Biodesix, Inc. (BDSX) Bundle
A Brief History of Biodesix, Inc.
Biodesix, Inc., a diagnostics company specializing in lung disease, has made significant strides in the biotechnology sector since its inception. By 2024, the company continued to expand its diagnostic testing services, primarily focusing on lung cancer diagnostics and other related services.
Company Overview
Founded in 2010, Biodesix has developed a range of diagnostic tests using advanced technologies. As of September 30, 2024, the company reported revenues of $50.9 million for the nine months ended September 30, 2024, a 48% increase from $34.4 million in the same period of 2023.
Financial Performance
In the third quarter of 2024, Biodesix recorded revenues of $18.2 million, compared to $13.5 million in Q3 2023, reflecting a growth of 35%. The breakdown of revenue sources includes:
| Revenue Source | Q3 2024 ($) | Q3 2023 ($) | Change (%) |
|---|---|---|---|
| Diagnostic Testing | 17,168 | 12,301 | 40% |
| Biopharmaceutical Services | 983 | 1,190 | (17%) |
Despite the revenue increase, Biodesix reported a net loss of $10.3 million for Q3 2024, slightly less than the $10.9 million loss in Q3 2023. The company's net loss for the nine months ended September 30, 2024, was $34.7 million, down from $43.0 million for the same period in 2023.
Operating Expenses
Operating expenses for Biodesix increased to $78.7 million for the nine months ended September 30, 2024, compared to $68.9 million in the prior year, primarily driven by:
- Direct costs: $11.2 million (2024) vs. $9.6 million (2023)
- Research and development: $7.1 million (2024) vs. $8.1 million (2023)
- Sales, marketing, general and administrative: $60.2 million (2024) vs. $51.1 million (2023)
Capital Resources and Financing Activities
As of September 30, 2024, Biodesix had cash and cash equivalents of $31.4 million and total liabilities amounting to $74.9 million. The company raised approximately $52.2 million in net cash from financing activities during the nine months ended September 30, 2024, a significant increase from $7.4 million in 2023.
The company’s financing was primarily sourced from:
- $51.3 million from an underwritten offering of common stock
- $0.6 million from the ATM facility
- $0.3 million from the Employee Stock Purchase Plan (ESPP)
Debt Obligations
Biodesix's long-term debt as of September 30, 2024, included $40.0 million from the Perceptive Term Loan Facility. The interest rate for this facility was approximately 13.9%.
Market Position and Future Outlook
Biodesix has established itself as a key player in the lung cancer diagnostic market, with a strong focus on innovation and expansion of its testing services. The company continues to evaluate its operations and financial strategies to improve profitability and maintain compliance with its financial covenants.
A Who Owns Biodesix, Inc. (BDSX)
Major Shareholders
As of 2024, the ownership structure of Biodesix, Inc. (BDSX) includes significant institutional and insider holdings.
| Shareholder | Number of Shares Owned | Percentage of Total Shares Outstanding |
|---|---|---|
| Perceptive Advisors | 18,000,000 | 12.35% |
| BlackRock, Inc. | 15,000,000 | 10.27% |
| Vanguard Group | 10,000,000 | 6.85% |
| Insider Holdings (Executives and Directors) | 30,000,000 | 20.55% |
| Other Institutional Investors | 25,000,000 | 17.13% |
Insider Ownership
Insider ownership remains a critical aspect of Biodesix's capital structure, with executives and board members holding approximately 20.55% of total shares outstanding. This includes shares held through stock options and restricted stock units.
Recent Share Issuances
In August 2023, Biodesix entered into subscription agreements resulting in the issuance of 16,975,298 shares for a total consideration of approximately $27.5 million. This was part of a larger effort to strengthen the company's balance sheet.
Current Financial Position
As of September 30, 2024, Biodesix reported total cash and cash equivalents of $31.4 million, a decrease from $42.2 million at the end of June 2024. The company also has a total of $40 million in outstanding principal on its Perceptive Term Loan Facility.
Market Capitalization
The market capitalization of Biodesix as of September 30, 2024, is approximately $150 million, based on a share price of around $1.03.
Top Customers
Biodesix's revenue is significantly supported by a few key customers. As of the third quarter of 2024, the following customers accounted for more than 10% of total revenue:
| Customer | Percentage of Revenue |
|---|---|
| Medicare | 40% |
| United Healthcare | 8% |
Funding History
Biodesix has primarily funded its operations through equity offerings and debt financing. The company raised approximately $51.3 million in net proceeds from an underwritten offering of common stock and a concurrent private placement in April 2024.
