Biodesix (BDSX) Q4 2024 earnings summary

Executive summary

• Achieved $71.3 million in FY2024 revenue, up 45% year-over-year, surpassing guidance midpoint and driven by strong growth in lung diagnostics (+43%) and biopharma services (+70%).

• Gross margin improved to 78% for FY2024, a 5 percentage point increase over FY2023, reflecting operational efficiencies.

• Net loss for FY2024 was $42.9 million, an 18% improvement over FY2023; adjusted EBITDA loss improved 32% to $22.1 million.

• Focused on lung disease diagnostics, leveraging genomics, proteomics, radiomics, and AI, and expanded sales force and primary care engagement.

• Strengthened clinical and commercial capabilities, secured new partnerships, and expanded reimbursement coverage.

Financial highlights

• Q4 2024 revenue was $20.4 million, up 39% year-over-year; FY2024 revenue was $71.3 million, up 45%.

• Lung diagnostic testing revenue for FY2024 was $64.7 million from 54,300 tests, up 43% in revenue and 40% in volume.

• Diagnostic development services revenue grew 70% year-over-year to $6.6 million.

• Gross margin for FY2024 was 78.2%, up from 73.2% in FY2023; Q4 2024 gross margin was 79%.

• Ended Q4 with $26.2 million in cash and cash equivalents.

Outlook and guidance

• FY2025 revenue expected between $92–$95 million, driven by lung diagnostics and development services.

• Gross margins anticipated to remain in the mid to upper 70% range.

• Adjusted EBITDA profitability targeted for the second half of 2025.

• Biopharma services expected to contribute 8–9% of 2025 revenue; growth mainly from test volume.

• Management expects 2025 to be a transformative year, building on operational and financial momentum.