NEW YORK – Biodesix said this week that its fourth quarter revenues grew 33 percent year over year to $9.6 million from $7.2 million. It missed the consensus Wall Street estimate of $10.8 million, however. COVID-19 revenues plunged to $16,000 in the recently completed quarter from $425,000 a year ago, while lung diagnostic revenues rose to $8.2 million from $5.4 million. Total diagnostic revenues grew to $8.3 million from $5.9 million a year ago, and biopharma service revenues were flat at $1.4 million.
The Boulder, Colorado-based firm had a net loss of $20.3 million, or $.35 per share, in Q4 2022 compared to net loss of $13.3 million, or $.49 per share, in Q4 2021. It missed the consensus Wall Street estimate of a loss per share of $.28 for Q4 2022.
For full-year 2022, Biodesix's revenues slid to $38.2 million from $54.5 million in 2021, a 30 percent decline. The analysts' average estimate was $39.3 million in revenues for 2022. COVID-19 revenues dropped to $5.2 million from $30.2 million a year ago, and lung diagnostic revenues rose to $29.2 million from $18.7 million. Total diagnostic revenues fell to $34.5 million from $48.9 million, and biopharma service revenues fell to $3.7 million from $5.6 million. The firm had a net loss of $65.4 million, or $1.55 per share, in 2022 compared to a net loss of $43.2 million, or $1.58 per share, in 2021. It fell short of the analysts' average estimate of a per share loss of $1.44 for 2022.
Biodesix finished 2022 with $43.1 million in cash and cash equivalents.
The company guided to $52 million to $55 million in total revenues for 2023.
MDxHealth said this week that its fourth quarter revenues increased 114 percent year over year to $12.9 million versus $6.0 million in the same period last year. Billable test volume during the three months ended Dec. 31 was 4,339 for the company's Confirm MDx assay, and 3,129 for Select MDx, up 21 percent and down 6 percent, respectively, compared to Q4 2021.
The firm's full-year 2022 revenues increased by 67 percent to $37.1 million from $22.2 million for 2021. This included $21.8 million from Confirm MDx, $9.3 million from the Genomic Prostate Score, $4.9 million from Resolve MDx, and the remainder from Select MDx and other assays.
MDxHealth's full-year net loss was $44.0 million, or $.28 per share, compared to $29.0 million, or $.24 per share in 2021. The company ended the year with cash and cash equivalents totaling $15.5 million. It is maintaining its previously issued 2023 revenue guidance of $65 million to $70 million.
Separately, MDxHealth said this week that underwriters of a previously announced registered public offering have exercised the option to purchase additional American Depositary Shares (each representing 10 ordinary shares of the company without nominal value) on the same terms and conditions as in the offering.
The option being exercised is for 750,000 ADSs at a price of $4.00 each, which amounts to gross proceeds of $3.0 million before deducting commissions and estimated offering expenses. Coupled with the initial offering's proceeds, MDx Health will gross $43.0 million.
Cowen and Company and William Blair & Company acted as joint bookrunning managers, BTIG acted as lead manager, and KBC Securities USA acted as co-manager. The closing of the exercise is expected to occur on March 8.
Evosep said this week that it is establishing a center of excellence for high-throughput proteomics with the aim of improving the speed and robustness of sample prep and separations for mass spectrometry-based proteomics to enable large cohort studies. The company plans to partner with outside researchers to execute end-to-end proteomic workflows on customer projects. The Odense, Denmark-based firm said it plans to open a combined office and lab facility in Boston in the immediate future.
Waters said this week in a filing with the US Securities and Exchange Commission that it has amended its existing credit agreement, originally entered into on Sept. 17, 2021 with a number of lenders and administered by JP Morgan Chase, to provide for a $200 million increase to the existing revolving facility for an aggregate principal amount of $2.0 billion and to replace LIBOR with Term SOFR as the benchmark rate.
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