Q3 2024 Biodesix Inc Earnings Call Transcript
Key Points
- Biodesix Inc (BDSX) reported a 35% year-over-year growth in revenue for the third quarter of 2024.
- The company achieved a gross margin of 77%, reflecting strong operational efficiency.
- Lung diagnostic test volumes grew by 34% compared to the third quarter of the previous year.
- Biodesix Inc (BDSX) added new coverage policies for its Nodify tests from several insurance providers, enhancing reimbursement potential.
- The company has a robust pipeline with $11.1 million in contracted BioPharma services not yet recognized as revenue, indicating future growth potential.
- Revenue growth was slightly below expectations due to hurricanes in the southeast and slower sales team expansion.
- BioPharma services revenue decreased by 17% compared to the third quarter of the previous year, impacted by timing delays.
- Operating expenses increased by 29% year-over-year, driven by higher sales and marketing costs and increased depreciation expenses.
- The company reported a net loss of $10.3 million for the third quarter, although this was a 6% improvement from the previous year.
- Challenges with Medicare Advantage payments persist, with ongoing issues affecting cash flow.
Good day. And thank you for standing by. Welcome to Biodesix's third-quarter, 2024 earnings conference call. (Operator Instructions)
Please be advised that this conference is being recorded. I would now like to hand the conference over to your speaker today, Chris Brinzey, Biodesix's Investor Relations. Please go ahead.
Thank you, operator, and good morning everyone. Today, Biodesix's released results from the third quarter of 2024. Leading the call today will be Scott Hutton, Chief Executive Officer. He is 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 filings which identify certain factors that may cause the company's
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