Biodesix year-end earnings beat analyst expectations as COVID testing revenue rises

BOULDER — Lung cancer testing company Biodesix Inc. (Nasdaq: BDSX) beat Wall Street estimates in its latest round of earnings, including more than doubling its expected revenue.

The Boulder company posted revenues of $27.03 million for the final three months of 2020, beating consensus estimates by $11.56 million, according to data compiled by finance site Seeking Alpha. Its loss of 25 cents per share beat estimates by 9 cents.

COVID-19 testing was the main driver of revenues for the quarter, bringing in $21.4 million for the company. Biodesix and its partner Bio-Rad Laboratories Inc. (NYSE: BIO) worked to develop active-infection and antigen tests earlier in the pandemic, and the company currently counts Colorado State University, Purdue University and the Chicago Public Schools system among its largest customers for ongoing testing.

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Ultimately, the company posted a net loss of $4.53 million for the quarter.

For the entirety of 2020, the company generated revenues of $45.6 million, an increase of 86% from the year prior. It posted a loss of $31.35 million for the year, a slight increase from its $30.72 million loss in 2019.

In a statement, CEO Scott Hutton said the company expects to see ongoing growth in its gross margin as the world transitions out of the COVID-19 pandemic and other medical issues retake precedence.

“Looking ahead, we are cautiously optimistic that a more normalized business environment will re-emerge later this year, setting the stage for more robust growth in our core lung diagnostic business,” he said.

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