Business
Biodesix Announces First Quarter 2022 Results and Highlights
First quarter 2022 core Lung Diagnostic revenue of $4.6 million increased 17% over the comparable period in 2021; Continued to strengthen financial position
About this update from Biodesix, Inc.
[{"type":"text","content":"\nFirst quarter 2022 core Lung Diagnostic revenue of $4.6 million increased 17% over the comparable period in 2021;\n\nContinued to strengthen financial position through an additional $27.4 million in debt and equity funding during second quarter 2022;\n\nConference Call and Webcast Today at 8:00 a.m. ET\n\n BOULDER, Colo.--(BUSINESS WIRE)--\nBiodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced its financial and operating results for first quarter ended March 31, 2022 and provided a corporate update.\n\n“We are pleased by the progress we continue to make with our core lung diagnostic sales revenue, which grew 17% over the first quarter 2021 despite significant disruption from the COVID-19 Omicron variant during the first half of the quarter,” said Scott Hutton, CEO of Biodesix. “We recovered quickly from the Omicron wave, and March was an all-time high in core lung diagnostic test results delivered. We also added to our therapeutic guidance portfolio with a full commercial launch of the 72-hour blood based GeneStrat NGS test, introducing flexibility in addressing individual patient and physician needs when considering the most appropriate treatment options for cancer. In addition, we successfully executed several strategic fundraising efforts to further support our growth and recovery resulting in an additional $27.4 million in debt and equity funding subsequent to quarter end, including a restructuring of our milestone payments to Integrated Diagnostics to provide further financial flexibility.”\n\nFirst Quarter 2022 Financial Results\n\nFor the three-month period ended March 31, 2022, as compared to the same period of 2021 (where applicable):\n\n\nTotal revenue of $6.5 million, an expected decrease of 77%, driven primarily by an expected year-over-year decline in COVID-19 diagnostic testing due to lower rate of testing compared to the first quarter of 2021:\n\n\nCore lung diagnostic revenue of $4.6 million, an increase of 17% driven primarily by growth in the Nodify lung nodule management tests;\n\n\nCOVID-19 testing revenue of $1.0 million, a decrease of 96% in line with expectations as the pandemic recedes and COVID testing trends continue to move to at-home testing;\n\n\nBioPharma Services revenue of $0.9 million, a decrease of 45% driven by disrupti...