Biodesix(BDSX) - 2024 Q2 - Quarterly Results

Financial Performance - Q2 2024 revenue increased by 51% year-over-year to $17.9 million, marking eight consecutive quarters of over 40% revenue growth [5] - Net loss for Q2 2024 improved by 19% to $10.8 million compared to Q2 2023 [5] - Adjusted EBITDA loss was $5.6 million, an improvement of 38% over the same period last year [5] - Total revenues for Q2 2024 reached $17,925,000, a 51.5% increase from $11,872,000 in Q2 2023 [19] - Net loss for Q2 2024 was $10,808,000, a reduction from $13,356,000 in Q2 2023, indicating a 19.0% improvement [19] - Adjusted EBITDA for Q2 2024 was $(5,607,000), an improvement from $(9,086,000) in Q2 2023 [20] - The company reported a net loss per share of $(0.08) for Q2 2024, an improvement from $(0.17) in Q2 2023 [19] Revenue Breakdown - Lung Diagnostic revenue reached $16.5 million, reflecting a 44% year-over-year increase driven by the adoption of Nodify Lung® tests [5] - Biopharmaceutical Services revenue surged by 228% year-over-year to $1.4 million, attributed to new agreements and contracted business [5] - Diagnostic Testing revenue was $16,539,000 for Q2 2024, up 44.5% from $11,449,000 in Q2 2023 [19] Guidance and Projections - The company raised its full-year 2024 revenue guidance to $70-72 million from the previous $65-68 million [1] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were $42.2 million, an increase of $30.7 million from March 31, 2024 [5] - Total current assets increased to $57,579,000 as of June 30, 2024, compared to $39,683,000 at the end of 2023, reflecting a 45.1% growth [18] - Cash and cash equivalents increased to $42,219,000 as of June 30, 2024, compared to $26,284,000 at the end of 2023, representing a 60.7% increase [18] Liabilities and Equity - Total liabilities decreased to $79,581,000 as of June 30, 2024, down 15.8% from $94,516,000 at the end of 2023 [18] - Total stockholders' equity rose to $36,260,000 as of June 30, 2024, compared to $4,580,000 at the end of 2023, reflecting a significant increase [18] Research and Development - Research and development expenses for Q2 2024 were $2,558,000, slightly down from $2,910,000 in Q2 2023 [19] Test Volume and Data Presentation - Lung Diagnostic test volume grew to 13,900, a 42% increase over Q2 2023 and 17% over Q1 2024 [3] - The company presented new data at the ATS Conference in May 2024, showcasing the utility of the Nodify XL2 test in identifying benign nodules [3]