NEW YORK — Biodesix said on Friday reported an over 200 percent jump in preliminary fourth quarter revenues on strong demand for its COVID-19 testing services.
For the three-month period ended Dec. 31, 2020 Biodesix expects revenues to be in the range of $25 million to $27 million compared with $8.3 million in the fourth quarter of 2019. Revenues from COVID-19 testing are anticipated to be between $20 million and $21 million in Q4, versus $5.5 million in the third quarter of the year.
Lung diagnostic testing revenues in the fourth quarter are expected to be $3.5 million to $4.0 million, down from $4.6 million in the year-ago period but up from $3.0 million in the third quarter. Biodesix attributed the year-over-year decline to the shift of pulmonologists and other healthcare workers to SARS-CoV-2-related care this year.
Biodesix, which raised about $63 million in a recent initial public offering, said it ended 2020 with roughly $62 million in cash and cash equivalents. The Boulder, Colorado-based company said the funds would be sufficient to support its operations for at least the next 12 months.
"We are pleased to see the growth in our lung diagnostic testing during the quarter even as healthcare practitioners and facilities were focused treating patients during the most recent surge of COVID-19 cases across the country," Biodesix CEO Scott Hutton said in a statement. "With our diverse suite of commercially available lung cancer nodule management and tumor profiling tests, as well as the broad array of assays that we perform on behalf of our biopharmaceutical partners, we are very well positioned to continue to drive growth in our base business in 2021."