We really wanted them to be hired, trained, on-boarded, out in the territory, and fully capable of contributing as soon as possible in 2024. So, we’ll continue to invest in the sales and commercial channel expansion. Historically, we’ve hired approximately six sales reps per quarter. Obviously, we shared that we hired 10 in the fourth quarter. So, we’ve demonstrated we can increase that number. We just want to be very mindful of that expense and cash burn and making certain that we set them up for an immediate or a near-term return. So, we believe that we can continue to achieve those strong numbers. You’re spot on. As we continue to grow, the year-over-year comps become more and more challenging. It would be really challenging if we were static and not continuing to expand the sales force.
We still know that there’s a number of pulmonologists that we haven’t reached because of our limited coverage. And we also know that we’re less than 1% penetrated into this market opportunity, and it’s a massive opportunity. So, we feel confidently we can continue to grow, expand, invest in that commercial channel, and that we’ll see a return on that investment.
Madison Pasterchick: Got it. Okay. That makes sense. And I think you previously talked about an interim analysis for the ALTITUDE study. I was just wondering if we should be expecting to see some data from this sometime this year?
Scott Hutton: Yeah. So, as a reminder, ALTITUDE is our prospective randomized trial for Nodify that’s being conducted at a number of major academic institutions in North America. We implemented a DSMB, a Data Safety Management Board, in 2023. So, the nice thing about that, Madison, is an interim analysis is really out of our control. The Data Safety Management Board will help guide that and direct that, and they’re meeting on a quarterly basis. So, that select group of individuals will come together again in March, and then I believe June is the following meeting. So, I think we’ll learn more as we progress through those meetings. At this point in time, we’re not anticipating an interim analysis, but what I am able to share at this point in time is we have seen enrollment improvement and increase over the last 18 months, kind of exiting the pandemic, and we’ve actually brought on a few additional academic institutions.
So, we feel confident that this is going to continue to be a meaningful data release. It’s still just a question of when the Data Safety Management Board and the primary investigators deem that to be necessary. If we were to do something this year, it would be at chest in that October-November time frame. So, we’ll learn more, and you can expect greater insight into that in the following earnings calls.
Madison Pasterchick: Got it. That makes sense. Thanks so much for the time, guys. I’ll hand it on over.
Scott Hutton: Great. Thanks, Madison.
Operator: That concludes today’s question and answer session. I’d like to turn the call back to Scott Hutton for closing remarks.
Scott Hutton: Thank you, Operator. We’ve worked long and hard to build the best pulmonology-focused sales team in diagnostics and believe that this is just the beginning of our growth as we just scratched the surface with less than 1% penetration of this addressable market. With first-mover status in lung nodule management and an ever-increasing body of robust clinical data, we’re building the momentum we’ve already created as we increase our clinical and payer adoption in this extremely large and underserved population. Ultimately, it’s all about healthcare professionals and the patients they treat, and we believe in our ability to make a more significant impact in the future. This year, we delivered 65% lung diagnostic test volume growth, saw a return to growth in our biopharma services business, expanded our sector leading gross margins to the mid-70s, and improved adjusted EBITDA by 24%.
At Biodesix, we have a culture of teamwork, quality, and execution and constantly work to deliver on our goals to increase our reach and adoption and improve our operational effectiveness and efficiencies on our path to profitability. 2024 is a pivotal year of execution, and we look forward to updating you on our continued progress and success on the next earnings call. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
