In This Article:
-
Total Revenue: $18.2 million, a 35% increase year over year.
-
Lung Diagnostic Testing Revenue: $17.2 million, 40% growth year over year.
-
Test Volume: Approximately 13,900 tests, 34% growth year over year.
-
BioPharma Services Revenue: $1.0 million, a 17% decrease year over year.
-
Gross Margin: 77.0%, up from 76.1% in the prior year quarter.
-
Operating Expense: $22.6 million, a 29% increase year over year.
-
Net Loss: $10.3 million, a 6% improvement year over year.
-
Adjusted EBITDA Loss: $5.6 million, compared to $5.4 million in the prior year.
-
Cash and Cash Equivalents: $31.4 million at the end of the quarter.
-
Revenue Guidance for 2024: Reaffirmed at $70 million to $72 million.
Release Date: November 01, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Biodesix Inc (NASDAQ:BDSX) reported a 35% year-over-year growth in revenue for the third quarter of 2024.
-
The company achieved a gross margin of 77%, reflecting strong operational efficiency.
-
Lung diagnostic test volumes grew by 34% compared to the third quarter of the previous year.
-
Biodesix Inc (NASDAQ:BDSX) added new coverage policies for its Nodify tests from several insurance providers, enhancing reimbursement potential.
-
The company has a robust pipeline with $11.1 million in contracted BioPharma services not yet recognized as revenue, indicating future growth potential.
Negative Points
-
Revenue growth was slightly below expectations due to hurricanes in the southeast and slower sales team expansion.
-
BioPharma services revenue decreased by 17% compared to the third quarter of the previous year, impacted by timing delays.
-
Operating expenses increased by 29% year-over-year, driven by higher sales and marketing costs and increased depreciation expenses.
-
The company reported a net loss of $10.3 million for the third quarter, although this was a 6% improvement from the previous year.
-
Challenges with Medicare Advantage payments persist, with ongoing issues affecting cash flow.
Q & A Highlights
Q: Can you discuss the momentum from the CHEST conference and its impact on utilization metrics for Nodify? A: Scott Hutton, CEO: The CHEST conference was a record event for us, marking a shift from a push to a pull strategy. We saw increased interest and peer-to-peer referrals, indicating growing adoption. The leads from the conference are being followed up by our sales reps, and we expect these interactions to contribute to growth in the fourth quarter and into 2025.
Q: What are the building blocks for achieving positive adjusted EBITDA in the second half of next year? A: Scott Hutton, CEO: We aim to achieve this through increased test volumes and revenues, driven by our expanding sales force. Our gross margins are already strong, and we will continue to manage expenses prudently. The focus is on fueling our commercial engine to drive top-line growth.