Full Press Release Details
Biodesix Announces Fourth Quarter and Full Year 2020 Results
Full Year 2020 Revenue Growth of 86% on Record Revenue of approximately $46 million
Boulder, CO, March 16, 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 fourth quarter and full year ended December 31, 2020 and provided a corporate update.
"We had a very productive fiscal year and fourth quarter highlighted by strong revenue growth resulting from our ability to shift gears and offer COVID-19 testing services to assist the nation in the midst of a global pandemic," stated Scott Hutton, Chief Executive Officer of Biodesix. "During this time, we also maintained our focus on the core strategic business of lung diagnostic testing and biopharma services and expect strong growth in 2021. Overall, 2020 was a transformative year for Biodesix and we are excited about the growth of our commercial organization, expansion of our clinical pipeline, and new clinical data, to quickly and positively impact the lives of patients in 2021."
Full Year and Fourth Quarter 2020 Financial Results
As part of the Biodesix data-driven approach, the company continues to build strong clinical evidence to establish the value and utility of the Biodesix lung diagnostics portfolio.
In addition to the significant accomplishments associated with our lung diagnostic advances, the Company continued to advance their partnerships and services related to COVID-19.
"During the fourth quarter, we continued to add to the growing body of published evidence demonstrating the value of the clinical information delivered by our suite of commercially available lung disease diagnostic tests," said Hutton. "Looking ahead, we are cautiously optimistic that a more normalized business environment will reemerge later this year, setting the stage for more robust growth in our core lung diagnostic business. We expect modest gross margin percentage expansion for 2021 as compared to 2020 as we continue to experience near-term strength in our COVID-19 diagnostic testing, which on average has lower overall gross margin percentages than our lung diagnostic testing services. We were particularly pleased to show revenue growth in the fourth quarter over the third quarter in our lung diagnostic testing services and biopharma services even while COVID-19 cases surged, and healthcare practitioners and facilities remained focused on fighting the pandemic."
"At the same time, our COVID-19 testing services delivered strong revenue growth, as evidenced by our strategic partnerships that benefited our fourth quarter 2020. In addition, we continue to expand the reach of our COVID-19 testing services with our recently announced partnership with Purdue University and the Chicago Public School System, one of the largest in the country, in an effort to safely reopen schools for in-person learning."
Conference call and webcast information
Management will host an investor conference call and webcast today, March 16, 2021 at 4:30 p.m. Eastern Time.
Investor dial-in (domestic):877-705-6003
Investor dial-in (international):201-493-6725
Conference ID:13717317
An archived replay of the webcast will be available on the company's website for a period of 90 days.
Biodesix is a leading diagnostic 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 Bio-Rad 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 10K, 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.
Jordona Jackson Smith for Biodesix
Condensed Balance Sheets (unaudited)
| As of December 31, | ||||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 62,126 | $ | 5,286 | ||||
| Accounts receivable, net | 15,304 | 5,292 | ||||||
| Other current assets | 8,710 | 2,122 | ||||||
| Total current assets | 86,140 | 12,700 | ||||||
| Non current assets | ||||||||
| Property and equipment, net | 3,178 | 2,120 | ||||||
| Intangible assets, net | 13,260 | 15,092 | ||||||
| Other long-term assets | 3,461 | 90 | ||||||
| Goodwill | 15,031 | 15,031 | ||||||
| Total non current assets | 34,930 | 32,333 | ||||||
| Total assets | $ | 121,070 | $ | 45,033 | ||||
| Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 8,964 | $ | 1,717 | ||||
| Accrued liabilities | 7,789 | 4,180 | ||||||
| Deferred revenue | 3,532 | 1,283 | ||||||
| Current portion of notes payable | 11,840 | 12,159 | ||||||
| Put option liability | - | 3,261 | ||||||
| Total current liabilities | 32,125 | 22,600 | ||||||
| Non current liabilities | ||||||||
| Warrant liability | - | 329 | ||||||
| Long term notes payable | 15,926 | 23,812 | ||||||
| Contingent consideration | 29,932 | 29,114 | ||||||
| Other long-term liabilities | 1,921 | 358 | ||||||
| Total non current liabilities | 47,779 | 53,613 | ||||||
| Total liabilities | 79,904 | 76,213 | ||||||
| Commitments and contingencies | ||||||||
| Convertible preferred stock | - | 193,959 | ||||||
| Stockholders' equity (deficit) | ||||||||
| Common stock | 27 | 1 | ||||||
| Additional paid in capital | 299,953 | 2,324 | ||||||
| Accumulated deficit | (258,814 | ) | (227,464 | ) | ||||
| Total stockholders' equity (deficit) | 41,166 | (225,139 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 121,070 | $ | 45,033 |
Condensed Statements of Operations (unaudited)
(in thousands, except per share data)
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Revenues | $ | 27,028 | $ | 8,271 | $ | 45,557 | $ | 24,552 | |||||||
| Operating expenses: | |||||||||||||||
| Direct costs and expenses | 14,652 | 1,830 | 21,998 | 6,074 | |||||||||||
| Research and development | 3,105 | 2,502 | 10,818 | 10,468 | |||||||||||
| Sales, marketing, general and administrative | 12,064 | 6,557 | 34,857 | 30,637 | |||||||||||
| Change in fair value of contingent consideration | (138 | ) | 926 | 818 | 4,114 | ||||||||||
| Total operating expenses | 29,683 | 11,815 | 68,491 | 51,293 | |||||||||||
| Loss from operations | (2,655 | ) | (3,544 | ) | (22,934 | ) | (26,741 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 9 | 11 | 18 | 55 | |||||||||||
| Interest expense | (705 | ) | (1,003 | ) | (7,604 | ) | (3,008 | ) | |||||||
| Change in fair value of warrant liability | (1,220 | ) | (104 | ) | (1,252 | ) | (104 | ) | |||||||
| Change in fair value of put option liability | - | (2,000 | ) | - | (2,000 | ) | |||||||||
| Other income, net | 36 | 115 | 422 | 1,072 | |||||||||||
| Total other expense | (1,880 | ) | (2,981 | ) | (8,416 | ) | (3,985 | ) | |||||||
| Net loss | $ | (4,535 | ) | $ | (6,525 | ) | $ | (31,350 | ) | $ | (30,726 | ) | |||
| Net loss per share, basic and diluted | $ | (0.25 | ) | $ | (26.85 | ) | $ | (6.48 | ) | $ | (126.97 | ) | |||
| Weighted-average shares outstanding, basic and diluted | 18,431 | 243 | 4,838 | 242 |