Biodesix (BDSX) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Commercial performance and growth drivers

• Achieved over 51% revenue growth for eight consecutive quarters, with 77% gross margins and 228% biopharma services growth year-over-year.

• Nodify nodule management tests drive over 80% of commercial revenue growth, benefiting from first-mover advantage and ongoing physician education.

• Added 10 new private/commercial payers in the quarter, mainly for Nodify XL2, with ongoing efforts to expand coverage.

• Three of five tests have advanced diagnostic laboratory status, supporting strong pricing and regular CMS submissions.

• Updated annual revenue guidance to $70–$72 million, reflecting confidence in continued rapid growth.

Biopharma services and contracted revenue

• Biopharma services backlog fluctuated from $9 million to $8 million but rebounded to just under $10 million after a strong July.

• Record pace of incoming requests for proposals, indicating strong future growth potential.

• Most contracted revenue recognized over 12–18 months, with ongoing efforts to secure new contracts.

Sales force expansion and operational strategy

• Sales force grew from 20 to 61 reps since 2020, targeting 71–72 by year-end and 75 by early next year.

• Average sales rep productivity exceeds $1 million, with top performers reaching $1.7 million before territory splits.

• Focused on balancing rapid expansion with profitability, hiring 6–8 new reps per quarter.

• Defined pulmonologist call point allows for a smaller, more efficient sales force compared to broader diagnostic peers.