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Biodesix Q3 Revenues Down 29 Percent on Lower COVID-19 Test Sales but Tops Estimates

NEW YORK — Biodesix on Monday posted a 29 percent year-over-year drop in revenues for the third quarter on a sharp decline in sales of its SARS-CoV-2 tests.

For the three-month period ended Sept. 30, Biodesix's revenues were $6.5 million, down from $9.2 million a year before but topping the Wall Street consensus estimate of $6.2 million.

SARS-CoV-2 testing revenues declined 91 percent to $506,000 in the third quarter compared to $5.5 million in the year-ago period. Revenues from Biodesix's lung diagnostics operations were up 50 percent to $4.5 million from $3.0 million a year earlier, while biopharma services revenues jumped 134 percent to $1.5 million from $641,000.

Biodesix CEO Scott Hutton said in a statement that the decline in SARS-CoV-2 testing revenue was expected amid growing vaccination rates and the adoption of non-laboratory testing for the virus. He added that revenues from the company's core lung diagnostic testing is expected to continue growing into 2022, in part due to recent positive clinical data around its Nodify XL2 blood-based test for lung nodule diagnosis.

Biodesix also launched its 72-hour blood-based, liquid biopsy next-generation sequencing test ahead of schedule to a small group of physicians, with a broader US launch expected in the first quarter of next year, he added.

Biodesix's Q3 net loss climbed to $11.5 million, or $.41 per share, on 28.1 million shares outstanding, from $8.8 million, or $31.93 per share, on 277,000 shares outstanding, a year earlier. Analysts had, on average, been expecting a loss per share of $.48 for the Boulder, Colorado-based company, which went public about one year ago.

Biodesix's R&D spending in the third quarter was up 22 percent to $3.3 million from $2.7 million, while SG&A expenses jumped 72 percent to $13.6 million from $7.9 million.

At the end of September, Biodesix had cash and cash equivalents totaling $47.9 million.

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