NEW YORK – Biodesix said this week that its first quarter revenues grew 40 percent to $9.1 million from $6.5 million a year ago. COVID-19-related revenues fell to $13,000 from $984,000 in Q1 2022, while lung diagnostics revenues grew to $8.6 million from $4.6 million. Diagnostic testing revenues for the recently completed quarter were $8.6 million compared to $5.6 million a year ago, and biopharma service revenues were $411,000 compared to $915,000. The Boulder, Colorado-based cancer diagnostics firm had a net loss of $18.7 million, or $.24 per share, in Q1 2023 compared to a net loss of $15.6 million, or $.50 per share, a year ago. Its R&D costs inched up to $3.3 million from $3.2 million, while its SG&A costs rose to $19.0 million from $14.5 million. The company ended Q1 2023 with $25.3 million in cash and cash equivalents. For full-year 2023, Biodesix reaffirmed its prior revenue guidance of between $52 million and $55 million.
Co-Diagnostics reported a precipitous year-over-year drop in first quarter revenues this week, caused by an expected reduction in demand for its Logix Smart COVID-19 test. For the quarter ended March 31, the Salt Lake City-based molecular diagnostics firm posted $602,000 in revenues, down from $22.7 million in the prior-year quarter. CEO Dwight Egan said in a statement that Co-Diagnostics plans to submit its Co-Dx PCR Home platform to the US Food and Drug Administration by the end of this year and to commence clinical trials for its ABC+RSV tests, both for clinical labs and on the new platform, during the next flu season. Net loss for the quarter amounted to $5.8 million, or $.20 per share, compared to net income of $11.7 million, or $.34 per share, in Q1 2022. R&D expenses for Q1 fell to $5.0 million from $3.8 million a year ago while SG&A expenses declined to $4.7 million from $5.6 million. The company ended the quarter with $6.4 million in cash and $68.9 million in marketable securities.
PhenomeX this week reported first quarter revenues of $18.5 million, down approximately 8 percent year over year from $20.2 million. Analysts had, on average, estimated revenues of $17.9 million. The firm posted a net loss of $23.4 million, or $.31 per share, versus a net loss of $21.4 million, or $.32 per share, for Q1 2022. PhenomeX ended the quarter with $51.6 million in cash and cash equivalents. The company issued 2023 revenue guidance in the range of $75 million to $85 million.
HTG Molecular Diagnostics this week reported first quarter revenues of $1.0 million compared to $1.2 million a year ago. The company said Q1 revenues primarily reflect sales of its two whole-transcriptome products, the HTG Transcriptome and HTG EdgeSeq miRNA panels, to new and existing customers as consumables and sample processing services. The Tucson, Arizona-based firm shaved its Q1 net loss to $5.1 million, or $2.28 per share, from a net loss of $6.5 million, or $9.73 per share, a year ago. Q1 loss per share reflected approximately 1.3 million additional common shares issued in December 2022. HTG finished the quarter with $3.0 million in cash and cash equivalents and $3.6 million in investments.
Accelerate Diagnostics reported this week that its first quarter 2023 net sales declined approximately 7 percent to $2.8 million from $3.0 million in Q1 2022. The firm said the decline was due to lower customer contracting in the quarter but noted that recurring revenues were up 6 percent year over year. Accelerate added three contracted instruments and brought 10 instruments live in the US in the quarter. It ended the first quarter with 338 clinically live and revenue-generating instruments in the US, with another 62 contracted instruments in the process of being implemented in the US and not yet revenue-generating. It also noted that a partnership formed with Becton Dickinson in 2022 has led to a significant increase in quotes and contracts being developed and presented. Accelerate’s net loss for the quarter was $16.8 million, or $.17 per share, compared to a net loss of $13.5 million, or $.20 per share, last year. Research and development costs were $7.0 million, compared to $6.0 million in Q1 2022, related to progress on its next generation instrument, called Wave. SG&A expenses declined to $10.1 million from $10.7 million due to professional fees related to debt restructuring. Accelerate ended the quarter with $29.4 million in cash and cash equivalents and $2.5 million in investments.
Point-of-care test maker Talis Biomedical reported this week that its first quarter revenues declined 63 percent to $1.2 million from $3.2 million a year earlier. Product revenues dropped 94 percent to about $137,000 from $2.3 million in the year-ago quarter, while grant revenues were up 26 percent to $1.1 million from $874,000. The firm posted a net loss of $17.8 million, or $.66 per share, compared to a net loss of $33.0 million, or $1.25 per share, a year earlier. Its R&D costs were $13.8 million, down from $20.7 million in the year-ago quarter. Its SG&A costs were trimmed to $6.4 million from $11.9 million. Talis ended the quarter with $113 million in cash and cash equivalents and $1.0 million in restricted cash. The company said in a statement that it is prioritizing development of four panels for COVID-19 and influenza A and B, herpes simplex virus 1 and 2, vaginal infections, and chlamydia, gonorrhea, and trichomonas vaginalis.