Biodesix, Inc. (NASDAQ:BDSX) Q1 2022 Earnings Conference Call May 11, 2022 8:00 AM ET Company Participants Chris Brinzey - IR Scott Hutton - President, CEO & Director Robin Cowie - CFO, Secretary & Treasurer Conference Call Participants Brian Weinstein - William Blair & Company Kyle Mikson - Canaccord Genuity Max Masucci - Cowen and Company Operator Hello. Thank you for standing by, and welcome to Biodesix First Quarter 2022 Earnings Conference Call. [Operator Instructions]. I would now like to hand the con ...

Financial Performance - Total revenue for Q1 2022 was $6.5 million, a decrease of 77% compared to Q1 2021, primarily due to a decline in COVID-19 testing revenue[103]. - Core lung diagnostic revenue increased by 17% to $4.6 million, driven by growth in Nodify lung nodule management tests[103]. - COVID-19 testing revenue fell by 96% to $1.0 million, reflecting the shift towards at-home testing as the pandemic recedes[103]. - Total revenue decreased by $22.3 million or 77% for the three months ended March 31, 2022, compared to the same period in 2021, primarily due to a $21.6 million decrease in diagnostic test revenue[120]. - Net loss for Q1 2022 was $15.6 million, an increase of 124% compared to the same quarter in the previous year[105]. - Net loss for the three months ended March 31, 2022, was $15.6 million, compared to a net loss of $6.96 million for the same period in 2021, representing an increase of $8.63 million or 124%[118]. - The company experienced a decline in COVID-19 testing revenue due to expiring contracts and increased vaccination rates, impacting overall revenue[126]. - The company began to see recovery in lung diagnostic testing during the latter half of the first quarter 2022, with tests delivered in March reaching an all-time high[126]. Cash and Funding - As of March 31, 2022, Biodesix had cash and cash equivalents of $16.4 million, down from $32.7 million as of December 31, 2021[97]. - The company raised approximately $11.7 million in net equity proceeds through a private placement and closed a $25 million debt facility, with the first tranche providing $15 million[97]. - The Company raised approximately $16.3 million in gross proceeds from the sale of 3,756,994 common shares at a public offering price of $4.35 per share[128]. - The Company raised approximately $2.7 million in gross proceeds from the sale of 1,349,139 common shares at a weighted average price per share of $2.04 in April 2022[130]. - The Company raised approximately $1.6 million in gross proceeds from the sale of 708,752 common shares at a weighted average price per share of $2.26 during the three months ended March 31, 2022[128]. - The Company has yet to generate positive cash flows from operations and has funded operations primarily through the sale of common stock and incurrence of indebtedness[126]. - Cash and cash equivalents stood at $16.4 million as of March 31, 2022, after a reduction of $4.625 million for a scheduled milestone payment[105]. - The Company incurred significant losses since inception and funded operations primarily through the sale of common stock and convertible preferred stock[128]. Expenses and Investments - Operating expenses increased by 10% to $17.8 million, primarily due to growth in sales and marketing for the GeneStrat NGS commercial launch[105]. - Research and development expenses are expected to increase as the company continues to innovate and develop additional products[111]. - Sales and marketing expenses are anticipated to rise as the company expands its sales force and marketing activities to drive awareness and adoption of its tests[112]. - Sales, marketing, general and administrative expenses increased by $2.6 million or 21% for the three months ended March 31, 2022, compared to the same period in 2021[122]. - Total operating expenses decreased by $13.4 million or 39% for the three months ended March 31, 2022, compared to the same period in 2021[118]. - Research and development expenses decreased by $0.1 million or 3% for the three months ended March 31, 2022, compared to the same period in 2021[121]. - Interest expense increased by $0.5 million or 75% for the three months ended March 31, 2022, compared to the same period in 2021[125]. Operational Highlights - Biodesix commercialized eight diagnostic tests, including Nodify XL2 and Nodify CDT, which assess lung cancer risk and have reduced turnaround times from 72 hours to less than 36 hours[95]. - The company has performed over 500,000 tests since inception and has a biobank with over 150,000 samples for research and development[97]. - The average turnaround time for GeneStrat targeted tumor profiling and VeriStrat immune profiling tests has improved to less than 36 hours, enhancing treatment decision timelines[95]. - Biodesix aims to leverage its multi-omic data for revenue-generating opportunities in novel target identification and companion diagnostic development[99]. - The company has invested heavily in clinical studies, resulting in approximately 90 peer-reviewed publications, to support the clinical utility of its tests[99]. - Biodesix plans to increase sales and marketing expenses to attract new biopharmaceutical customers and expand relationships with existing ones[99]. - The company has partnered with Bio-Rad to commercialize COVID-19 testing programs, including two FDA EUA authorized tests[97]. Financial Obligations - As of March 31, 2022, total contractual obligations and commitments amount to $49.546 million, with $20.535 million due within one year[133]. - The company has $10 million outstanding on the 2021 Term Loan, subject to a floating interest rate of either 2.00% above the prime rate or 5.25%[146]. - The company achieved a gross margin target related to the purchase transaction of Indi, resulting in contingent obligations of $37.0 million payable through six quarterly installments starting January 2022[133]. - Operating lease obligations total $2.546 million, with $1.310 million due within one year[133]. - The company has not entered into any off-balance sheet arrangements as of March 31, 2022[135]. - The company adopted ASC 842 on January 1, 2022, recording operating lease right-of-use assets of $1.3 million[141]. - A hypothetical 100 basis point increase in interest rates would not materially impact the company's financial position or results of operations[146]. Regulatory and Reporting - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from public company reporting requirements[144]. - The company has not reported any significant changes to future contractual obligations since its Annual Report for the year ended December 31, 2021[133]. - The company recognizes diagnostic test revenues upon delivery of test results, which is considered the completion of its performance obligation[138].

