Biodesix expects significant sales growth in third quarter

BOULDER — Biodesix Inc. (Nasdaq: BDSX), a Boulder-headquartered life-sciences company that specializes in developing tools to detect lung disease, is projecting third quarter 2022 revenues of $10.6 million to $11.2 million, up 62% to 71% compared to the same period last year.

The firm, which recently leased the entirety of an 80,000-square-foot former Kohl’s Corp. (NYSE: KSS) clothing store in Louisville to expand its operations, credits growth in its core lung diagnostic testing offerings with the improved results.

By year end, Biodesix expects to reach the high end of the range of its previously disclosed total revenue guidance for 2022 of $37.5 million and $39.5 million.

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“We had another strong quarter that builds upon recent momentum and again was highlighted by record revenue and volume growth from our core lung diagnostic testing business,” Biodesix CEO Scott Hutton said in a prepared statement. “Our lung diagnostic portfolio consists of five Medicare-covered tests to help physicians quickly and confidently decipher the risk of malignancy of a lung nodule and then help guide treatment decisions if a patient has been diagnosed with lung cancer. While we are pleased with our COVID testing results for the quarter, we do not expect any significant continued revenue generation from this testing given the previously disclosed expiration of our contract with the state of Colorado.”

Biodesix is in the process of transforming the big-box Kohl’s store at 919 W. Dillon Road in Louisville. Renovations include construction of a laboratory, according to builder Koelbel and Co., which will oversee the Kohl’s store transformation. The space will include more windows, an updated facade and employee break areas.

Biodesix’s expansion is the latest example of the Boulder Valley’s emergence as a nationally recognized biotechnology hub. It also demonstrates a willingness to be creative in order to find room to stretch out as an arms race of sorts is underway to build new life-sciences office and lab space. 

Nearby bioscience developments in various stages of approval or construction include Redtail Ridge in Louisville, the Coal Creek Innovation Campus in Superior and the Pearl East Innovation Campus in Boulder.

While Boulder Valley municipalities have historically courted biotech companies due to the quality jobs they bring, life-sciences real estate projects have become increasingly controversial in recent months with elected and appointed officials concerned about exacerbating the region’s housing-jobs imbalance.

It should be noted that the Biodesix redevelopment project is distinct from many of the other recent proposals in that a specific tenant is involved. Most of the biotech developments are being built speculatively. 

“Biodesix is a wonderful addition to Louisville’s vibrant and diverse business environment,” Louisville mayor Ashley Stolzmann said in a prepared statement. “This innovative company is pioneering critical advancements in the diagnostics testing space, and we are proud and excited to welcome them to our community.”

Kohl’s opened its Louisville location in 1999. It was among the first handful that the Wisconsin-based value clothing seller opened in Colorado, according to BizWest reporting from the time. 

Big-box retailers in Louisville, like those cities and towns across the country, have struggled in recent years with the rise of e-commerce and the outbreak of COVID-19. Developers have begun experimenting with ways of repurposing flagging retail centers. For example, a newly started redevelopment project in Broomfield aims to transform part of the aging Flatiron Crossing shopping center into a mixed-use entertainment, housing and employment district.