NEW YORK – Biodesix said Friday that its preliminary revenues for the fourth quarter of 2024 were up 39 percent to $20.4 million from $14.7 million a year ago, while its projected full-year revenues grew 45 percent to $71.3 million from $49.1 million.
Estimated full-year revenues exceeded the midpoint of the company's previously disclosed financial guidance range, Biodesix CEO Scott Hutton noted in a statement.
The company estimated its Q4 lung diagnostics revenue at $17.2 million, up 34 percent from $12.8 million in the prior-year period. Its projected full-year 2024 lung testing revenue was $64.7 million, a 43 percent increase over $45.1 million in 2023.
Biodesix said these numbers reflect test volumes of 14,600 for the quarter and 54,300 for 2024, a year-over-year increase of 34 percent and 40 percent, respectively.
The firm's projected biopharma services and other revenue for Q4 is $3.2 million, and its expected full-year revenue from this sector is $6.6 million, an increase of 68 percent and 69 percent over the respective prior-year periods.
The company said it ended 2024 with cash and cash equivalents totaling $26.2 million.
The company offers a duo of blood-based tests, Nodify CDTand Nodify XL2, designed to help providers determine the risk of cancer in patients presenting with a lung nodule on imaging. It also provides the genomic GeneStrat and proteomic VeriStrat tests to help guide personalized treatment.