Biodesix Q3 2023: Lung diagnostic revenue up 34% YoY; net loss narrows 20%

BIODESIX INC

2023-Q3 EPS reported -$0.55 revenue$34,419,000

Total revenue $13.5M (+21% YoY); lung diagnostics $12.3M (+34% YoY); Biopharma Services $1.2M (+79% YoY).
Lung diagnostic test volume >10,400 (+60% YoY); gross margin improved to 76% from 67%.
Net loss $10.9M (-20% YoY); Adjusted EBITDA loss $5.4M (-40% YoY).
FY 2023 revenue guidance lowered to $50-52M due to Medicare Advantage backlog removal; core business unchanged.
Cash $19.8M at Sep 30; additional $10M draw from Perceptive term loan and final $12.2M private placement expected in Q4.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BIODESIX INC reported third quarter ended September 30, 2023 results: revenue $13.5 million, net income $10.9 million. Guidance reaffirmed.

Period: third quarter ended September 30, 2023
Revenue: $13.5 million
Net income: $10.9 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenue of $13.5 million, an increase of 21%, including COVID testing revenue in third quarter 2022, driven primarily by strong year-over-year growth in lung diagnostics, and a 37% year-over-year increase excluding COVID testing revenues from the prior year comparison;

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Source: SEC EDGAR

accession 0000950170-23-060209

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