Biodesix Announces Second Quarter 2022 Results and Highlights
Second quarter 2022 core Lung Diagnostic revenue of
Received Medicare coverage for the Nodify CDT® Lung Nodule Test;
Announced strategic arrangements during the quarter (Royal Philips,
Reaffirm 2022 revenue outlook of between
Conference Call and Webcast Today at
“We are thrilled to announce strong growth from our core lung diagnostic testing, with an increase in revenue of 52% over the second quarter of 2021 and 56% over the first quarter of 2022,” said
In addition, we announced two exciting corporate arrangements. The first, announced with
Overall, our progress and positive trends in our core lung diagnostics tests in the first half of the year solidifies our confidence in reaffirming our 2022 revenue guidance.”
Second Quarter 2022 Financial Results
For the three-month period ended
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Total revenue of
$11.0 million , a decrease of 8%, driven primarily by an anticipated year-over-year decline in COVID-19 diagnostic testing revenue, offset by strong year-over-year growth in core lung diagnostics:-
Core lung diagnostic revenue of
$7.3 million , reflected a year-over-year increase of 52% that was driven primarily by the increased adoption of Nodify Lung nodule management tests (Nodify CDT & Nodify XL2 tests); -
COVID-19 testing revenue of
$3.0 million reflected a year-over-year decrease of 51% that was driven by the shift to at-home rapid antigen testing; -
BioPharma Services revenue of
$0.7 million decreased 29% year-over-year. COVID-related delays in clinical study enrollment and sample shipping logistics have begun to recover but are still impacting timelines for existing and new agreements;
-
Core lung diagnostic revenue of
-
Second quarter 2022 gross margin of
$7.0 million , or 64% as a percentage of revenue as compared to 40% in the comparable prior year period primarily driven by the shift of sales to higher-margin core lung diagnostics and away from lower-margin COVID-19 testing; -
Operating expenses (excluding direct costs and expenses) of
$18.6 million , an increase of 21% driven primarily by growth in sales and marketing to drive our growth in core lung diagnostics sales as well as the recent GeneStrat NGS™ commercial launch;-
Includes non-cash stock compensation expense of
$1.4 million as compared to$0.5 million ;
-
Includes non-cash stock compensation expense of
-
Net loss of
$15.8 million , an increase of 39%, driven primarily by the loss on extinguishment charge resulting from the restructuring of the contingent consideration agreement withIntegrated Diagnostics (Indi); -
Cash and cash equivalents of
$28.7 million , inclusive of$5.1 million in restricted cash, as ofJune 30 ;-
Raised net proceeds of
$27.3 million during the quarter through debt and equity offerings; -
Includes principal payment of
$3.0 million on the 2021 Term Loan and$2.0 million for scheduled milestone payment inApril 2022 to Indi.
-
Raised net proceeds of
2022 Financial Outlook
The Company reaffirms its 2022 financial outlook and expects to generate between
Conference call and webcast information
Management will host an investor conference call and webcast today,
Investor dial-in (domestic): |
800-715-9871 |
Investor dial-in (international): |
646-307-1963 |
Conference ID: |
8620846 |
Webcast: |
An archived replay of the webcast will be available on the Company’s website for a period of 90 days.
For a full list of Biodesix’s press releases and webinars, please visit Biodesix.com.
About
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors.
