Biodesix (BDSX) Barclays 28th Annual Global Healthcare Conference summary

Business overview and technology platform

• Focuses on diagnostic tests to improve patient outcomes, primarily in lung disease, with five Medicare-covered lung tests on the market.

• Utilizes genomics, proteomics, and radiomics AI, with tests spanning risk stratification and therapy selection.

• Offers pan-cancer and pan-disease research services for pharma and diagnostic companies, including test discovery, development, and commercialization.

• Blood-based tests are convenient for patients and physicians, ordered after incidental lung nodule detection.

Commercial strategy and market penetration

• Calls on pulmonologists and primary care physicians, targeting about 30,000 physicians in the U.S.

• Penetration among pulmonologists is in the mid-single digits; primary care outreach began recently, with 12% of Q4 volume from this group and 70% year-over-year growth.

• Sales force expanded from 65 to nearly 100 in the past year, with plans to add 25 more.

• Average revenue per sales rep reached $1 million in Q4, with new reps ramping up productivity.

Technology differentiation and development pipeline

• Nodify Lung uses proteomics (ELISA, LC-MS); IQLung uses ddPCR and NGS for gene mutation testing; VeriStrat measures immune response via MALDI-TOF.

• Emphasizes targeted testing over whole exome/genome sequencing for broader accessibility.

• Pipeline includes MRD and proteomic tests with Memorial Sloan Kettering, and expansion of VeriStrat into additional tumor types.

• Developing digital diagnostics using imaging data, aiming to integrate multi-omics and digital insights.