Business
Biodesix Announces First Quarter 2023 Results and Highlights
First quarter 2023 Core Lung Diagnostic revenue of $8.6 million increased 86% over the comparable period in 2022; Record number of Core Lung Diagnostic tests
About this update from Biodesix, Inc.
[{"type":"text","content":"\n First quarter 2023 Core Lung Diagnostic revenue of $8.6 million increased 86% over the comparable period in 2022;\n\n\nRecord number of Core Lung Diagnostic tests delivered in Company history;\n\n\nConference Call and Webcast Today at 4:30 p.m. ET \n\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 the first quarter ended March 31, 2023 and provided a corporate update.\n\n\n“Throughout the quarter we continued to make excellent progress and I am pleased with the start to the year. Looking at our financial performance, we reported total revenue of $9.1 million for the first quarter 2023, which represents growth of 38% compared to the first quarter of 2022, while core lung diagnostic revenue of $8.6 million grew by 86% over the comparable period,” said Scott Hutton, President and Chief Executive Officer. “Importantly, the momentum seen in the first quarter and the continued growth in our core lung diagnostic testing business clearly indicates the clinical need and growing acceptance of our on-market tests.”\n\n\nFirst Quarter 2023 Financial Results\n\n\nFor the three-month period ended March 31, 2023, as compared to the same period of 2022 (where applicable):\n\n\n\nTotal revenue of $9.1 million, an increase of 38%, driven primarily by strong year-over-year growth in core lung diagnostics:\n\n\nCore lung diagnostic revenue of $8.6 million reflected a year-over-year increase of 86% driven primarily by the continued adoption of Nodify Lung® nodule management tests;\n\n\n\nBioPharma Services revenue of $0.4 million decreased 55% year-over-year. Timelines for existing and new agreements continue to be impacted by delayed enrollment in clinical trials; entered the second quarter of 2023 with continued strong dollars under contract;\n\n\n\nCOVID-19 testing revenue decreased by 99% year-over-year, and consistent with our revenue guidance. In connection with the expected expiration of the Public Health Emergency declaration, the Company will no longer provide COVID-19 diagnostic testing services commercially;\n\n\n\n\n\n\n\nFirst quarter 2023 gross profit of $5.9 million, or 65% gross margin as compared to 51% gross margin in the comparable prior year period primarily driven by th...