Biodesix Inc. (BDSX) Tops Q4 EPS by 19c, Revenues Beat

Biodesix Inc. (NASDAQ: BDSX) reported Q4 EPS of ($0.25), $0.19 better than the analyst estimate of ($0.44). Revenue for the quarter came in at $27 million versus the consensus estimate of $15.45 million.

Full Year and Fourth Quarter 2020 Financial Results

• Successful initial public offering (IPO) raising net proceeds of $63.8 million;
• Record annual revenue of $45.6 million, an increase of 86% over 2019 annual revenue;
• Fourth quarter revenue of $27.0 million, an increase of 194% and 227%, respectively, over the third quarter 2020 and fourth quarter 2019;
• Fourth quarter COVID-19 testing revenue of $21.4 million, a 287% improvement over third quarter 2020;
• Fourth quarter lung diagnostic revenue of $3.7 million, a 22% improvement and 20% decline, respectively, over third quarter 2020 and fourth quarter 2019;
• Fourth quarter 2020 services revenue of $1.9 million, a 198% improvement and 48% decline, respectively, over third quarter 2020 and fourth quarter 2019;
• Fourth quarter gross profit of $12.4 million, a 133% and 92% increase, respectively, over third quarter 2020 and fourth quarter 2019;
• Annual non-cash stock compensation expense of $3.7 million as compared to $0.2 million in 2019;
• Strengthen balance sheet with $62.1 million of cash and cash equivalents as of December 31, 2020, an increase of $56.8 million over the comparable prior year period.

“We had a very productive fiscal year and fourth quarter highlighted by strong revenue growth resulting from our ability to shift gears and offer COVID-19 testing services to assist the nation in the midst of a global pandemic,” stated Scott Hutton, Chief Executive Officer of Biodesix. “During this time, we also maintained our focus on the core strategic business of lung diagnostic testing and biopharma services and expect strong growth in 2021. Overall, 2020 was a transformative year for Biodesix and we are excited about the growth of our commercial organization, expansion of our clinical pipeline, and new clinical data, to quickly and positively impact the lives of patients in 2021.”

“During the fourth quarter, we continued to add to the growing body of published evidence demonstrating the value of the clinical information delivered by our suite of commercially available lung disease diagnostic tests,” said Hutton. “Looking ahead, we are cautiously optimistic that a more normalized business environment will reemerge later this year, setting the stage for more robust growth in our core lung diagnostic business. We expect modest gross margin percentage expansion for 2021 as compared to 2020 as we continue to experience near-term strength in our COVID-19 diagnostic testing, which on average has lower overall gross margin percentages than our lung diagnostic testing services. We were particularly pleased to show revenue growth in the fourth quarter over the third quarter in our lung diagnostic testing services and biopharma services even while COVID-19 cases surged, and healthcare practitioners and facilities remained focused on fighting the pandemic.”

“At the same time, our COVID-19 testing services delivered strong revenue growth, as evidenced by our strategic partnerships that benefited our fourth quarter 2020. In addition, we continue to expand the reach of our COVID-19 testing services with our recently announced partnership with Purdue University and the Chicago Public School System, one of the largest in the country, in an effort to safely reopen schools for in-person learning.”

For earnings history and earnings-related data on Biodesix Inc. (BDSX) click here.

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