BDSX - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Biodesix Fourth Quarter and Full Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference maybe recorded. now Chris turn Brinzey. would to call I host, your Instructions] like the to over [Operator

You begin. may

Chris Brinzey

Relations' Securities Factors other the performance today. differ filed and year Risk including the factors trends, elsewhere risks Such and reduced Exchange may XX, to Thank this those recording and remarks, competitive you, Investor Biodesix's Robin result joined uncertainties, operator, results. XXXX, Hutton, for those involve the cause statements Officer. market projected year-end the changing audio press joining call call. of copy An and for the Chief and Financial webcast business materially are the Harper announcement from Q&A. projected. Leading replay available and good conference unknown implications we morning, today XXXX on can of the from for uncertainties, call He and will call After a release Biodesix’s issued Cowie, release of risks, The discussed in nature everyone. or the the page for results known as Executive on the this call today's Chief materially ending and will discussion highlights quarter their business Actual found be year-end online company subject events financial for to and annual Officer. demand other by open results differ XXXX. a of of forward-looking Form for section highlights report fourth will be Commission our today and on us quarter a forward-looking we Today, as prepared financial press Thank with results A may Scott or be and announcing industry. website. you fourth actual statements be the also the for that will discussed detailed those XX-K company's in December and release in the

statements concerning filings in issued that detail to like Scott the results over forward-looking I in with are described could call Chief company's from Officer. our in the Hutton, Scott? release Executive SEC. turn the information Additional now greater would the press factors to cause to today and differ materially company's

Scott Hutton

Thank you, Chris.

hospitals. the strategic test the experienced the Biodesix saw we the continued pandemic, reminder, unprecedented a ebbs as a and on to and of results diagnostic patients. execution. who throughout the positively continue lead commercial pandemic the year, thank their The key use would who how to critical healthcare all the and tirelessly Biodesix impact and delivered have focus our challenging all company to know has from and the speak standard and even a is patients and every the it obstacles our to and diagnostics. and disease transform provides biopharma, made how is as COVID, with value to Biodesix year, and XXXX, access we're professionals with complex. pleased the patient. to team, performance physicians, Despite volumes believe I physicians more COVID As our culture, team Biodesix shutting as by We like multiple headwinds the accomplishments in tests unite physicians improve lung patient-centric with about difficult waves personalized was vision, team. year mission, outcomes down job well successes to the another care professionals XXXX healthcare of and and with and mission and and to flows impacting that work Throughout insights team help results

to demonstrate the while that XLX modify number management to results physicians sales to test patients, growth XX our XX dedicated could end. invasive CDT The by was members of Nodify blood-based the detected for demonstrated the supported test improving diagnostic data and we management. procedures of team team portfolio the nodules, on treat outcomes. for and is avoiding with the wait-and-watch PANOPTIC XLX was The XX%, continued a experience of from benign ordering begins commercial tests, with importance used also simple as These meeting. Nodify October to highlights using a reinforced our by The lung able the serial ORACLE that of these XLX team, shared members our procedures. physicians sales reduce number members We reclassify blood-based confidence presented sales and providing and to provide from into the study study tests. that continued sell chest focus on critical how lung and successfully published nodules Increasing incorporating tests, patients footprint testing which the XX portfolio by which growth on lung at did are this CT newly XXXX system, Nodify of five Nodify for our expansion unnecessary, blood-based rapidly the being direct on study. able team significant nodule the to they risk in goal prospective we sales Not broad invasive, the and approach summary, see Clinical costly as scans, our utility a nodule data but in In growing annual patient, the and from of can focus year only of and supported data low test health development. in the

