Biodesix Announces First Quarter 2025 Results and Highlights
- Revenue grew 21% YoY to $18.0 million in Q1 2025
- Lung Diagnostics revenue increased 18%, marking 16th straight quarter of >15% growth
- Gross margins improved to 79.4% from 78.6% YoY
- Net loss improved by 18% compared to Q1 2024
- Development Services revenue increased 61% YoY
- Successfully secured additional $10M in funding through term loan facility
- Revised 2025 revenue guidance downward to $80-85M due to sales team restructuring delays
- Still operating at a significant net loss of $11.1M in Q1
- Operating expenses increased 3% YoY
- Sales team restructuring has caused approximately one quarter delay in commercial plans
Insights
Biodesix shows strong 21% revenue growth and improved margins, but revised guidance downward despite progress toward profitability.
Biodesix delivered a solid Q1 2025 with total revenue reaching
Gross margins improved to
The company's revised
Despite the reduced revenue guidance, Biodesix maintained its expectation to achieve Adjusted EBITDA positivity in Q4 2025, suggesting confidence in their operational efficiencies and cost control measures. The company also secured an additional
The
Total Q1 2025 Revenue of
Gross margins of
Q1 2025 Net loss improved by
Updated 2025 Revenue Guidance to a range of
Conference Call and Webcast Today at 4:30 p.m. ET
LOUISVILLE, Colo., May 13, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the first quarter ended March 31, 2025.
“Our quarter was highlighted by continued progress toward our three key goals for 2025 – growing top line revenue, improving operational efficiencies and leverage, and advancing our pipeline,” said Scott Hutton, Chief Executive Officer. “Year-over-year, we grew revenue by
“In the second half of 2024, we conducted a commercial pilot to explore the expansion of our commercial reach to include pulmonology and the select primary care physicians in their referral network. The goal of the pilot was to assess our ability to effectively access the ~
First Quarter Ended March 31, 2025 Financial Results
- Total revenue of
$18.0 million for the first quarter 2025, an increase of21% over the respective prior year comparable period;- Diagnostic Testing revenue of
$16.3 million for the first quarter, an increase of18% over the respective prior year comparable period; primarily driven by an increase in total tests delivered; - Development Services revenue of
$1.7 million for the first quarter, an increase of61% over the respective prior year comparable period;
- Diagnostic Testing revenue of
- Gross margin was
$14.3 million , or79.4% , for the first quarter 2025, as a percentage of revenue compared to78.6% in the prior year comparable period, continuing to be driven by growth in Diagnostic testing and optimization of testing workflows that resulted in improvements in costs per test and the ongoing expansion of our Development Services business; - Operating expenses (excluding direct costs and expenses) of
$23.4 million for the first quarter 2025, an increase of3% over the respective prior year comparable period;- Increase in operating expenses is attributed to a
$900 thousand increase in Research and Development costs due to the investment in clinical studies to support on-market and pipeline products partially offset by a1% decrease in Sales, General and Administrative costs; - Includes non-cash stock compensation expense of
$1.0 million during the first quarter 2025, a decrease from$2.6 million in the prior year period.
- Increase in operating expenses is attributed to a
- Net loss of
$11.1 million for the first quarter 2025, an improvement of18% over the respective prior year comparable period; - Adjusted EBITDA was a loss of
$6.2 million for the first quarter 2025, an improvement of11% over the respective prior year comparable period; - Cash and cash equivalents of
$17.6 million as of March 31, 2025. Subsequent to quarter end, we received$10.0 million from Tranche C of the amended term loan facility with Perceptive Advisors. The pro forma cash balance is$27.6 million . As consideration for drawing Tranche C of the amended term loan facility, the Company agreed to modify the previously agreed upon per share exercise prices of the outstanding warrants to a new per share exercise of$0.41 91.
Updated 2025 Financial Outlook
- Based on the timing expectations for the Company’s sales team expansion, the Company is revising guidance and anticipates generating between
$80 million to$85 million in total revenue in 2025.
Conference call and webcast information
Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor relations page on the website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.
For a full list of Biodesix press releases and webinars, please visit biodesix.com.
About Biodesix
Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, marketed as Nodify Lung® Nodule Risk Assessment and IQLung™ Cancer Treatment Guidance, support clinical decisions to expedite personalized care and improve outcomes for patients with lung disease. Biodesix Development Services enable the world’s leading biopharmaceutical, life sciences, and research institutions with scientific, technological, and operational capabilities that fuel the development of diagnostic tests, tools, and therapeutics. For more information, visit biodesix.com.
Trademarks: Biodesix, Biodesix Logo, Nodify Lung, and IQLung are trademarks or registered trademarks of Biodesix, Inc.
