Full Press Release Details
Biodesix Announces First Quarter 2021 Results
First Quarter 2021 Record Revenue of Approximately $28.9 Million Representing 466% Growth over First Quarter 2020
Announced Plans to Launch Two New Diagnostic Tests - SARS-CoV-2 Neutralization Antibody Detection Test and Next Generation Sequencing Test
BOULDER, CO, May 11, 2021 - Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced financial and operating results for the first quarter ended March 31, 2021 and provided a corporate update.
"We were pleased with our strong operating and financial performance in the first quarter and believe we are off to a solid start in 2021," said Scott Hutton, Chief Executive Officer. "We are encouraged by the trends in our core lung diagnostic testing. Additionally, Biodesix continues to innovate as demonstrated through our announcement of two new products and we are well-positioned for the future."
First Quarter 2021 Financial Results
Biodesix continues to make significant progress in lung diagnostics testing, including the addition of a new test to the lung cancer testing portfolio as well as new data that continues to support the value and utility of the Biodesix lung diagnostics portfolio. As a result of on-going progress, the Company was pleased to announce the following:
Beyond advancements in the lung diagnostic portfolio, the Company continued to expand and progress its partnerships and services related to COVID-19 testing, including the following:
Conference call and webcast information
Management will host an investor conference call and webcast today, May 11, 2021 at 4:30 p.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 six non-invasive tests for patients with diseases of the lung. Biodesix launched the SARS-CoV-2 ddPCR test and the Platelia SARS-CoV-2 Total Ab 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 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 collaborates 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. 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)
| March 31, 2021 | December 31, 2020 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 55,329 | $ | 62,126 | ||||
| Accounts receivable, net | 18,367 | 15,304 | ||||||
| Other current assets | 7,548 | 8,710 | ||||||
| Total current assets | 81,244 | 86,140 | ||||||
| Non current assets | ||||||||
| Property and equipment, net | 3,387 | 3,178 | ||||||
| Intangible assets, net | 12,821 | 13,260 | ||||||
| Other long-term assets | 3,003 | 3,461 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Total non current assets | 34,242 | 34,930 | ||||||
| Total assets | $ | 115,486 | $ | 121,070 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,747 | $ | 8,964 | ||||
| Accrued liabilities | 7,262 | 7,789 | ||||||
| Deferred revenue | 2,408 | 3,532 | ||||||
| Current portion of notes payable | 2,707 | 11,840 | ||||||
| Total current liabilities | 16,124 | 32,125 | ||||||
| Non current liabilities | ||||||||
| Long term notes payable | 30,328 | 15,926 | ||||||
| Contingent consideration | 30,915 | 29,932 | ||||||
| Other long-term liabilities | 1,687 | 1,921 | ||||||
| Total non current liabilities | 62,930 | 47,779 | ||||||
| Total liabilities | 79,054 | 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; 26,785,431 (2021) and 26,561,504 (2020) shares issued and outstanding | 27 | 27 | ||||||
| Additional paid in capital | 302,180 | 299,953 | ||||||
| Accumulated deficit | (265,775 | ) | (258,814 | ) | ||||
| Total stockholders' equity | 36,432 | 41,166 | ||||||
| Total liabilities and stockholders' equity | $ | 115,486 | $ | 121,070 |
Condensed Statements of Operations (unaudited)
(in thousands, except share data)
| Three Months Ended | ||||||||
| March 31, 2021 | March 31, 2020 | |||||||
| Revenues | ||||||||
| COVID-19 | $ | 23,232 | $ | - | ||||
| Lung diagnostic | 3,963 | 3,603 | ||||||
| Diagnostic testing revenue | 27,195 | 3,603 | ||||||
| Biopharma services | 1,671 | 1,493 | ||||||
| Total revenues | 28,866 | 5,096 | ||||||
| Direct costs and expenses | 18,218 | 1,581 | ||||||
| Research and development | 3,321 | 2,900 | ||||||
| Sales, marketing, general and administrative | 11,927 | 8,080 | ||||||
| Change in fair value of contingent consideration | 983 | 957 | ||||||
| Total operating expenses | 34,449 | 13,518 | ||||||
| Loss from operations | (5,583 | ) | (8,422 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense | (651 | ) | (1,457 | ) | ||||
| Change in fair value of warrant liability | - | 51 | ||||||
| Loss on debt extinguishment | (728 | ) | - | |||||
| Other income, net | 1 | 123 | ||||||
| Total other expense | (1,378 | ) | (1,283 | ) | ||||
| Net loss | $ | (6,961 | ) | $ | (9,705 | ) | ||
| Net loss per share, basic and diluted | $ | (0.26 | ) | $ | (37.18 | ) | ||
| Weighted-average shares outstanding, basic and diluted | 26,604 | 261 |