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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

November 3, 2022
Date of Report (Date of earliest event reported)

Biodesix, Inc.

(Exact Name of Registrant as Specified in Charter)

 

Delaware	001-39659	20-3986492
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

 

2970 Wilderness Place, Suite 100 Boulder, Colorado (Address of Principal Executive Office)	80301 (Zip Code)

 

Registrant’s telephone number, including area code: (303) 417-0500

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

	☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

	☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

	☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value of $0.001 per share		BDSX		The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

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Item 2.02. Results of Operations and Financial Condition.

On November 3, 2022, Biodesix, Inc. (the Company) issued a press release announcing the financial and operating results of the Company for the third quarter ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

The information contained in Item 2.02 to this Current Report on Form 8-K and Exhibit 99.1 attached hereto is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such document or filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

No.		Exhibit
99.1		Press Release issued by Biodesix, Inc. dated November 3, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: November 3, 2022	BIODESIX, INC.
	By:	/s/ Robin Harper Cowie
	Name:	Robin Harper Cowie
	Title:	Chief Financial Officer

 

 

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Exhibit 99.1

 

Biodesix Announces Third Quarter 2022 Results and Highlights

Third quarter 2022 core Lung Diagnostic revenue of $9.2 million increased 102% over the comparable period in 2021;

U.S. Federal Supply Schedule Contract expands coverage to Veterans Health Administration and Military Health System Medical Centers for its entire Lung Diagnostic portfolio;

Conference Call and Webcast Today at 8:00 a.m. ET

BOULDER, CO, November 3, 2022 – Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced its financial and operating results for third quarter ended September 30, 2022 and provided a corporate update.

“Our core lung diagnostic testing momentum through the third quarter resulted in record test volume and revenue. Lung diagnostic revenue grew 102% over the third quarter of 2021 and 26% over the second quarter 2022,” said Scott Hutton, President and CEO. “In addition to a focus on sales growth, we have also accomplished several specific strategic reimbursement goals, including all five of our core lung diagnostic tests now being covered by Medicare and the addition of these tests to the Federal Fee Schedule contract for the U.S. Department of Veteran Affairs. These achievements have us well positioned for strong growth and continued high gross margin contributions as we look to the fourth quarter 2022 and beyond. We also remain committed to being a data-driven company through the expansion of our body of supportive clinical data and were proud to have recently participated in the American College of Chest Physicians (CHEST) annual meeting where we had several key presentations.”

Third Quarter 2022 Financial Results

For the three-month period ended September 30, 2022, as compared to the same period of 2021 (where applicable):

 

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2022 Financial Outlook

The Company expects to be at the high end of its previously disclosed total revenue guidance for 2022 of $37.5 million and $39.5 million. Our guidance contemplates minimal COVID-19 and BioPharma Services revenue in the fourth quarter and continued growth within our core lung diagnostic testing.

Conference call and webcast information

Listeners can register for the webcast via this link. Analysts wishing to participate in the question and answer session should use this link. A replay of the webcast will be available via the Company’s investor website approximately two hours after the call’s conclusion. Those who plan on participating are advised to join 15 minutes prior to the start time.

For a full list of Biodesix’s press releases and webinars, please visit biodesix.com.

About Biodesix

Biodesix is a leading data-driven diagnostic solutions company with a focus in lung disease. The Company develops diagnostic tests addressing important clinical questions by combining multi-omics through the power of artificial intelligence. Biodesix offers five Medicare-covered tests for patients with lung diseases. The blood based Nodify Lung® nodule risk assessment testing strategy, consisting of the Nodify XL2® and the Nodify CDT® tests, evaluates the risk of malignancy in incidental pulmonary nodules, enabling physicians to better triage patients to the most appropriate course of action. The blood based IQLung™ strategy for lung cancer patients integrates the GeneStrat® ddPCR™ test, the GeneStrat NGS™ test and the VeriStrat® test to support treatment decisions across all stages of lung cancer with results in an unprecedented average of 36-72 hours, expediting time to treatment. Biodesix also leverages the proprietary and advanced Diagnostic Cortex® AI (Artificial Intelligence) platform, to collaborate with many of the world’s leading biotechnology and pharmaceutical companies to solve complex diagnostic challenges in lung disease. For more information about Biodesix, visit biodesix.com.