XXXX, XXXX, sales the test, deadliest GeneStrat November, for the offer the time test NGS earlier is dealing lung When and limited of turnaround January guidance and the Biodesix, GeneStrat launch, with and the enabled In treatment commercial and that study, publish and Medicare after commercial proteomic launch that of the and cancers, test. patient test as incredible important Biodesix new NGS tests disease, tests team each the time its and in lung time family. introduce care, lung monitoring, progress and times GeneStrat monitoring, targeted with cancer, secured. VeriStrat quickly expect and matters. payment great take from turnaround with interest every why physicians, any additional a with XX-hour data as In and to broad blood-based available we planned. the We in Biodesix we will patient, value guidance for our the new XXXX. has XX-hour team members supporting critically treatment patient's the genomic the been the When three for diagnosed on new provides initiated appreciate ddPCR, genomic GeneStrat the and in fully with need turnaround already dealing best In XXXX, physician, full a importance, pride to continuum than tests treatment in getting in of this with followed GeneStrat three time possible. the made At us day cancer, we the VeriStrat NGS and better for is all to which test. complements the their This for with ddPCR, right fastest patients our Biodesix

multi-omic Overall, coming biopharmaceutical and partnership over and under number our studies years trials contract, quarters, interest be contracts the continue see our note, patients. Of area, conducted learning in over the and and partners expansion the and to offering. the conducted further and coming we've that broad increased recognized coming multi-modal capabilities retrospective the front, we service including in longer-term that prospective our growth as our biopharma and this quarters. studies positive and publish robust, the Biodesix prospective AI enroll On we platform, be and are that that confident feedback Diagnostic of and will received machine including near-term proprietary we'll in we remain midyear, activities will Cortex, unique and dollars

and In efforts Biodesix to six quarter, while challenge, identify driven. specific sales innovative, the flexible, And today. additional sales team the and clarity for outcomes months. key be including the and and the patient to paying that team XXXX, approach third four themselves the in different average potential or that our require case transparent to will AI, Our that In members insights a biological in mechanisms, noted on advancements healthcare ability were for subgroups COVID-XX to professionals, different may providing provide driving we continues was treatment.

over performance. end it year turn to to Robin and the financial quarter me fourth let XXXX Robin? Now, review

Robin Harper Cowie

testing. of Thank in compared was represented by quarter expectations, blood-based an COVID in increase for total from revenue an the to in core Fourth offset lung change $X.X $X.X you, by as $XX.X fourth line year-over-year million revenue with driven five expected entirely our million quarter the our of million Scott. XXXX. decrease tests, diagnostic The

primarily significant reminder, driven million for ending As diagnostic repeated the be was XXXX did revenue for biopharma core quarter revenue, Total we XXXX. of tests quarter XXXX, year XX, XX%, in in by increase million $XX.X which December the the reflected XXXX, the the full to COVID-XX diagnostic and fourth services. $XX.X lung ended an of full not growth a compared year to expect fourth testing

quarter core diagnostic XX% fourth $X.X quarter for versus million growth revenue $X.X Our lung the was rate. a reflecting fourth XXXX, million testing

versus the quarter for services a core $X.X Biopharmaceutical XX% decrease XX% to increase increase million, and fourth of versus $XX.X million quarter $X.X XXXX, year million, services XXXX compared For diagnostic million In revenue partnership million over the $XX.X XX%. XXXX, the testing million, $X.X $X.X XXXX. fourth of was XXXX. was full the a year revenue over lung biopharmaceutical was XXXX, for a full

pandemic, the XXXX. COVID be XXXX due this under drop testing. XXXX, were enrollment. the ongoing several to personal $XX.X has the year including infection said, on circumstances, of long revenue and this shifting antigen million timing, projected Despite reflects the $X.X in but testing And quarter fluctuate towards and and off versus multiple $XX.X the nature As versus would can million reasons, $XX.X normal in for quarter was for changing testing had full million rapid instance, the right. including impact clinical we that the have we factors, COVID-XX business million the prospective fourth year full in which of overall fourth can consistently of pandemic for the COVID convenient, continued rates trial we've contract at-home

