Biodesix(US:BDSX)2024-11-01 10:05Financial Performance - Q3 2024 revenue increased by 35% year-over-year to $18.2 million, with lung diagnostic revenue growing by 40% to $17.2 million[4] - Gross profit margin for Q3 2024 was 77.0%, up from 76.1% in Q3 2023[2] - Net loss improved by 6% year-over-year to $10.3 million[4] - Total revenues for the three months ended September 30, 2024, increased to $18,151,000, up 34.5% from $13,491,000 in the same period of 2023[14] - Diagnostic Testing revenue rose to $17,168,000 for the three months ended September 30, 2024, compared to $12,301,000 in the prior year, reflecting a 39.8% increase[14] - Net loss for the three months ended September 30, 2024, was $10,258,000, compared to a net loss of $10,949,000 for the same period in 2023, showing a 6.3% improvement[14] - Adjusted EBITDA loss was $5.6 million, slightly higher than the loss of $5.4 million in Q3 2023[4] - Adjusted EBITDA for the three months ended September 30, 2024, was $(5,584,000), slightly worse than $(5,436,000) in the same period of 2023[15] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $31.4 million, down from $42.2 million as of June 30, 2024[4] - Cash and cash equivalents increased to $31,406,000 as of September 30, 2024, up from $26,284,000 at the end of 2023, representing a 19.5% increase[13] - Total current assets reached $44,017,000 as of September 30, 2024, compared to $39,683,000 at the end of 2023, marking an 11.7% increase[13] - The company reported a total stockholders' equity of $27,857,000 as of September 30, 2024, significantly up from $4,580,000 at the end of 2023[13] Liabilities and Expenses - Total liabilities decreased to $74,886,000 as of September 30, 2024, down from $94,516,000 at the end of 2023, a reduction of 20.7%[13] - Total operating expenses for the three months ended September 30, 2024, were $26,742,000, an increase of 29.3% from $20,663,000 in the same period of 2023[14] - Research and development expenses for the three months ended September 30, 2024, were $2,547,000, an increase of 31.5% from $1,938,000 in the same period of 2023[14] Clinical Developments - New clinical data presented at the CHEST Annual Meeting highlighted the effectiveness of Nodify tests in over 35,000 patients[3] - A new clinical study, CLARIFY, was announced to validate Nodify tests in diverse patient subgroups[3] Guidance - The company reiterated its 2024 revenue guidance of $70 million to $72 million[5] Lung Diagnostic Metrics - Lung diagnostic test volume reached 13,900, a 34% increase compared to Q3 2023[1] - Biopharmaceutical services revenue decreased by 17% year-over-year to $1.0 million due to project timing[4]