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. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of

 

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the COVID-19 pandemic on Biodesix and its operations, it is possible or assumed future results of operations, including descriptions of its revenues, profitability, outlook, and overall business strategy. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. The Company's ability to continue as a going concern could cause actual results to differ materially from those contemplated in this press release and additionally, other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix’s most recent annual report on Form 10-K, filed March 14, 2022 or subsequent quarterly reports on Form 10-Q during 2022, if applicable. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts:

Media:

Robin Harper Cowie

[email protected]

(720) 509-8841

Investors:

Chris Brinzey

[email protected]

(339) 970-2843

 

 

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Biodesix, Inc.

Condensed Balance Sheets (unaudited)

(in thousands, except share data)

 

		September 30, 2022				December 31, 2021
Assets
Current assets
Cash and cash equivalents		$	15,175			$	32,712
Accounts receivable, net of allowance for doubtful accounts of $50 and $158			4,449				3,656
Other current assets			4,494				7,245
Total current assets			24,118				43,613
Non‑current assets
Property and equipment, net			4,259				4,179
Intangible assets, net			10,223				11,617
Operating lease right-of-use assets			3,475				—
Goodwill			15,031				15,031
Other long-term assets			6,092				1,657
Total non‑current assets			39,080				32,484
Total assets		$	63,198			$	76,097
Liabilities and Stockholders' (Deficit) Equity
Current liabilities
Accounts payable		$	2,100			$	1,662
Accrued liabilities			6,677				7,665
Deferred revenue			1,637				1,850
Current portion of operating lease liabilities			1,436				—
Current portion of contingent consideration			9,286				17,764
Current portion of notes payable			14,334				19
Other current liabilities			1,945				—
Total current liabilities			37,415				28,960
Non‑current liabilities
Long‑term notes payable, net of current portion			4,880				9,993
Long-term operating lease liabilities			2,855				—
Contingent consideration			20,891				16,028
Other long-term liabilities			60				1,389
Total non‑current liabilities			28,686				27,410
Total liabilities			66,101				56,370
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized;     0 (2022 and 2021) shares issued and outstanding			—				—
Common stock, $0.001 par value, 200,000,000 shares authorized;     41,185,532 (2022) and 30,789,649 (2021) shares issued and outstanding			41				31
Additional paid‑in capital			344,138				321,669
Accumulated deficit			(347,082	)			(301,973	)
Total stockholders' (deficit) equity			(2,903	)			19,727
Total liabilities and stockholders' (deficit) equity		$	63,198			$	76,097

 

 

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Biodesix, Inc.

Condensed Statements of Operations (unaudited)

(in thousands, except per share data)

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Revenues
COVID-19		$	1,286			$	506			$	5,224			$	29,802
Lung diagnostic			9,157				4,533				21,058				13,270
Diagnostic testing revenue			10,443				5,039				26,282				43,072
Biopharma services			664				1,492				2,323				4,210
Total revenues			11,107				6,531				28,605				47,282
Direct costs and expenses			3,633				2,722				10,848				28,025
Research and development			2,970				3,293				9,537				9,937
Sales, marketing, general and administrative			15,114				13,607				44,836				36,959
Change in fair value of contingent consideration			—				—				—				1,622
Impairment loss on intangible assets			—				—				81				—
Total operating expenses			21,717				19,622				65,302				76,543
Loss from operations			(10,610	)			(13,091	)			(36,697	)			(29,261	)
Other (expense) income:
Interest expense			(3,039	)			(1,546	)			(5,522	)			(3,012	)
(Loss) gain on extinguishment of liabilities, net			(52	)			3,123				(3,004	)			2,395
Other income, net			2				—				114				1
Total other (expense) income			(3,089	)			1,577				(8,412	)			(616	)
Net loss		$	(13,699	)		$	(11,514	)		$	(45,109	)		$	(29,877	)
Net loss per share, basic and diluted		$	(0.34	)		$	(0.41	)		$	(1.22	)		$	(1.09	)
Weighted-average shares outstanding, basic and diluted			40,448				28,051				36,953				27,467

 

 

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