in driven full margin biopharmaceutical the of quarter basis for ’XX, testing, the quarter to the of operating XXXX, a improvement and as XXXX gross expense a sales in XXXX versus in million the percentage to $XX.X a the nearly points, our decline increases margin the recognized a Net primary million over related $X.X the COVID-XX for compensation to was core higher quarter margin the $X.X to which loss a of the million Total the XXXX, and XXXX, October revenue the by during improvement during lower approximately and result includes of million was the becoming of XXXX. and half in million, a in was team point of quarter net months COVID-XX was XXXX quarter fourth compensation excluding quarter term significant and was margin ’XX. loan. quarter of Gross fourth million reflects year-over-year core proceeds, As continues non-cash sequentially of expansion XXXX seen company $XX.X with The the XXX related in and result a of of $XX.X million of of XX%, traded decrease first expenses, expense XXXX, of XX equity from for for in a of compared XX% result XXXX, stock-based Both to and fourth products the $XX.X in XXXX gross net quarter The for versus XXXX. mix a lung million for loss the the in XX% in the also compared year full to were fourth to recognized direct to mix loss expenses, margin the ending was testing ending lung inclusive million over third sales services. our of for million publicly margin quarter million development. in $XX net full ended prepayment increases were quarter sequential XXXX. million margin and investments as includes stock-based diagnostic XX, million during $XX diagnostics as the COVID-XX services, $XX.X margin the experienced XXXX, respectively. the $X.X XXXX the and higher ago costs of in Gross and compared XXXX compensation gross capital the revenue mix stock costs non-cash fourth which biopharma XXXX. December million full expenses of and XX% XXXX, year XXXX, cash year compared $X.X excluding reflect in by Overall period research year percentage to The for revenue. $X.X and were increased shift to operating quarter, basis $XX.X $XX.X year direct change same a the primarily issuance and the compared loss We higher a of net non-cash XXXX. in fourth quarter and the expenses, $XX.X fourth equivalents, and fourth cash million of

earnings in have working filings disclosed and support calls, our plans. raising additional our recent ongoing we As on capital growth been to

addition this to support our pleased This three-year XXXX, enhance to in party line, December new In a XX-million our facility investors time. committed facility, from during flexibility were Lincoln equity at-the-money with the access to capital our complex Park addition week continued in third announce we last Capital. to

total million. around takes account million revenue low some the of $XX.X waves of future end now project to of The this guidance. our range We $XX.X COVID-XX pandemic. uncertainty Turning to XXXX into

assumes Our launched of our core strong by as newly expected physicians, all growth organization, tests, in contribution our NGS biopharmaceutical a lung our increase utilization GeneStrat diagnostic growth business, of guidance services in expected of year-over-year our larger well growth as by an tests driven improved business. in from testing commercial

continuing a taken XXXX additional variety our cash focusing burn, access while to We funding to have reduce and of on add steps all ’XX. in revenue grow to and

needed growth invest our the We including support organization in will growth. capital select and our continue on-market commercial products, the to projected commercial of expenditures to

average at as year, cadence last a additional months, hire six on about paying reps new as We similar opportunistically expect are as themselves our team four members in sales expected. to for to

of cost and be long-term XXXX we pipeline will and implemented, to However, in current XXXX. chosen through outside measures to we have delay these projects savings costs. of R&D commercial certain our products G&A The both reduce and realized have result

will and ongoing saving growth We cost expect topline that our our our breakeven anticipated EBITDA efforts accelerate timeline.

to it back Now, Scott. Scott? let me turn

Scott Hutton

fire COVID-XX laboratory displacing destroyed donating, in reached and you Biodesix Thank imagined. opening on you, Biodesix providing have X,XXX-acre rallied the Biodesix the of ever and those history, team it about the lost X,XXX team homes, wildfire team destructive as all XX it testing for for, other the countless the team the Yet, Marshall greater not were that and could with Biodesix team, as Many extremely support team Robin. to I'm all Colorado erupted no Biodesix was responders. members sadly, December to members The fire having most the team hoped and and same not their home. on Unfortunately, accounted and Biodesix say families. assistance the had Thank that businesses nor to we and that we communities. office something aftermath for in of was as than for, need, and check of proud impacted, the friends, in members by Biodesix first out team. was XXXX. with you XXXX while County lucky to end neighbors, Marshall of XX, thinking was volunteering, homes our The This fundraising, the businesses, their cannot Boulder-based were assisting Boulder the

the While our COVID-XX another impact, as significant dealing the Marshall with still nationally. infections, increase locally the fire's was year hit in and wave community yet with Omicron we immediate began

