NEW YORK – Biodesix said after the close of the market on Tuesday that its second quarter revenues grew 183 percent year over year but still fell well short of the consensus Wall Street estimate.
For the three months ended June 30, the Boulder, Colorado-based firm posted $11.9 million in revenues, up from $4.2 million a year ago but short of analysts' average estimate of $21.1 million.
COVID-19 testing revenues grew to $6.1 million from $1.4 million in Q2 2020, while lung diagnostic revenues rose to $4.8 million from $2.3 million, and biopharma revenues increased to $1.0 million from $596,000 a year ago.
In Q1 of this year, Biodesix recorded $23.2 million in COVID-19 testing revenue. The firm noted that the sequential decline was consistent with its prior expectations as COVID-19 vaccinations accelerated in Q2.
Meanwhile, the firm said that lung testing revenues continued to recover as a result of the uptake in COVID-19 vaccinations. It added that growth in this segment was led by its blood-based Nodify XL2 and Nodify CDT tests.
"We expect growth in core lung diagnostic testing to continue through 2021 driven by the US' emergence from the pandemic, productivity from our growing sales force, and our efforts to build on the body of evidence supporting the use of our tests," Biodesix CEO Scott Hutton said in the statement.
The company also is further developing its Diagnostic Cortex Artificial Intelligence platform and expanding its pipeline of lung diagnostic products, he added. Further, the launch of its 72-hour blood-based, liquid biopsy next-generation sequencing test is expected in Q1 2022, supplementing Biodesix's VeriStrat and GeneStrat proteomic tests, which can return results in 36 hours.
Biodesix had a net loss of $11.4 million, or $.41 per share, in Q2 2021 compared to a net loss of $8.3 million, or $30.06 per share, a year ago. The consensus Wall Street estimate was for a loss of $.29 per share.
The company, which went public in October 2020, used 27,730 weighted-average shares to calculate its recent loss-per-share figure compared to 275 shares for the year-ago figure.
The firm's R&D spending rose 57 percent to $3.3 million from $2.1 million, while its sales, marketing, general, and administrative costs grew 68 percent to $11.4 million from $6.8 million.
Biodesix exited the quarter with $56.3 million in cash and cash equivalents.
In afternoon trading on the Nasdaq on Wednesday, Biodesix's shares were down 23 percent to $23.37.