May 9, 2024

Lung disease diagnostics firm Biodesix improved results in Q1

LOUISVILLE — Biodesix Inc. (Nasdaq: BDSX), a life-sciences company that specializes in developing tools to detect lung disease, boosted its year-over-year top and bottom line performance in the first quarter of 2024.

The company posted revenue of $14.8 million in the most recent period, an increase of 64% compared to the first quarter of 2023.

Biodesix’s net loss was $13.6 million in the first quarter of this year, a 27% improvement over its first quarter 2023 results. 

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“I am very pleased to announce yet another quarter of greater than 50% revenue and volume growth and 14 percentage point improvement in gross margins,” Biodesix CEO Scott Hutton said in a prepared statement. “This is a year of execution with three main goals: growing top line revenue, implementing operational efficiencies while maintaining cost discipline, and making significant progress on our path to profitability.”

During the most recent quarter, Biodesix inked a collaborative research agreement with Memorial Sloan Kettering Cancer Center to co-develop cancer diagnostic tests and raised $55 million through a stock sale. 

Looking ahead, Biodesix predicts full-year 2024 sales to range between $65 million and $68 million.

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