Why Biodesix Fell
- Biodesix Inc's BDSX 26.32% second-quarter revenues grew 183% Y/Y to $11.9 million, but short of the $21.14 million consensus.
- COVID-19 testing revenues grew to $6.1 million from $1.4 million in Q2 2020, while lung diagnostic revenues rose to $4.8 million from $2.3 million, and biopharma revenues increased to $1.0 million from $596,000 a year ago.
- In Q1 FY21, Biodesix recorded $23.2 million in COVID-19 testing revenue, and it noted that the sequential decline was consistent with its prior expectations as COVID-19 vaccinations accelerated in Q2.
- Meanwhile, the firm said that lung testing revenues continued to recover due to the uptake in COVID-19 vaccinations. It added that growth in this segment was led by its blood-based Nodify XL2 and Nodify CDT tests.
- Further, the launch of its 72-hour blood-based, liquid biopsy next-generation sequencing test is expected in Q1 2022, supplementing Biodesix's VeriStrat and GeneStrat proteomic tests, which can return results in 36 hours.
- Biodesix had an EPS loss of $(0.41) compared to $(30.06) a year ago. The consensus Wall Street estimate was for a loss of $(0.29).
- The firm's R&D spending rose 57% to $3.3 million, while its sales, marketing, general, and administrative costs grew 68% to $11.4 million.
- Biodesix exited the quarter with $56.3 million in cash and cash equivalents.
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