Biodesix reports Q3 EPS (7c), consensus (7c)

Reports Q3 revenue $18.2M, consensus $18.61M. Cash and cash equivalents of $31.4M as of September 30, 2024, a decrease from $42.2M from June 30. “The Biodesix (BDSX) team is pleased to report another solid quarter focused on executing and delivering on our three main goals – driving revenue growth through the adoption of our lung diagnostic tests and biopharma services, continued implementation of operational efficiencies, and maintaining a cost-disciplined approach as we drive our business to profitability,” said CEO Scott Hutton. “We reported 40% year-over-year growth in lung diagnostics revenue, a growing book of biopharma services contracts, sustained gross margins in the high 70% range, and improved Net Loss on our path to profitability. In addition, at the annual meeting of the American College of Chest Physicians, we presented new clinical data on our Nodify XL2 and Nodify CDT tests, and announced a new clinical study to expand our data in diverse patient populations tested in a real-world clinical setting. Building on this momentum, we are reiterating our prior guidance of $70M-$72M for 2024 and we look forward to achieving Adjusted EBITDA profitability in the second half of 2025. At Biodesix, our tests play a vital role in treating the deadliest of all cancers. Our committed and driven team embraces the opportunity, and the responsibility, to transform the standard of care to improve outcomes for patients.”