Biodesix (BDSX) Jefferies Global Healthcare Conference summary

Business performance and growth

• Achieved seven consecutive quarters of at least 50% growth in test volumes, with industry-leading 79% gross margins and a 48% year-over-year improvement in adjusted EBITDA.

• Operates in a large market with minimal competition, focusing on blood-based, lung-focused diagnostics.

• Five on-market tests, all with Medicare coverage, and two certified laboratory locations in Colorado and Kansas.

• Recently closed a $55 million fundraise to expand the commercial channel, aiming for profitability with this as the last fundraise needed.

• New 80,000 sq ft state-of-the-art facility in Colorado supports growth for the next decade.

Diagnostic portfolio and clinical impact

• Focuses on early detection and diagnosis of lung cancer, the deadliest cancer in the US, with five tests covering pre- and post-cancer diagnosis.

• Nodify CDT and Nodify XL2 tests help stratify patients with lung nodules, reducing unnecessary biopsies and surgeries.

• IQLung portfolio includes two genomic and one proteomic test for treatment guidance, with a turnaround time of less than three days.

• GeneStrat ddPCR and NGS tests provide rapid genomic insights, while VeriStrat assesses immune status.

• Pipeline includes three research-use-only tests: Risk of Recurrence, Primary Immune Response, and Minimal Residual Disease, not planned for commercialization before 2026.

Commercial and biopharmaceutical operations

• Largest diagnostic-focused sales team targeting pulmonologists, enabling consultative selling and value addition.

• Biopharmaceutical segment partners with 60 companies, including nine of the 12 largest, providing clinical insights and supporting trials.

• Biopharma business accounts for about 10% of revenue, showing strong post-pandemic recovery and $9 million in contracted but unrecognized revenue expected over 1–3 years.

• Commercial and clinical portfolios are complemented by research-use-only assays for biopharma partners.

• First-mover advantage in the market for Nodify products, with no direct competition.