Business
Biodesix Announces Fourth Quarter and Full Year 2020 Results
Full Year 2020 Revenue Growth of 86% on Record Revenue of approximately $46 million BOULDER, Colo.--(BUSINESS WIRE)-- Biodesix, Inc. (NASDAQ: BDSX) a leading
About this update from Biodesix, Inc.
[{"type":"text","content":"\nFull Year 2020 Revenue Growth of 86% on Record Revenue of approximately $46 million\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 financial and operating results for the fourth quarter and full year ended December 31, 2020 and provided a corporate update.\n\n“We had a very productive fiscal year and fourth quarter highlighted by strong revenue growth resulting from our ability to shift gears and offer COVID-19 testing services to assist the nation in the midst of a global pandemic,” stated Scott Hutton, Chief Executive Officer of Biodesix. “During this time, we also maintained our focus on the core strategic business of lung diagnostic testing and biopharma services and expect strong growth in 2021. Overall, 2020 was a transformative year for Biodesix and we are excited about the growth of our commercial organization, expansion of our clinical pipeline, and new clinical data, to quickly and positively impact the lives of patients in 2021.”\n\nFull Year and Fourth Quarter 2020 Financial Results\n\n\nSuccessful initial public offering (IPO) raising net proceeds of $63.8 million;\n\n\nRecord annual revenue of $45.6 million, an increase of 86% over 2019 annual revenue;\n\n\nFourth quarter revenue of $27.0 million, an increase of 194% and 227%, respectively, over the third quarter 2020 and fourth quarter 2019;\n\n\nFourth quarter COVID-19 testing revenue of $21.4 million, a 287% improvement over third quarter 2020;\n\n\nFourth quarter lung diagnostic revenue of $3.7 million, a 22% improvement and 20% decline, respectively, over third quarter 2020 and fourth quarter 2019;\n\n\nFourth quarter 2020 services revenue of $1.9 million, a 198% improvement and 48% decline, respectively, over third quarter 2020 and fourth quarter 2019;\n\n\nFourth quarter gross profit of $12.4 million, a 133% and 92% increase, respectively, over third quarter 2020 and fourth quarter 2019;\n\n\nAnnual non-cash stock compensation expense of $3.7 million as compared to $0.2 million in 2019;\n\n\nStrengthen balance sheet with $62.1 million of cash and cash equivalents as of December 31, 2020, an increase of $56.8 million over the comparable prior year period.\n\n\nBusiness Highlights\n\nAs part of the Biodesix data-driven approach, the company ...