Biodesix, Inc. (NASDAQ:BDSX) Q4 2021 Earnings Conference Call March 14, 2022 8:30 AM ET Company Participants Scott Hutton - President & CEO Robin Harper Cowie - CFO Chris Brinzey - IR Conference Call Participants Brian Weinstein - William Blair Kyle Mikson - Canaccord Genuity Yuko Oku - Morgan Stanley Sung Ji Nam - BTIG Operator Ladies and gentlemen, thank you for standing by. Welcome to the Biodesix Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen-o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39659 Biodesix, Inc. (Exact name of Registrant as specified in its Charter) Delaware 20-3986492 (State or other jurisdiction of incor ...

| --- | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | Corporate Presentation | | | | | | | Third Quarter 2021 | | | | | | Disclaimer This presentation and the accompanying oral presentation have been prepared by Biodesix, Inc. ("Biodesix", "we" or the "Company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, pro ...

Biodesix, Inc. (NASDAQ:BDSX) Q3 2021 Earnings Conference Call November 15, 2012 9:00 AM ET Company Participants Chris Brinzey - Investor Relations Scott Hutton - President and Chief Executive Officer Robin Harper Cowie - Chief Financial Officer Conference Call Participants Yuko Oku - Morgan Stanley Brian Weinstein - William Blair Kyle Mikson - Canaccord Genuity Sung Ji Nam - BTIG Operator Good day and thank you for standing by. Welcome to the Biodesix Third Quarter 2021 Earnings Conference Call. At this tim ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39659 | --- | --- | --- | |-------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | |------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | Corporate Presentation | | | | | | | Third Quarter 2021 | | | | | | Disclaimer This presentation and the accompanying oral presentation have been prepared by Biodesix, Inc. ("Biodesix", "we" or the "Company") for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, pro ...

Biodesix, Inc. (NASDAQ:BDSX) Q2 2021 Earnings Conference Call August 10, 2021 4:30 PM ET Company Participants Chris Brinzey - Investor Relations Scott Hutton - Chief Executive Officer Robin Harper Cowie - Chief Financial Officer Conference Call Participants Yuko Oku - Morgan Stanley Brian Weinstein - William Blair Kyle Mikson - Canaccord Genuity Operator Good day and thank you for standing by. Welcome to the Biodesix Second Quarter 2021 Financial Results and Business Update Conference Call. At this time, al ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39659 | --- | --- | --- | |------------------------------------------------------------------------------------------------------- ...