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Biodesix Q4 Revenues Decline 73 Percent on Drop in COVID-19 Testing

NEW YORK – Biodesix on Monday announced that its fourth quarter revenues dropped 73 percent year over year, primarily due to a decline in COVID-19 testing-related revenues.

For the three months ended Dec. 31, 2021, the Boulder, Colorado-based firm reported revenues of $7.2 million compared to $27.0 million in Q4 2020, in line with its previously announced preliminary revenues but short of analysts' average estimate of $7.3 million.

In Q4 2021, Biodesix reported $425,000 in COVID-19 testing-related revenues, down 98 percent year over year from $21.4 million, saying the decline was due to a shift away from lab-based testing and toward point-of-care and at-home rapid antigen testing.

The firm posted Q4 diagnostic testing revenues of $5.9 million, down 76 percent year over year from $25.1 million. Its Q4 lung diagnostic revenues were $5.4 million, up 46 percent year over year from $3.7 million, and its Q4 biopharma services revenues were $1.4 million, down 26 percent year over year from $1.9 million.

"We successfully executed on our revenue growth strategy by doubling our direct, dedicated sales force, which significantly contributed to our core lung diagnostic revenue growth" in the fourth quarter and fiscal 2021, Biodesix CEO Scott Hutton said in a statement.

He noted that the company presented new data during the fourth quarter of 2021 on its NodifyXL2 test from the prospective ORACLE study, and on its VeriStrat test from the prospective INSIGHT study.

The firm said that it has inked an agreement to sell up to $50 million of its common stock. In January this year, it launched the GeneStrat NGS test.

Biodesix's Q4 net loss widened to $13.3 million, or $.49 per share, from a loss of $4.5 million, or $.25 per share, in the prior year, equaling the analysts' average estimate.

The firm's R&D costs fell 6 percent to $2.9 million from $3.1 million a year ago, while its SG&A costs rose 12 percent to $13.6 million from $12.1 million.

For full-year 2021, the firm reported revenues of $54.5 million, up 20 percent from $45.6 million in 2020, in line with it preliminary estimates but short of the analysts' average estimate of $54.6 million.

For 2021, Biodesix posted $30.2 million in COVID-19 testing-related revenues, up 7 percent year over year from $28.3 million.

The firm reported 2021 diagnostic testing revenues of $48.9 million, up 20 percent year over year from $40.9 million. Its 2021 lung diagnostic revenues were $18.7 million, up 48 percent year over year from $12.6 million, and its 2021 biopharma services revenues were $5.6 million, up 22 percent year over year from $4.6 million.

Biodesix's 2021 net loss was $43.2 million, or $1.58 per share, compared to $31.4 million, or $6.48 per share, in 2020, matching the analysts' average estimate. The firm used about 27.4 million shares to calculate per-share loss in 2021 compared to about 4.8 million shares in the year-ago period.

The firm's 2021 R&D expenses rose 19 percent to $12.8 million from $10.8 million in 2020, while its SG&A costs rose 45 percent to $50.5 million from $34.9 million in 2020.

Biodesix ended the year with $32.7 million in cash and cash equivalents.

For full-year 2022, the company expects revenues of $37.5 million to $39.5 million. Prior to the release of the financial results, analysts on average expected 2022 revenues of $35.5 million.

In early morning trading on the Nasdaq, Biodesix's shares were down less than 1 percent to $2.23.