Biodesix Announces Fourth Quarter and Fiscal Year 2024 Results

Core Insights - Biodesix, Inc. reported total revenue of $71.3 million for FY2024, representing a 45% increase compared to FY2023 [1][2] - The company achieved gross margins of 78% for FY2024, an improvement of 5 percentage points over FY2023 [1][6] - For FY2025, Biodesix anticipates total revenue between$ 92 million and $95 million [4] Financial Performance - Total revenue for Q4 2024 was$ 20.4 million, marking a 39% increase year-over-year, while total revenue for FY2024 was $71.3 million, up 45% from the previous year [6] - Lung Diagnostic Testing revenue reached$ 17.2 million for Q4 2024 and $64.7 million for FY2024, reflecting a 34% and 43% increase, respectively [6] - Diagnostic Development Services revenue was$ 3.2 million for Q4 2024 and $6.6 million for FY2024, showing a 72% and 70% increase year-over-year [6] Operational Efficiency - The company improved its gross margin to 78% for FY2024, up from 73% in the prior year, driven by growth in Lung Diagnostic testing and optimization of testing workflows [6][2] - Operating expenses for FY2024 were$ 90.2 million, a 17% increase from the previous year, primarily due to higher sales and marketing costs [6] Loss and Adjusted EBITDA - Biodesix reported a net loss of $42.9 million for FY2024, which is an improvement of 18% compared to the previous year [6] - Adjusted EBITDA for FY2024 was a loss of$ 22.1 million, reflecting a 32% improvement year-over-year [6][20] Cash Position - As of December 31, 2024, the company had cash and cash equivalents of $26.2 million [6]