Biodesix Reports 45% Revenue Growth to $71.3 Million for 2024

Biodesix, Inc. reported total revenue of $71.3 million for the year ended December 31, 2024, a 45% increase compared to $49.1 million in 2023. This growth was driven by a 43% increase in Lung Diagnostic Testing revenue to $64.7 million, resulting from a 40% rise in tests delivered to 54,300. Development Services revenue also saw significant growth, increasing by 70% to $6.6 million. The company's gross margin improved to 78% in 2024 from 73% in 2023, primarily due to increased Lung Diagnostic Testing volume and operational efficiencies. Operating expenses (excluding direct costs and expenses) increased by 17% to $90.2 million, reflecting investments in sales and marketing to support growth.

Despite the revenue increase, Biodesix reported a net loss of $42.9 million for 2024, a slight improvement compared to the $52.1 million net loss in 2023. The company attributed the improvement to increased revenue and cost-disciplined approaches. The fourth quarter of 2024 saw total revenue of $20.4 million, a 39% increase year-over-year, with Lung Diagnostic Testing revenue at $17.2 million (a 34% increase) and Development Services revenue at $3.2 million (a 72% increase). The company's gross margin for the fourth quarter was 79%.

During 2024, Biodesix launched the CLARIFY study to collect patient outcomes data on 4,000 patients who received Nodify Lung® testing. The company also continued to publish clinical data supporting its tests and secured increased reimbursement coverage from private payers. Biodesix was recognized with the 2024 Inc. Magazine Best Workplaces award. The company's employee count was approximately 273 as of December 31, 2024.

The company's financial performance was significantly impacted by reimbursement rates for clinical diagnostic testing and the volume and mix of testing performed. Revenue fluctuations were also influenced by the timing and success of clinical trials and the ability to attract and retain biopharmaceutical customers. Biodesix noted that its financial results may fluctuate significantly due to various factors, including demand for its tests, manufacturing costs, and competitive pressures.

Biodesix's outlook is contingent upon several factors, including achieving and sustaining profitability, securing market acceptance for its tests, managing growth effectively, and maintaining relationships with biopharmaceutical companies. The company highlighted risks related to product performance, supply chain vulnerabilities, the impact of pandemics, competition, and regulatory changes, particularly concerning the FDA's evolving regulation of laboratory-developed tests (LDTs). The company also noted its reliance on senior management and key personnel and the need to raise additional capital to fund operations and growth.