Biodesix posts $8.84M loss in first earnings as public company

BOULDER — Biodesix Inc. (Nasdaq: BDSX) lost $8.84 million in the third quarter of 2020, a period where the company debuted on the Nasdaq Global Market.

The Boulder company posted sales of $9.2 million in the quarter, compared with $3.9 million for the same period in 2019. That increase in sales was mostly driven by the company’s pivot to producing COVID-19 tests, and offset some of the lost revenue from fewer lung-cancer assays being ordered in the past several months.

Overall, Biodesix posted a net loss of $31.93 per share, down from the $39.35 per share losses it posted in the third quarter of 2019 as a private company.

SPONSORED CONTENT

Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

The earnings out Thursday are the first that Biodesix has released since completing its initial public offering in early November.

Biodesix raised $63 million in proceeds from the IPO after deducting additional offering costs, below the $79 million maximum amount that the company initially proposed to raise in October. The stock fell 28% on its first day of trading from its initial price of $18 per share amid a broader sell-off in the markets from increasing COVID caseloads around the world.

The company’s stock also likely suffered from poor timing, debuting days before the election and oral arguments at the U.S. Supreme Court over whether to scrap the entirety of the Affordable Care Act.