On October 11, 2022 Biodesix, Inc. (NASDAQ: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, reported that the Company expects to report third quarter 2022 total revenue to be in the range of $10.6 million to $11.2 million, representing growth of 62% to 71% over the third quarter 2021 (Press release, Biodesix, OCT 11, 2022, View Source [SID1234621876]). The strength in the third quarter 2022 total revenue reflects continued growth in the Company’s core lung diagnostic testing. The financial results included in this release pertaining to the third quarter 2022 are preliminary, subject to completion of internal procedures and review.
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Third Quarter 2022 Financial Highlights
For the three-month period ended September 30, 2022, as compared to the same period of 2021 (where applicable):
Total quarterly revenue estimated to be in the range of $10.6 million to $11.2 million, an increase of $4.1 million to $4.7 million, or 62% to 71%;
Total quarterly lung diagnostic testing revenue estimated to be in the range of $8.9 million to $9.2 million, an increase of $4.4 million to $4.7 million, or 96% to 103%;
Total quarterly COVID diagnostic testing revenue estimated to be in the range of $1.1 million to $1.3 million, an increase of $0.6 million to $0.8 million, or 117% to 157%;
Total quarterly biopharma services revenue estimated to be in the range of $0.6 million to $0.7 million, a decrease of $0.8 million to $0.9 million, or 53% to 60%;
Cash and cash equivalents of $15.2 million as of September 30, 2022.
"We had another strong quarter that builds upon recent momentum and again was highlighted by record revenue and volume growth from our core lung diagnostic testing business," stated Scott Hutton, Chief Executive Officer. "Our lung diagnostic portfolio consists of five Medicare-covered tests to help physicians quickly and confidently decipher the risk of malignancy of a lung nodule and then help guide treatment decisions if a patient has been diagnosed with lung cancer. While we are pleased with our COVID testing results for the quarter, we do not expect any significant continued revenue generation from this testing given the previously disclosed expiration of our contract with the State of Colorado. We continue to be pleased with the interest and ongoing discussions around our BioPharma services although the revenue represents the continued delay in clinical study enrollment and sample shipping logistics impacting timelines for existing and new agreements. At Biodesix we have worked hard to build one of the most comprehensive suites of precision diagnostic tests to support clinical decision-making across the lung cancer continuum and are very pleased with the increased adoption of our tests by physicians to help improve patient care."
The Company expects to be at the high end of the range of its previously disclosed total revenue guidance for 2022 of $37.5 million and $39.5 million. We expect the fourth quarter 2022 to maintain continued growth in our core lung diagnostic business while COVID revenue is expected to decline to an immaterial amount based on current trends in COVID testing.