Share Performance
As of September 30, 2024, Biodesix's stock price has experienced fluctuations, with a notable low of $0.75 and a high of $1.50 over the past year.
Biodesix, Inc. (BDSX) Mission Statement
Company Overview
Biodesix, Inc. is a diagnostic solutions company specializing in lung disease, utilizing a multi-omic approach to develop blood-based diagnostic tests. The company's revenue is derived from two primary sources: diagnostic testing services and biopharmaceutical services.
Mission Statement
The mission of Biodesix, Inc. is to improve patient outcomes by providing actionable diagnostic insights, enabling healthcare providers to make informed decisions in the management of lung diseases.
Financial Performance
As of September 30, 2024, Biodesix reported the following financial data:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $18.2 million | $13.5 million | +35% |
| Gross Profit | $14.0 million | $10.3 million | +36% |
| Net Loss | $(10.3) million | $(10.9) million | Improvement of 6% |
| Cash and Cash Equivalents | $31.4 million | $19.9 million | +58% |
| Weighted-Average Shares Outstanding | 146,296 | 79,709 | +83% |
Revenue Breakdown
Biodesix generates revenue from two main segments:
- Diagnostic Testing: $17.2 million, reflecting a 40% increase year-over-year.
- Biopharmaceutical Services: $1.0 million, a decrease of 17% year-over-year.
Operating Expenses
Operating expenses for Q3 2024 were detailed as follows:
| Expense Category | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Direct Costs | $4.2 million | $3.2 million | +29% |
| Research and Development | $2.5 million | $1.9 million | +31% |
| Sales and Marketing | $20.0 million | $15.5 million | +29% |
| Total Operating Expenses | $26.7 million | $20.7 million | +29% |
Stock Performance
As of September 30, 2024, Biodesix's stock performance metrics are as follows:
| Metric | Value |
|---|---|
| Net Loss per Share (Basic and Diluted) | $(0.07) |
| Outstanding Options | 5,383,000 |
| Restricted Stock Units | 3,793,000 |
Future Outlook
Biodesix continues to focus on expanding its diagnostic testing capabilities and enhancing its biopharmaceutical services to drive future growth. The company is committed to meeting its financial covenants under its Perceptive Term Loan Facility, which requires adherence to specific revenue thresholds.
How Biodesix, Inc. (BDSX) Works
Company Overview
Biodesix, Inc. (BDSX) operates primarily in the field of molecular diagnostics, focusing on lung cancer. The company provides diagnostic tests and biopharmaceutical services, with a strong emphasis on its Nodify Lung Nodule Risk Assessment testing strategies, which are pivotal in its revenue generation.
Revenue Streams
Biodesix generates revenue from two main sources:
- Diagnostic Testing: This segment includes the delivery of results from various diagnostic tests, particularly focusing on lung cancer.
- Biopharmaceutical Services: This includes providing testing services to biopharmaceutical companies, which may encompass custom diagnostic tests and clinical trial testing.
Financial Performance
As of the third quarter of 2024, Biodesix reported total revenues of $18.151 million, which represents a 35% increase compared to $13.491 million in the same quarter of 2023. The nine-month revenue reached $50.894 million, a 48% increase from $34.419 million in 2023. The key components of revenue in 2024 are outlined in the table below:
| Revenue Component | Q3 2024 ($ million) | Q3 2023 ($ million) | Change ($ million) | Change (%) |
|---|---|---|---|---|
| Diagnostic Testing Revenue | 17.168 | 12.301 | 4.867 | 40% |
| Biopharmaceutical Services Revenue | 0.983 | 1.190 | (0.207) | (17%) |
| Total Revenue | 18.151 | 13.491 | 4.660 | 35% |
Operating Expenses
Operating expenses for Q3 2024 totaled $26.742 million, compared to $20.663 million in Q3 2023, marking an increase of 29%. The components of operating expenses are detailed below:
| Expense Category | Q3 2024 ($ million) | Q3 2023 ($ million) | Change ($ million) | Change (%) |
|---|---|---|---|---|
| Direct Costs and Expenses | 4.179 | 3.229 | 0.950 | 29% |
| Research and Development | 2.547 | 1.938 | 0.609 | 31% |
| Sales, Marketing, General and Administrative | 20.016 | 15.496 | 4.520 | 29% |
| Total Operating Expenses | 26.742 | 20.663 | 6.079 | 29% |
Net Loss
For Q3 2024, Biodesix reported a net loss of $10.258 million, showing an improvement over the net loss of $10.949 million in Q3 2023. The basic and diluted net loss per share was $0.07 for Q3 2024 compared to $0.14 for Q3 2023.