companies, of XXXX. third number Omicron early the COVID in business and January, had in mimicking by many impacted cases in two seven-day variant average Delta fact, our the XX% weeks. quarter Like that in In of the impact other the February, January increased was

reflected continued which Yesterday we’re late improvements we've February, Omicron in we mimicking rapidly March, seeing quarter the as of pandemic. in to the two-year seen recovery the the that because departed we the begin has hit anniversary encouraged office when Biodesix of are and However, XXXX. in rebound was the saw since as fourth subsided, of the quickly the marked team remotely global working

environment. team team adaptable, resilient, for continue progress enable improve drug Biodesix development proud research, biopharmaceutical for to the shown lead six, their commercial by to presurgical steadfast cancer a in immune ongoing our patients impacted we've data risk team, and identification. we and of team. blood-based additional test. testing real-world And and tests lung of Biodesix of additional on-market immunotherapy readouts in integrate our in test Biodesix strong recurrence to through partnerships two-year and us to performance grow company, Two, five, testing lung adoption the response growth the numerous diagnostic our the the proteomic for products, practices, for the the of team. clinical of and following: as development of ordering patient continuum how sales of that blood-based are way our we do extremely personalized we balance immune our one through primary that and cancer, these primary risk physician in core early-stage and and recurrence Over studies, will resection expansion which post-COVID plan diagnostic trials, the guidance, of commitment the remains Four, our direct lung with discover proteomic I'm the our from explainability of supports deliver Four, and period, our pipeline testing And clinical test strengthen into for lung needed to providing growth one, as progress diagnostics. care, of Biodesix test. dedicated continue capable reimbursement data sheet, like Two, lives utilizing services. to In a and expand to trusted XXXX, new than companion AI Three, course response Three, The the the strong, before. demonstrate studies a recurrence to development, excited and one test, physicians continued XXXX biopharmaceutical and disease. clinical and Five, tests. lung and providing aid develop ever more all the multiple demonstrate tests, of patient, and following: results. transparency. traits the adoption one, test conduct our our results

to close, take like thank I'd team. a As we recognize to moment and the Biodesix

on our turn over commitment lives. vision, Thank that, questions. culture, for operator focus call to inspires the and impacting positively for contributions and you With I'll to mission, the daily patients’ me. Your your

Operator

[Operator Instructions] Brian William Blair. Our first question from with comes Weinstein

Brian Weinstein

questions. for Hey, the guys. Good morning. Thanks taking

things few a So, here.

talked for about and were in guys rates little in more the but physicians us script, there? First, you things details utilization a any but lung you kind a translates - stats the that the you past saw you bit growth we growth there, or in break there you, And little the know your guide core saw franchise, then year? you significant been using kind how that I reticent color out of guys have about in in in the can provide that terms the give to buildup docs of is how Robin, bit, can ‘XX? of into that for that

Scott Hutton

morning. Thanks, to you. Good hear question. a It's Good from Yes. great Brian.

we've a we number that and XX a One the the XX were on track of obviously very we’ve the last were lot clear to of metrics that things there starts is And of got stops. over in months pandemic, the stated past with physician we utilization.

Omicron we're we've that physicians. The a that that also we But a in to We we returned and did bit XXXX. staff saw was people looking one XX% forward providers, of number and disclosing to quickly through Omicron run sharing we increase some in it think They their been sick. of script, the though. clear little we sick, I thing progress work with those through got get was stabilized. we impact You healthcare stated saw metrics so, right? And as - weeks. two physicians, different saw think

It So, was through didn't extend that the minimal. quarter. disruption

So, we feel how to starting we're rebound. and learn that good to recover

indicator Retention number What we're rates continue seen Brian, our physicians excited share, much we they I strong they that's because were metrics they've test their not of ordering. show the results stability. though, physicians them, to those So, reorder share when looking in and how that starts what it get what but and to a we see impact to And extremely improve. think practice. that's high got and matter are is, terms in of only of a the little a more also we've record for, can we stability and

Robin Harper Cowie

Yes. And …

Brian Weinstein

think go I And - sorry, ahead, Robin.

Sorry.

