The following is a summary of the Biodesix, Inc. (BDSX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Biodesix reported a Q1 revenue of $14.8 million, a notable increase of 64% over the prior year, with improved adjusted EBITDA by 48%.

• Lung Diagnostic revenue saw a healthy increase of 60% over Q1 2023, landing at $13.8 million.

• Gross margins were 79%, marking an increase of 14 points over last year's Q1 and a slight 2 point improvement over Q4.

• The company managed to decrease its net loss for Q1 2024 to $13.6 million, a reduction from a previously reported $18.7 million net loss for the same period in 2023.

• The company closed $55 million in gross proceeds in April, a result of a successful oversubscribed and upsized underwritten offering and concurrent private placement.

Business Progress:

• Biodesix saw a growth in Lung Diagnostic test volumes by over 50% for seven consecutive quarters and also experienced a notable growth in Biopharmaceutical Services revenue by over 100%.

• The company announced a new co-development agreement with Memorial Sloan Kettering Cancer Center, aimed at accelerating the development of new diagnostic tests for cancer treatments.

• Continued enrolment in ALTITUDE is on track, a prospective randomized trial evaluating the utility and performance of Nodify testing.

• The company is focused on improving operational processes, aiming for sustainable growth in the long term, with plans to add 6 to 8 sales representatives per quarter.

• Biodesix is creating a strong footprint in their Biopharma Services segment, recognising increased growth in contracts, and is receiving new Requests for Proposal (RFPs) from potential partners.

More details: Biodesix IR

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