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Condensed Balance Sheets (unaudited) |
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(in thousands, except share data) |
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Assets |
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Current assets |
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|
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Cash and cash equivalents |
|
$ |
23,586 |
|
|
$ |
32,712 |
|
Accounts receivable, net of allowance for doubtful accounts of |
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|
5,452 |
|
|
|
3,656 |
|
Other current assets |
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|
6,019 |
|
|
|
7,245 |
|
Total current assets |
|
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35,057 |
|
|
|
43,613 |
|
Non‑current assets |
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Restricted cash |
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5,000 |
|
|
|
— |
|
Property and equipment, net |
|
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3,950 |
|
|
|
4,179 |
|
Intangible assets, net |
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10,688 |
|
|
|
11,617 |
|
Operating lease right-of-use assets |
|
|
3,952 |
|
|
|
— |
|
|
|
|
15,031 |
|
|
|
15,031 |
|
Other long-term assets |
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|
1,551 |
|
|
|
1,657 |
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Total non‑current assets |
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|
40,172 |
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|
32,484 |
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Total assets |
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$ |
75,229 |
|
|
$ |
76,097 |
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|
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Liabilities and Stockholders' Equity |
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Current liabilities |
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Accounts payable |
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$ |
1,791 |
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$ |
1,662 |
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Accrued liabilities |
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|
6,667 |
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|
|
7,665 |
|
Deferred revenue |
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|
2,230 |
|
|
|
1,850 |
|
Current portion of operating lease liabilities |
|
|
1,315 |
|
|
|
— |
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Current portion of contingent consideration |
|
|
8,151 |
|
|
|
17,764 |
|
Current portion of notes payable |
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|
11,771 |
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|
|
19 |
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Other current liabilities |
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1,149 |
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|
|
— |
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Total current liabilities |
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33,074 |
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28,960 |
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Non‑current liabilities |
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Long‑term notes payable, net of current portion |
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8,596 |
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|
|
9,993 |
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Long-term operating lease liabilities |
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2,902 |
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|
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— |
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Contingent consideration |
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|
22,916 |
|
|
|
16,028 |
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Other long-term liabilities |
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|
70 |
|
|
|
1,389 |
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Total non‑current liabilities |
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34,484 |
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|
|
27,410 |
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Total liabilities |
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67,558 |
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|
56,370 |
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Commitments and contingencies |
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Stockholders' equity |
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Preferred stock, |
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— |
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— |
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Common stock, |
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40 |
|
|
|
31 |
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Additional paid‑in capital |
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341,014 |
|
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|
321,669 |
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Accumulated deficit |
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(333,383 |
) |
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(301,973 |
) |
Total stockholders' equity |
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7,671 |
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|
19,727 |
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Total liabilities and stockholders' equity |
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$ |
75,229 |
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$ |
76,097 |
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Condensed Statements of Operations (unaudited) |
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(in thousands, except per share data) |
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Three Months Ended
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Six Months Ended
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2022 |
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2021 |
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2022 |
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2021 |
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Revenues |
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COVID-19 |
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$ |
2,954 |
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$ |
6,064 |
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$ |
3,938 |
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$ |
29,296 |
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Lung diagnostic |
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7,252 |
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4,774 |
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11,901 |
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8,737 |
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Diagnostic testing revenue |
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10,206 |
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|
10,838 |
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|
|
15,839 |
|
|
|
38,033 |
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|
|
|
744 |
|
|
|
1,047 |
|
|
|
1,659 |
|
|
|
2,718 |
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Total revenues |
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10,950 |
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|
11,885 |
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|
17,498 |
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|
40,751 |
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Direct costs and expenses |
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|
3,980 |
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|
7,085 |
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|
7,215 |
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|
25,303 |
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Research and development |
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|
3,361 |
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|
|
3,323 |
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6,567 |
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|
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6,644 |
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Sales, marketing, general and administrative |
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|
15,235 |
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|
11,425 |
|
|
|
29,722 |
|
|
|
23,352 |
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Change in fair value of contingent consideration |
|
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— |
|
|
|
639 |
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|
|
— |
|
|
|
1,622 |
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Impairment loss on intangible assets |
|
|
— |
|
|
|
— |
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|
|
81 |
|
|
|
— |
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Total operating expenses |
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|
22,576 |
|
|
|
22,472 |
|
|
|
43,585 |
|
|
|
56,921 |
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Loss from operations |
|
|
(11,626 |
) |
|
|
(10,587 |
) |
|
|
(26,087 |
) |
|
|
(16,170 |
) |
Other (expense) income: |
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Interest expense |
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(1,346 |
) |
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|
(815 |
) |
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|
(2,483 |
) |
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|
(1,466 |
) |
Loss on extinguishment of liabilities |
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|
(2,952 |
) |
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— |
|
|
|
(2,952 |
) |
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|
(728 |
) |
Other income, net |
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|
100 |
|
|
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— |
|
|
|
112 |
|
|
|
1 |
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Total other expense |
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|
(4,198 |
) |
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|
(815 |
) |
|
|
(5,323 |
) |
|
|
(2,193 |
) |
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Net loss |
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$ |
(15,824 |
) |
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$ |
(11,402 |
) |
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$ |
(31,410 |
) |
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$ |
(18,363 |
) |
Net loss per share, basic and diluted |
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$ |
(0.40 |
) |
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$ |
(0.41 |
) |
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$ |
(0.89 |
) |
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$ |
(0.68 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
39,239 |
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|
27,730 |
|
|
|
35,177 |
|
|
|
27,020 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005042/en/
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