William Blair Downgrades Biodesix (BDSX) to Market Perform

William Blair analyst Brian Weinstein downgraded Biodesix (NASDAQ: BDSX) from Outperform to Market Perform.

The analyst comments "Summary: We are downgrading shares of Biodesix to Market Perform following the company’s first-quarter update in which it lowered full-year revenue guidance by 12% ($11 million) at the midpoint. While lowered revenue guidance can be explained entirely by slower salesforce rep hiring and slightly higher rep attrition than expected (discussed in the full note), we believe this update puts the stock in “show me” status until likely the latter part of 2025 or early 2026. It would be at that point when investors might get greater comfort that the new territory-based sales structure (unveiled last quarter and reiterated on this call) can result in rep productivity metrics that are in line with (or slightly better than) what was assumed heading into 2025 for the expanded team (roughly 95 reps expected at the end of 2025, from about 65 today). This, along with achieving the team’s target of reaching AEBITDA positivity in the fourth quarter of 2025, would substantially de-risk the economic model for Biodesix and could lead to material share price appreciation. But until then, we believe shares may have a ceiling on them—even at what we believe is a very discounted valuation."

For an analyst ratings summary and ratings history on Biodesix click here. For more ratings news on Biodesix click here.

Shares of Biodesix closed at $0.36 yesterday.

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