Full Press Release Details
Biodesix Announces Third Quarter 2021 Results and Highlights
Third Quarter 2021 Lung Diagnostic Revenue of $4.5 Million Increased 51% over Third Quarter 2020
Company launches 72-hour Next Generation Sequencing (NGS) test
Conference Call and Webcast Today at 9:00 a.m. ET
BOULDER, CO, November 15, 2021 - 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 the third quarter ended September 30, 2021 and provided a corporate update.
"The third quarter was highlighted by the growth of our core lung diagnostics and biopharma service product offerings, which grew year-over-year 51% and 133% respectively, despite the headwinds from the COVID-19 Delta variant, offset by expected reductions in COVID-19 testing from increased vaccination rates and adoption of non-laboratory testing," said Scott Hutton, CEO of Biodesix. "Driven by the productivity from our growing sales force, and expanding body of clinical evidence supporting the value of our tests, we expect growth in core lung diagnostics testing to continue through the remainder of the year and into 2022. We are very pleased with the initial results from the ORACLE study recently presented at CHEST as they demonstrate that the Nodify XL2 test is performing as expected in the clinic, is changing physician decisions, and reducing unnecessary interventions on benign nodules. In addition to the CHEST and other data releases this quarter, we are pleased to announce that we have launched our 72-hour liquid NGS test ahead of schedule to a select group of physicians, with broad US launch still anticipated for the first quarter of 2022. Given the material progress made across all aspects of our base business this past quarter, we look forward to finishing strong through the end of 2021."
Third Quarter 2021 Financial Results
For the three-month period ended September 30, 2021, as compared to the same period of 2020 (where applicable):
For a full list of Biodesix's press releases and webinars, please visit Biodesix.com.
Conference call and webcast information
Management will host an investor conference call and webcast today, November 15, 2021 at 9:00 a.m. Eastern Time.
An archived replay of the webcast will be available on the Company's website for a period of 90 days.
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 is the first company to offer eight non-invasive tests for patients with diseases of the lung. Biodesix launched the SARS-CoV-2 ddPCR test, the Platelia SARS-CoV-2 Total Ab, and the cPass SARS-CoV-2 Neutralization Antibody test (cPass Neutralization Test Kit, GenScript, Inc,) in response to the global pandemic and virus that impacts the lung and causes COVID-19. The blood-based Biodesix Lung Reflex strategy for lung cancer patients integrates the GeneStrat , GeneStrat NGS , and VeriStrat tests to support treatment decisions with results in 72 hours, expediting time to treatment. 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. Biodesix also leverages the proprietary and advanced Diagnostic Cortex AI 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 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. 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 16, 2021 or subsequent quarterly reports on Form 10-Q during 2021, 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.
Condensed Balance Sheets (unaudited)
(in thousands, except share data)
| September 30, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 47,913 | $ | 62,126 | ||||
| Accounts receivable, net of allowance for doubtful accounts of $168 and $180 | 2,784 | 15,304 | ||||||
| Other current assets | 5,748 | 8,710 | ||||||
| Total current assets | 56,445 | 86,140 | ||||||
| Non current assets | ||||||||
| Property and equipment, net | 4,432 | 3,178 | ||||||
| Intangible assets, net | 11,992 | 13,260 | ||||||
| Other long-term assets | 2,097 | 3,461 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Total non current assets | 33,552 | 34,930 | ||||||
| Total assets | $ | 89,997 | $ | 121,070 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,600 | $ | 8,964 | ||||
| Accrued liabilities | 6,279 | 7,789 | ||||||
| Deferred revenue | 1,760 | 3,532 | ||||||
| Current portion of contingent consideration | 13,128 | - | ||||||
| Current portion of notes payable | 20 | 11,840 | ||||||
| Total current liabilities | 22,787 | 32,125 | ||||||
| Non current liabilities | ||||||||
| Long term notes payable, net of current portion | 29,975 | 15,926 | ||||||
| Contingent consideration | 19,722 | 29,932 | ||||||
| Other long-term liabilities | 1,480 | 1,921 | ||||||
| Total non current liabilities | 51,177 | 47,779 | ||||||
| Total liabilities | 73,964 | 79,904 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.001 par value, 5,000,000 shares authorized; 0 (2021 and 2020) shares issued and outstanding | - | - | ||||||
| Common stock, $0.001 par value, 200,000,000 shares authorized; 27,020,070 (2021) and 26,561,504 (2020) shares issued and outstanding | 27 | 27 | ||||||
| Additional paid in capital | 304,697 | 299,953 | ||||||
| Accumulated deficit | (288,691 | ) | (258,814 | ) | ||||
| Total stockholders' equity | 16,033 | 41,166 | ||||||
| Total liabilities and stockholders' equity | $ | 89,997 | $ | 121,070 |
Condensed Statements of Operations (unaudited)
(in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | ||||||||||||||||
| COVID-19 | $ | 506 | $ | 5,543 | $ | 29,802 | $ | 6,906 | ||||||||
| Lung diagnostic | 4,533 | 3,009 | 13,270 | 8,892 | ||||||||||||
| Diagnostic testing revenue | 5,039 | 8,552 | 43,072 | 15,798 | ||||||||||||
| Biopharma services | 1,492 | 641 | 4,210 | 2,730 | ||||||||||||
| Total revenues | 6,531 | 9,193 | 47,282 | 18,528 | ||||||||||||
| Direct costs and expenses | 2,722 | 3,891 | 28,025 | 7,346 | ||||||||||||
| Research and development | 3,293 | 2,706 | 9,937 | 7,713 | ||||||||||||
| Sales, marketing, general and administrative | 13,607 | 7,879 | 36,959 | 22,793 | ||||||||||||
| Change in fair value of contingent consideration | - | 957 | 1,622 | 957 | ||||||||||||
| Total operating expenses | 19,622 | 15,433 | 76,543 | 38,809 | ||||||||||||
| Loss from operations | (13,091 | ) | (6,240 | ) | (29,261 | ) | (20,281 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (1,546 | ) | (2,658 | ) | (3,012 | ) | (6,899 | ) | ||||||||
| Change in fair value of warrant liability | - | (24 | ) | - | 31 | |||||||||||
| Gain on debt extinguishment, net | 3,123 | - | 2,395 | - | ||||||||||||
| Other income, net | - | 77 | 1 | 332 | ||||||||||||
| Total other expense | 1,577 | (2,605 | ) | (616 | ) | (6,536 | ) | |||||||||
| Net loss | $ | (11,514 | ) | $ | (8,845 | ) | $ | (29,877 | ) | $ | (26,817 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.41 | ) | $ | (31.93 | ) | $ | (1.09 | ) | $ | (99.69 | ) | ||||
| Weighted-average shares outstanding, basic and diluted | 28,051 | 277 | 27,467 | 269 |