Biodesix (BDSX) 45th Annual William Blair Growth Stock Conference summary

Business overview and strategy

• Focuses on personalized diagnostics for lung health, with five Medicare-covered tests and a growing digital diagnostics segment.

• Operates two business segments: lung diagnostic tests and development/biopharmaceutical services, with the largest commercial pulmonology sales force in the US.

• Plans to expand sales force to 95 reps by year-end and is piloting outreach to primary care physicians to capture more patients earlier.

• Maintains over 300 publications and presentations, emphasizing a multi-omic approach and digital expansion.

• Holds over 20 New York State CLEP approvals and has four pipeline tests in development.

Financial performance and guidance

• Achieved 21% year-over-year revenue growth and industry-leading gross margins just under 80%.

• Q1 revenue reached $18 million, with lung diagnostics contributing $16.3 million and development services growing 61%.

• Adjusted EBITDA break-even targeted for Q4 2024, with full-year revenue guidance raised to $80–$85 million.

• $10.9 million in contracted but not yet recognized research revenue, expected to be realized over 1–3 years.

• Significant improvement in financials expected to continue through 2024, with 2025 seen as a transformative year.

Clinical and product innovation

• Five lung tests span risk assessment to treatment guidance, with all covered by Medicare and growing private payer adoption.

• Nodify CDT and XL2 tests address the diagnostic gap for patients with indeterminate lung nodules, aiming to reduce unnecessary procedures.

• Clinical studies (Altitude and Clarify) are underway to support guideline inclusion and demonstrate real-world utility.

• IQ Lung portfolio provides rapid, multi-omic treatment guidance for early and advanced lung cancer, reducing turnaround from weeks to days.

• Pipeline includes a combined risk of recurrence and MRD test, with research-use launch planned by year-end and expanded indications for VeriStrat.