3. Biodesix Inc. (NASDAQ:BDSX)
Number of Hedge Fund Holders: 18
Biodesix, Inc. (NASDAQ:BDSX) is a data-driven diagnostic solutions company specializing in lung disease. Utilizing an artificial intelligence-based platform, the company develops blood-based tests to address critical clinical questions. Their testing strategy assesses the risk of malignancy in pulmonary nodules, aiding physicians in determining appropriate patient management. For lung cancer patients, their proprietary strategy integrates several tests to support treatment decisions across all stages of the disease. BDSX also collaborates with biopharmaceutical companies, offering diagnostic research, clinical trial testing, and the development of companion diagnostics. The company leverages its proprietary AI platform to address complex diagnostic challenges in lung disease.
Biodesix, Inc. (NASDAQ:BDSX) delivered strong performance in the latest Q3 2024 with 35% YoY revenue growth, achieving $18.2 million in total revenue and maintaining robust gross margins of 77%. The lung diagnostic testing segment demonstrated significant growth with a 40% increase in revenue and 34% increase in test volumes compared to the prior year. The company expanded its coverage policies for Nodify XL2 test, adding new agreements with Blue Shield of California, Blue Cross Blue Shield Nebraska, Centene, Fallon and Security Health Plan in Wisconsin. Despite some temporary headwinds from hurricanes in the Southeast and slower sales team expansion, management reaffirmed their 2024 full-year revenue guidance of $70-72 million and maintained their expectation to achieve adjusted EBITDA breakeven in 2H 2025.
The biopharma services segment showed promising potential with contracted revenue not yet recognized increasing to $11.1 million from $8.1 million at the end of Q2 2024. Biodesix, Inc. (NASDAQ:BDSX) continues to strengthen its commercial presence, with plans to have 70-75 fully contributing sales team members by the end of 2024 and adding 6-8 sales team members per quarter throughout 2025. BDSX is advancing its clinical evidence generation through new studies, including the CLARIFY study which will evaluate outcomes in 4,000 patients who received Nodify testing. The strong potential of these advancements is supported by significant insider purchasing activity in the last six months.
