Q2 2024 Biodesix Inc Earnings Call Transcript
Key Points
- Biodesix Inc (BDSX) reported a 51% year-over-year growth in revenue for Q2 2024.
- Gross margins remained strong at 78.4%, marking the fourth consecutive quarter in the upper 70s.
- The company raised its 2024 total revenue guidance to $70 million to $72 million, up from $65 million to $68 million.
- Lung diagnostic test volumes grew by 42% year-over-year, contributing to a 44% increase in revenue from these tests.
- Biopharma services revenue saw a significant increase of 228% compared to Q2 2023.
- Net loss for Q2 2024 was $10.8 million, although this was an improvement from the previous year's $13.4 million loss.
- Operating expenses increased by 14% year-over-year, primarily due to higher sales and marketing costs.
- The company is still facing administrative challenges with certain Medicare Advantage plans, with no resolution reported yet.
- Enrollment delays in the altitude study due to the pandemic have pushed the expected completion date to late 2025 or early 2026.
- Despite the strong revenue growth, the company continues to operate at a loss, with adjusted EBITDA showing a loss of $5.6 million for Q2 2024.
Good day and thank you for standing by. Welcome to the Biodesix's Q2 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Brinzey, Investor Relations. Please go ahead.
Thank you, Operator, and good afternoon, everyone. Today, Biodesix's released results from the second quarter of 2024. Leading the call today will be Scott Hutton, Chief Executive Officer. He will be joined by Robin Harper Cowie, Chief Financial Officer.
An audio recording of today's call and the press release announcement with the quarterly results can be found in the Investor Relations section of the company's website at .biodesix.com. As today's call includes forward-looking statements, we encourage you to review the statements contained in today's press release and the risks and uncertainties described in our SEC filing, which identify certain factors that may cause the company's actual events,
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