Robin Harper Cowie

all starts become abnormality. when of us And Brian, are model. perspective, us the mentioned, you stops, more excluding model those waves those and helps out predicting expect about the predictive to happen, it for as inputs we a from what sort critical and for So, much COVID take COVID Scott out of

Brian Weinstein

understood. Yep,

to in it the test, that range? obviously comments the And early about particular received? very it but towards make NGS how the make far to being how about you think want On Robin, back that contribution then, it's and that any days, on could that message as to guidance product you as

Scott Hutton

year, team, Thanks, We utilization We're ago. Yes. anticipated. got end to release pleased. all of ramp, positive. will professionals it of entire and indications sales early. time it far, and weeks really at needs the Brian. a interest. take its been and representing slightly thus We're said, is and strong, little has and It exceptionally as early kind of scale out really forecasted bit presenting the is test We've pleased. few But and a really supporting introduced we feedback did Early excited. and the But better than just the but that we're XX limited feedback sales

Robin Harper Cowie

we a From fairly Yes. modeling perspective, a conservative approach. take

test begin the new per to of wait using. of any launch, we with number number the physician, As adoption, that see tests physicians

And a a XXXX, ‘XX business contribution expect and in ‘XX. from the in with in performance we stronger relatively really so, contribution to NGS modest

Brian Weinstein

sales force. the And is Okay. for last one me the on

in the a on it the - if signaling about talked wasn't You pace. call ’XX. comments you I were sure doubled And similar

in was a years shift just in XX then the towards in as the six that pulmonologist ago. if And of about or wraps know your you general, per couple in think kind didn't quarter. adding I ‘XX - another there So, reps you're those and business meant as of adding

oncologist some - products the more geared have setting setting. bit towards that you a oncology are the little Now,

force time there in of, basically about can plans are So, sales how and well, yes, of their segment sort year. this just and those you that based evaluated is reps each what Thanks. on being are talk the sort comp how splits - the

Scott Hutton

Yes. Thank you, Brian.

XX at everybody, team of reminder the IPO. that, as did. members Just double had time we We we approximately for sales stated we would a which

XX. allows So, the at we per steady six last was us sales that rate train, and quarter. onboard, exited up we year achieved to Really running. year What professionals a of educate, inform, them get

that got and for bring like sight path out market. clear about as that we the of be make Obviously, want quick want line themselves are opportunistic on, be somebody want So, as of it. lot we impacting to cadence, but we them paying there a and there certain when things We able to for get to a possible. profitability to we towards they’ve to growth,

and We of day. into For it or can we put haven't professionals stated new we multiple calling time a IPO, XX sales every we covering where is had a of of reps. balance dirt states. sales also number territories We had each that on the bringing reps us, sales had somebody at

them. the not time, only was, overnights, minimize let's a So, little decrease out lean, more let's take goals us for it embed costs, some one but windshield of make other

for them. smaller bit little that territories as sales that trusted Let's resource make can for their a they professional physicians be consultative truly a that look so

doing we're well. exceptionally think we So,

do to We be per and this for we're - sales another about yes, that quarter going six honor there's professionals that, room year. state, have not going Brian, to to be again, when XX. bold, we we're and that as on mindful bring think we'll but We add

of point up great call in terms bring a the You point.

Nodify we they detection XLX phase. CDT, have sales really did play early Pulmonologists When going a team correct. early really role as Nodify as we that focused and diagnosis strong there. the into introduce You're and can

have we we on oncology introduced we tests, have what call the As NGS specialists. bringing begun

pulmonology-based can And our are the of two that hybrid. a to as liaison in in to number that, past bring to our clinical we're all also go talk science going so, expert in each when to. pulmonology support but focused If professionals specialists on the point of sales and with treatment, need our trials, that of our obviously oncology and the We have in medical It the them give the going can learn here team, plans about come regions is they oncology kind exceptionally within to trends worked had medical or ask really all resource studies done call a different through to or a team well. and a PhDs we're that. this clinical blend that wants

helpful, what disclosing more hadn't and we'll of we quarter next specialists. that'll So, as heads that Brian? oncology Brian, disclosed see like really the the will in look than look if to Is any those be additional those we forward likely that how year starts.

