NEW YORK – Biodesix said Friday that its third quarter revenues were up 35 percent compared to the same quarter of 2023.
For the three months ending Sept. 30, the company reported $18.2 million in total revenues compared to $13.5 million in Q3 2023.
The firm's lung diagnostic revenue was $17.2 million, a year-over-year increase of 40 percent from $12.3 million last year. Biodesix attributed the growth to continued adoption of its Nodify XL2 and Nodify CDT nodule risk assessment tests, as well as a strong reimbursement cycle.
The company's biopharmaceutical services revenue was $983,000, down about 18 percent from $1.2 million in Q3 2023.
Biodesix CEO Scott Hutton said in a statement that the company was pleased to be able to share new data recently at the annual meeting of the American College of Chest Physicians on real-world use of the Nodify XL2 and Nodify CDT tests in over 35,000 patients tested in a real-world clinical setting. According to the company, the results showed that a high proportion of its test results either up- or down-classify patients into actionable risk categories with clear, guideline-recommended, diagnostic plans.
The firm also recently announced it is working on a new retrospective chart review study called CLARIFY, which is intended to expand data on diverse patient populations tested in a real-world clinical setting.
The company's R&D costs in Q3 were $2.5 million, up 32 percent from $1.9 million in the year-ago quarter. SG&A spending grew 29 percent to $20.0 million from $15.5 million in Q3 2023.
Biodesix saw a net loss of $10.3 million, or $.07 per share, in Q3 2024 compared to $10.9 million, or $.14 per share, in the same period last year.
It ended the quarter with cash and cash equivalents totaling $31.4 million.