NEW YORK – Biodesix said after the close of the market on Monday that its fourth quarter 2024 revenues were up 39 percent over the same period in 2023.
For the three months ended Dec. 31, the diagnostics firm reported $20.4 million in revenues compared to $14.7 million in the year-ago period, narrowly beating the Wall Street average estimate of $19.9 million.
This included $17.2 million in lung cancer testing revenue and $3.2 million in revenue from development services.
Biodesix markets two tests — Nodify, which is designed to help assess cancer risk in patients with lung nodules, and IQLung, intended to guide the use of molecularly targeted, personalized treatment.
The firm trimmed its Q4 net loss to $8.3 million, or $.06 per share, from $9.1 million, or $.10 per share, in the same period of 2023.
It spent $2.4 million on R&D during the quarter, up 26 percent from $1.9 million in the year-ago quarter. Its SG&A costs rose 24 percent to $20.2 million from $16.3 million.
For the full year, Biodesix's revenues were $71.3 million, a 45 percent increase over $49.1 million in 2023, and slightly ahead of analysts' average estimate of $70.8 million.
The company's 2024 lung testing revenue grew 43 percent to $64.7 million from $45.2 million in 2023, and its diagnostic development services revenue increased 69 percent to $6.6 million from $3.9 million a year earlier.
For the full year, Biodesix reported a net loss of $42.9 million, or $.33 per share, compared to $52.1 million, or $.64 per share, in 2023.
The firm's full-year R&D costs dropped 4 percent to $9.6 million from $10.0 million. Its SG&A expenses rose 19 percent to $80.5 million from $67.4 million in 2023.
Biodesix ended the year with cash and cash equivalents of $26.2 million.
For 2025, the company said it anticipates generating between $92 million and $95 million in total revenues.