BIODESIX INC Stock Price, News & Analysis

Biodesix (BDSX) announced a publication detailing a new AI-based COVID-19 algorithm that predicts patient outcomes using readily available clinical data. The algorithm, developed on the Diagnostic Cortex® AI platform, analyzed 559 hospitalized COVID-19 patients, accurately identifying those at risk of severe disease and needing intensive treatment. This tool aims to aid physicians in making timely treatment decisions, particularly in resource-limited situations. Biodesix is collaborating with U.S. and international COVID-19 consortia for further validation and wider implementation.

Biodesix (Nasdaq: BDSX) announced that CEO Scott Hutton was named CEO of the Year for 2020 by CEO Monthly. Hutton's leadership during the COVID-19 pandemic and his role in guiding the company through its IPO in October 2020 were highlighted. Under his direction, Biodesix successfully launched three new precision medicine products in 2020, contributing to a strong performance despite challenges. The company focuses on lung disease diagnostics, leveraging artificial intelligence to offer innovative non-invasive tests.

Biodesix (Nasdaq: BDSX) announced the presentation of three abstracts at the IASLC World Conference on Lung Cancer from January 28-31, 2021. The findings indicate that individual immune profiles can guide treatment for advanced non-small cell lung cancer (NSCLC). Key studies highlighted include the use of blood-based host immune classifiers (HIC) for treatment decisions, a proteomic classifier (PIR) predicting resistance to immune checkpoint inhibitors (ICI), and early identification of aggressive NSCLC via blood profiling. These innovations aim to enhance treatment efficacy and patient outcomes.

HiberCell announced a collaboration with Biodesix (Nasdaq: BDSX) to develop a companion diagnostic for breast cancer trials involving Imprime PGG. The agreement will utilize Biodesix's artificial intelligence platform to create an enzyme-linked immunosorbent assay (ELISA) to evaluate patient eligibility based on Anti-β Glucan IgG Antibody levels. The test will be validated in a CLIA-accredited lab. This partnership aims to enhance patient stratification for clinical trials, advancing HiberCell's therapeutic strategies against recurrent metastatic disease.

Biodesix announced preliminary unaudited revenue for Q4 2020 between $25 million and $27 million, a significant increase of 172% to 193% from Q3 2020's $9.2 million. The growth stems from enhanced COVID-19 testing, lung diagnostics, and biopharma services. Notably, a net $63 million was raised through an IPO, bolstering liquidity. Lung diagnostic testing revenue rose slightly to $3.5 million to $4 million, while COVID-19 testing services surged to $20 million to $21 million. Biodesix's strong cash position ensures operational stability into 2021.

Purdue University has partnered with Biodesix (Nasdaq: BDSX) to provide rapid COVID-19 antigen testing for over 20,000 off-campus students for the spring 2021 semester. Testing will occur from January 9 to January 22, with results available within 30 minutes via text. This initiative, part of the Protect Purdue program, aims to enhance health measures implemented during the fall semester.

Purdue covers testing costs, and different testing arrangements apply for students living on campus and faculty.

Biodesix, a key player in lung disease diagnostics, has appointed Ryan Siurek as the new Chief Accounting Officer, reporting to CFO Robin Harper Cowie. Siurek brings extensive experience from Vail Resorts and Sprint Corporation, where he held significant accounting roles. His arrival is geared towards supporting the company's growth strategies for 2021 and beyond. Biodesix is recognized for innovative diagnostic tests that leverage AI, including its Lung Reflex® strategy and SARS-CoV-2 tests, aimed at expediting treatment decisions for lung disease patients.

Biodesix (Nasdaq: BDSX) has launched the ALTITUDE biomarker study, focusing on the clinical utility of the Nodify XL2 test for low to moderate risk lung nodules, in line with the 2018 ATS guidelines for lung cancer detection. Led by Dr. Gerard Silvestri, the randomized controlled trial aims to enroll 2,000 patients, with interim results expected in 2022 and study completion anticipated by late 2023. This initiative is part of Biodesix's commitment to enhancing lung disease diagnostics, leveraging AI and multi-omics technologies.

Biodesix reported record revenue of $9.2 million for Q3 2020, a 133% increase from the previous year, primarily driven by $5.5 million from COVID-19 diagnostic tests. The company completed a successful IPO, raising approximately $63 million. However, operating loss decreased to $6.2 million, down 31% year-over-year. Research expenses rose by 15%, while total cash reserves increased to $6.3 million as of September 30, 2020. The strategic partnership for COVID-19 testing further highlights the company’s role in the pandemic response.