Business
Biodesix Announces Third Quarter 2021 Results and Highlights
Third Quarter 2021 Lung Diagnostic Revenue of $4.5 Million Increased 51% over Third Quarter 2020 Company launches 72-hour Next Generation Sequencing (NGS)
About this update from Biodesix, Inc.
[{"type":"text","content":"\nThird Quarter 2021 Lung Diagnostic Revenue of $4.5 Million Increased 51% over Third Quarter 2020\n\nCompany launches 72-hour Next Generation Sequencing (NGS) test\n\nConference Call and Webcast Today at 9:00 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 the third quarter ended September 30, 2021 and provided a corporate update.\n\n“The third quarter was highlighted by the growth of our core lung diagnostics and biopharma service product offerings, which grew year-over-year 51% and 133% respectively, despite the headwinds from the COVID-19 Delta variant, offset by expected reductions in COVID-19 testing from increased vaccination rates and adoption of non-laboratory testing,” said Scott Hutton, CEO of Biodesix. “Driven by the productivity from our growing sales force, and expanding body of clinical evidence supporting the value of our tests, we expect growth in core lung diagnostics testing to continue through the remainder of the year and into 2022. We are very pleased with the initial results from the ORACLE study recently presented at CHEST as they demonstrate that the Nodify XL2® test is performing as expected in the clinic, is changing physician decisions, and reducing unnecessary interventions on benign nodules. In addition to the CHEST and other data releases this quarter, we are pleased to announce that we have launched our 72-hour liquid NGS test ahead of schedule to a select group of physicians, with broad US launch still anticipated for the first quarter of 2022. Given the material progress made across all aspects of our base business this past quarter, we look forward to finishing strong through the end of 2021.”\n\nThird Quarter 2021 Financial Results\n\nFor the three-month period ended September 30, 2021, as compared to the same period of 2020 (where applicable):\n\n\nTotal revenue of $6.5 million was driven by our core lung diagnostic revenue of $4.5 million, an increase of 51%;\n\n\nContinued lung diagnostic year over year growth despite recent surges in COVID-19 Delta variant;\n\n\nLung diagnostic growth driven primarily from sales of Nodify nodule management tests and sales force expansion;\n\n\n\n\nServices revenue of $1.5 million, an increase...