Brian Weinstein

guys. Thank Yep. you, That's great.

Operator

Canaccord Genuity. comes Mikson Our question with from next Kyle

Kyle Mikson

Hey, good guidance for see year. the questions, and the to for taking guys. Thanks Thanks. the

test. like Sounds NGS includes the that

understand any I you of if assume contribution. like And a COVID that So, there. Could it's that's now? probably good. small I just assumes tell some expectations us right to the testing know

year. then, parse And reps maybe and could some Thanks. recent the just out of you're about assumptions this force for the some how of of you kind also of for curious thinking relative sales that productivity Just access the kind to quarters? new like of

Robin Harper Cowie

COVID for Sure, revenue includes for call. the Thanks little very, on the Kyle. year. very The being guidance

our in really saw themselves pay the testing. the continuing in productivity revenue really that as we shifted as care about reps for expected, COVID standpoint, rapid antigen Nothing assumption. months. significantly in experience more four as towards point As From are changes of six to fourth off rep we dropped the to a country quarter, mentioned, the

ahead we've year. little or can impacted good is the be That of on right as right access as over seen a COVID spikes, there now. are And So, expectations. rep last

is I given impacts that area, Physicians rep any doctors think and access. limited. going wave Patients there's is access what when consistence, being in wave major wave sick limited. the we've staff after seen a into are

early very January, in But rep so, of to and improve, start sort we're February, of quarter, and And third sales a progress excluding really stop. with the in delta Omicron the pleased organization. the continues it's productivity excluding

Kyle Mikson

biopharma experiencing hear. this delays of shifting that the in to you're Robin. Thanks, some Great Okay. XX-K the to noticed still. indicates morning And it services kind business,

we're So, just here want to some environment biotechs these know of the obviously of that. going pretty non-existent is be much revenue the funding to much understand for wondering, the assuming curious with in with. these I'm pretty kind talking trials. forward, near-term some services Thanks. hinder hear if in term that what larger the I you're companies conversations right maybe in I’d near And those things do you're for about now. pharma just of ’XX.

Scott Hutton

you, access spike Thank it had to in Kyle. retrospective definitely sample services. bit recent monitoring And side, Omicron temporary in the And place definitely to an impact then We comes in there study working prospective we're then have a impact. when closely biopharmaceutical partners experienced studies an contracts we're delivery, little of slowdown Yes. and was a That those the on samples. those with. we

in questions and about imagine, we've got you of As for those now, and samples some that's occurring access sort right to compliance Europe study can clinical concerns any Eastern those patients.

of been has based that contracts. it's historically, business a little to the think So, upon biopharma easy say services bit timing lumpy I

think stated we've got to may kind and that's we lumpiness in the forward You that that contracts have larger more We to. the smooth of minimize samples place, committed that one out. noticed of paths

conversations those were ability samples The cancer if number bring go normalize world it farm the delayed biggest When (COVID, trends, as away, spending we're of patients about coming keeps could anticipate feel or noticed complex of we're of that as delay coming and coming ahead literature increase have unfortunately, and Those that and we're we time. and It now in difficult concern to biopharmaceutical because patients stay the it you going have Can around are looking in diagnose ever having on the to out we to still that COVID hunt told get is with and and out as right? out of does The more you pandemic one can that the some there. shuts in that do definitely the likelihood we good it? communities. spike a a forecast and possible, continue and hoping institutions, at what do delayed viability. where be to time world, really to there can know comes really impact. to over we've we can of gives those from? studies. companies, where extremely a impact we're long-term as those is all a many the is academic best outcome. maybe We There's things than a immunocompromised. especially the It's sooner, down research so, And cancers anything, a problematic. now or that missed, the pandemic us were samples percentage help? away actually higher those the detect can What it But that cancer see to around lot of early diagnoses and imagine, positive is we Sadly, a diagnosis. we institutions, and

it And professionals, companies, is institutions, highlighting so, that pull focusing really seen healthcare and and forward. what that trying to on academic we've biopharmaceutical

prioritize able that If we that matter that, do high continue that sure we're our consistent should I'm coming and confident what and to no change in happens with rate. quarters, their risk patients in those So, back that cancer to and approach at the coming samples see a helpful, we'll compliant hopeful to they're in Kyle? make the pandemic Is we'll end.