Use of Non-GAAP Financial Measure
Biodesix reported results are presented in accordance with generally accepted accounting principles in the United States (GAAP). Biodesix has provided in this press release financial information that has not been prepared in accordance with GAAP. Biodesix uses the non-GAAP financial measure, Adjusted EBITDA, internally in analyzing its financial results and believes that use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Biodesix financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Biodesix financial statements prepared in accordance with GAAP. A reconciliation of Biodesix historical non-GAAP financial measure to the most directly comparable GAAP measure has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net loss or Loss from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of backlog and the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital, including under the term loan facility, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, assurances that our common stock will continue to trade on The Nasdaq Stock Market LLC and the impact of enhanced U.S. tariffs, import/export restrictions or other trade barriers on Biodesix and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of our most recent Annual Report on Form 10-K, filed March 3, 2025, or subsequent quarterly reports on Form 10-Q during 2025, as applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
Contacts:
Media:
Natalie St. Denis
natalie.stdenis@biodesix.com
(720) 925-9285
Investors:
Chris Brinzey
chris.brinzey@icrhealthcare.com
(339) 970-2843
| Biodesix, Inc. Condensed Balance Sheets (unaudited) (in thousands, except share data) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 17,603 | $ | 26,245 | ||||
| Accounts receivable, net of allowance for credit losses of | 7,639 | 8,603 | ||||||
| Other current assets | 4,380 | 4,636 | ||||||
| Total current assets | 29,622 | 39,484 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 26,966 | 27,828 | ||||||
| Intangible assets, net | 5,360 | 5,874 | ||||||
| Operating lease right-of-use assets | 1,962 | 1,767 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Other long-term assets | 7,300 | 7,260 | ||||||
| Total non-current assets | 56,619 | 57,760 | ||||||
| Total assets | $ | 86,241 | $ | 97,244 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,925 | $ | 2,194 | ||||
| Accrued liabilities | 7,403 | 10,064 | ||||||
| Deferred revenue | 788 | 678 | ||||||
| Current portion of operating lease liabilities | 1,094 | 719 | ||||||
| Current portion of notes payable | 18 | 21 | ||||||
| Other current liabilities | 1,088 | 641 | ||||||
| Total current liabilities | 13,316 | 14,317 | ||||||
| Non-current liabilities | ||||||||
| Long-term notes payable, net of current portion | 36,693 | 36,408 | ||||||
| Long-term operating lease liabilities | 24,480 | 24,828 | ||||||
| Other long-term liabilities | 692 | 815 | ||||||
| Total non-current liabilities | 61,865 | 62,051 | ||||||
| Total liabilities | 75,181 | 76,368 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 146 | 145 | ||||||
| Additional paid-in capital | 484,512 | 483,228 | ||||||
| Accumulated deficit | (473,598 | ) | (462,497 | ) | ||||
| Total stockholders' equity | 11,060 | 20,876 | ||||||
| Total liabilities and stockholders' equity | $ | 86,241 | $ | 97,244 | ||||
| Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Diagnostic Tests | $ | 16,316 | $ | 13,796 | ||||
| Development Services | 1,642 | 1,022 | ||||||
| Total revenues | 17,958 | 14,818 | ||||||
| Direct costs and expenses | 3,703 | 3,175 | ||||||
| Research and development | 2,870 | 2,040 | ||||||
| Sales, marketing, general and administrative | 20,448 | 20,556 | ||||||
| Impairment loss on intangible assets | 73 | 68 | ||||||
| Total operating expenses | 27,094 | 25,839 | ||||||
| Loss from operations | (9,136 | ) | (11,021 | ) | ||||
| Other (expense) income: | ||||||||
| Interest expense | (1,685 | ) | (2,529 | ) | ||||
| Change in fair value of warrant liability, net | (378 | ) | — | |||||
| Other income (expense), net | 98 | (64 | ) | |||||
| Total other expense | (1,965 | ) | (2,593 | ) | ||||
| Net loss | $ | (11,101 | ) | $ | (13,614 | ) | ||
| Net loss per share, basic and diluted | $ | (0.08 | ) | $ | (0.14 | ) | ||
| Weighted-average shares outstanding, basic and diluted | 146,547 | 97,166 | ||||||
| Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2025 | 2024 | ||||||
| Net loss | $ | (11,101 | ) | $ | (13,614 | ) | |
| Interest expense | 1,685 | 2,529 | |||||
| Depreciation and amortization | 1,440 | 1,420 | |||||
| Share-based compensation expense | 972 | 2,640 | |||||
| Change in fair value of warrant liability, net | 378 | — | |||||
| Other expense, net | 430 | 64 | |||||
| Adjusted EBITDA | $ | (6,196 | ) | $ | (6,961 | ) | |
FAQ
What were Biodesix (BDSX) Q1 2025 earnings results?
Why did Biodesix (BDSX) revise its 2025 revenue guidance?
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When does Biodesix (BDSX) expect to achieve EBITDA positivity?
