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What were the key takeaways from Biodesix’s earnings call?

- **Revenue Acceleration**: Q3 2025 revenue up 20% YoY to $21.8M, driven by 13% test volume growth and 16% lung diagnostics revenue increase.
- **Gross Margin Expansion**: 81% gross margin (vs. 77% YoY), reflecting cost efficiency and higher ASPs.
- **Primary Care Success**: 75% YoY growth in primary care test orders, with 11% of Nodify tests now from PCPs.
- **Updated Guidance**: Full-year 2025 revenue raised to $84-86M, targeting Q4 adjusted EBITDA positivity.

**【CEO Opening Remarks】**
- **Revenue Growth**: Q3 2025 revenue reached $21.8 million, up 20% YoY, driven by 13% test volume growth and 16% revenue growth in lung diagnostics.
- **Gross Margin Expansion**: Gross margin improved to 81% (up 400bps YoY) due to cost control and higher ASPs.
- **Primary Care Expansion**: 11% of Nodify tests now ordered by primary care providers (vs. 4% pre-pilot), with 75% YoY growth in Q3.
- **CLARIFY Study Progress**: Presented interim data showing real-world performance of Nodify CDT, aligning with clinical research sensitivity/specificity.
- **Sales Team Scaling**: 85 reps in Q3 (up from 65 in Q1), targeting 93-97 reps in Q4 and 6 reps/Q in 2026.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: $19.8M in lung diagnostics (16% YoY), $1.9M in development services (97% YoY growth).
- **Profitability**: Net loss narrowed to $8.7M (-15% YoY), adjusted EBITDA loss of $4.6M (-18% YoY). 
- **Cash Position**: $16.6M in unrestricted cash, with $5.2M increase in AR due to higher collections timing.
- **Guidance Update**: Full-year 2025 revenue raised to $84-86M (vs. prior $80-83M), targeting Q4 adjusted EBITDA positivity.

**【Q&A Highlights】**
- **Primary Care Validation**: Primary care physicians report earlier cancer detection, reducing missed diagnoses. 
- **Sales Rep Productivity**: Targeting $1M+ per rep, with 50 territories fully staffed by end-2025.
- **Medicare Advantage Progress**: One major plan resumed paying claims, but back pay collection remains uncertain.
- **Capital Needs**: No immediate funding required; ATM used to offset AR timing, with Q4 collections strong.


Biodesix, Inc. (BDSX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BDSX

BDSX fundamentals

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