43% over 2023, driven by a 40% increase in test volume and expanded reimbursement coverage.
Diagnostic Development Services Surge
There was a 70% increase in diagnostic development services revenue year-over-year, with $12.2 million under contract but not yet recognized as revenue, up 54% from 2023.
Gross Margin Improvement
Gross margins increased to 78% for the year, which is a five percentage point increase over the full year of 2023.
Path to Profitability
Biodesix, Inc. improved their adjusted EBITDA loss by 32% and aims to achieve adjusted EBITDA profitability in the second half of 2025.
Successful Pilot Program and Sales Expansion
A pilot program to expand the sales force and focus on primary care referral networks was successful, leading to a plan to add approximately six sales teammates per quarter in 2025.
Lowlights
Continued Net Loss
Net loss for the year was $42.9 million, which, although an 18% improvement over 2023, still represents a significant financial challenge.
Increase in Operating Expenses
Operating expenses for the year were $90.2 million, a 17% increase over 2023, driven by increased sales and marketing costs and non-cash depreciation expenses.
Cash Burn Concerns
The company ended the quarter with $26.2 million in unrestricted cash, down from $31.4 million at the end of the third quarter, raising concerns about cash burn and funding needs.
Company Guidance
During the Biodesix, Inc. Q4 2024 earnings call, CEO Scott Hutton highlighted the company's strong financial performance and strategic plans. The company reported $71.3 million in total revenue for the year, marking a 45% increase compared to 2023, and an improvement in gross margins to 78%. Lung diagnostic testing revenues grew by 43% with a 40% increase in test volumes. Biodesix plans to expand its sales force, adding six sales teammates per quarter in 2025, aiming for a total of 95 teammates by year-end to support 50 territories. The company expects total revenue for 2025 to be between $92 and $95 million, maintaining gross margins in the mid to upper seventies, and achieving adjusted EBITDA profitability in the second half of the year. Biodesix also discussed their ongoing clinical studies, including the Clarify and Altitude studies, which aim to further validate their diagnostic tests and potentially influence clinical guidelines.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.