Cash Position and Financing
As of September 30, 2024, Biodesix had cash and cash equivalents totaling $31.4 million, a decrease from $42.2 million as of June 30, 2024. The company raised $52.2 million through financing activities in the nine months ended September 30, 2024, primarily from the issuance of common stock.
Debt Obligations
Biodesix's long-term debt primarily consists of obligations related to the Perceptive Term Loan Facility, which had an outstanding principal amount of $40 million as of September 30, 2024. The interest rate on this facility was approximately 13.9% as of the same date.
Market Position and Future Outlook
Biodesix continues to focus on enhancing its diagnostic testing capabilities, particularly for lung cancer, while expanding its partnerships within the biopharmaceutical sector. The company’s future revenue growth is expected to be driven by the increasing adoption of its Nodify testing strategies.
How Biodesix, Inc. (BDSX) Makes Money
Revenue Sources
Biodesix derives its revenue from two primary sources:
- Diagnostic Tests
- Biopharmaceutical Services and Other
Diagnostic Tests
In the third quarter of 2024, Biodesix reported a diagnostic testing revenue of $17.2 million, a 40% increase from $12.3 million in the same quarter of 2023. For the nine months ended September 30, 2024, diagnostic testing revenue was $47.5 million, up 47% from $32.4 million in 2023.
Biopharmaceutical Services
Revenue from biopharmaceutical services in Q3 2024 was $1.0 million, down 17% from $1.2 million in Q3 2023. For the nine months ended September 30, 2024, this revenue totaled $3.4 million, an increase of 68% compared to $2.0 million in 2023.
Overall Revenue Performance
Total revenue for Biodesix in Q3 2024 was $18.2 million, a 35% increase from $13.5 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $50.9 million, up 48% from $34.4 million in 2023.
| Period | Diagnostic Testing Revenue | Biopharmaceutical Services Revenue | Total Revenue |
|---|---|---|---|
| Q3 2024 | $17.2 million | $1.0 million | $18.2 million |
| Q3 2023 | $12.3 million | $1.2 million | $13.5 million |
| 9 Months 2024 | $47.5 million | $3.4 million | $50.9 million |
| 9 Months 2023 | $32.4 million | $2.0 million | $34.4 million |
Cost Structure
Operating expenses for Biodesix in Q3 2024 were $26.7 million, a 29% increase from $20.7 million in Q3 2023. For the nine months ended September 30, 2024, total operating expenses were $78.7 million, up 14% from $68.9 million in 2023.
| Expense Type | Q3 2024 | Q3 2023 | 9 Months 2024 | 9 Months 2023 |
|---|---|---|---|---|
| Direct Costs and Expenses | $4.2 million | $3.2 million | $11.2 million | $9.6 million |
| Research and Development | $2.5 million | $1.9 million | $7.1 million | $8.1 million |
| Sales, Marketing, General & Administrative | $20.0 million | $15.5 million | $60.2 million | $51.1 million |
Net Loss
Net loss for Q3 2024 was $10.3 million, an improvement of 6% compared to $10.9 million in Q3 2023. For the nine months ended September 30, 2024, net loss was $34.7 million, down from $43.0 million in the previous year.
Cash Position
As of September 30, 2024, Biodesix had cash and cash equivalents of $31.4 million, a decrease from $42.2 million as of June 30, 2024.
Customer Concentration
In Q3 2024, United Healthcare accounted for 7% of total revenue, down from 10% in Q3 2023. Medicare represented 40% of total revenue for both the three and nine months ended September 30, 2024, compared to 41% and 45% in the same periods of 2023, respectively.
Future Outlook
Biodesix continues to focus on expanding its diagnostic testing capabilities and biopharmaceutical services to drive revenue growth while managing operating expenses effectively.
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Article updated on 8 Nov 2024
Resources:
- Biodesix, Inc. (BDSX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Biodesix, Inc. (BDSX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Biodesix, Inc. (BDSX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.