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Biodesix Q4 Revenues Jump 53 Percent on Strong Lung Test Sales

NEW YORK – Biodesix reported Friday morning that its fourth quarter revenues rose 53 percent year over year.

For the period ended Dec. 31, the company posted total revenues of $14.7 million, up from $9.6 million in Q4 2022.

The firm's Q4 lung diagnostic revenue was $12.8 million, up 56 percent from $8.2 million in the prior-year period.

Biopharma services and other revenues were up 36 percent during the quarter to $1.9 million compared to $1.4 million in Q4 2022.

Biodesix CEO Scott Hutton said in a statement that the company is pleased with its progress on its three core goals during the past year: "driving increased revenue through adoption of our lung diagnostic tests and biopharmaceutical services, implementing operational efficiencies to improve gross margins, and maintaining a strict cost discipline."

"We made tremendous progress driving lung diagnostic test adoption in 2023, but we have just scratched the surface of a massive market opportunity addressing a critical unmet need to help improve the lives of patients with potentially cancerous lung nodules and lung cancer with our five blood-based tests," he added.

Biodesix's net loss in Q4 was $9.1 million, or $.10 per share, compared to a net loss of $20.3 million, or $.35 per share, in the same quarter of 2022.

Its R&D expenses for the quarter were $1.9 million, down 47 percent from $3.6 million in the year-ago quarter. Its SG&A costs dropped about 2 percent to $16.3 million from $16.6 million.

For full-year 2023, Biodesix reported $49.1 million in total revenues, up 29 percent from $38.2 million in 2022.

Its 2023 lung diagnostic revenue was up 54 percent to $45.1 million from $29.3 million, while its biopharma services brought in $3.9 million during the year, up 5 percent compared to $3.7 million in 2022.

The firm's full-year net loss was $52.1 million, or $.64 per share, in 2023, compared to a net loss of $65.4 million, or $1.55 per share, in 2022.

The company ended the year with $26.3 million in cash and cash equivalents.

For the upcoming year, Biodesix said that it anticipates generating between $65 million and $68 million in total revenue, representing an approximate 32 percent to 39 percent year-over-year growth rate.

In morning trade on the Nasdaq, the company's shares were up nearly 9 percent at $1.70.