Kyle Mikson

your kind perfect. That to Yes, capital were that value, really demonstrate question. company's this priority great. priorities shareholders. And for what goals, term obviously. for just more Scott. to I execute curious of perspective order from last for position ask the for given wanted now. drive a think and a in could recent sort financings ask investment like objective that. though near Thanks. of shareholder I for some the just you how the really year just to shareholders you guess, of kind you I'll could you, a was value to what's - I Thanks - and was That could XXXX, on your you heard all just

Scott Hutton

in Nodify Yes, us the reimbursed To able it's fortunate launch right? that in position in We put to with be coverage tests in to we be position. XLX a great number with we're have, a question. place, Medicare very feel of great the

who at to being that We're some with we pre-pandemic pandemic So, tests core. that's to and said, leverage the tests. to have back the of are our those. reimbursed drive we excited hopefully come those continue on-market get out normalcy and

You test NGS we receiving begun may early have days, payment. though the have also heard and noticed that Medicare even is

the number get physicians, to of we one then growth, are can leverage business, we street that the that the topline broadened those force. supporting tests with on our that And clinical priority to with available if have to feet do we tests, profitability. to have continues we towards think us continue we that, grow be can the sales the data growth, number the have for increased So,

that may detail, Without we’ve have great referenced measures place. we've into You noticed in going some measures. put some

going continue recall, XXXX. and we were on said push you'll PIR ROR, we our launch pipeline, we're those to And so, but to in to as going

to the So, two those a see going from impact tests you're revenue not years. in next

And to want and and mindful each anything, is with and growth core Biodesix diagnostic every topline we our every lung revenue tests. focused so, generating teammate, be driving dollar, each that on reimbursed if

Kyle Mikson

guys. I that. Scott. appreciate really Thanks, Thanks, Great.

Operator

Tejas question comes next Stanley. Our Morgan with from Savant

Yuko Oku

for This our Yuko for questions. Tejas. Hello. is Thank you on taking

phases the volume, then, longer For the revenue early your the versus about in we per are run? should GeneStrat what how And test, expectations test then for NGS the over commercial Medicare mix and there? ramp the of think

Robin Harper Cowie

NGS as for is the morning, other we've tests. GeneStrat Yuko. Good same experienced The with mix lung-based our

of patients. the for Some Medicare accounts XX% about

remains and So, is consistent. - that

commercial, panel XX Medicare using good portion mix than greater We're the of a that $X,XXX. for NGS existing Medicare is billing ASP. gene that With about strong the revenue and code, rate for drives the the versus

Yuko Oku

helpful. super OpEx Great. in And think cadence That separate was then quick about ’XX? should just question. How follow-up a we

Robin Harper Cowie

our and term. as and we long-term growth topline lung diagnostics for revenue do expect grow we’re OpEx impact delay as to in investments revenue levers business. near not on projects biopharma to XXXX But pulled in organization expand commercial strong drive have our continuing several to over that certain ‘XX We mentioned we earlier,

and intentional very be So, we growth very spent. with to very, each closely trying are watching OpEx dollar

Yuko Oku

you much. Thank very Great.

Operator

instructions]. [Operator

Sung comes from Our Nam with Ji BTIG. next question

Sung Ji Nam

Hi, thanks the for taking questions.

terms Just Could a the academic percentage us and you of - targeting versus of or hospitals in of NGS have the plan the that give community new couple. targeting a hospitals, test? on currently target are are sense clinicians with the - you

Scott Hutton

Sung nodules we question. in they is, way our where go there. want or Yes. are it So, their to it go We've Thanks possible, but members where really to? - the and And really sales are in where disclosed, whether the go being referred Where to they go out shift, team referrals where as want that's as want similarly, for really, that diagnosed possible. the try look there's the community-based see care, position, being find academics. detection patient right? not early right? it's rule to see Hi, of community live, we Ji. follow think at assessed? into with for lung as community academic early We as patterns. the the cancer, early portfolio, those of start is greatest Nodify testing continuum as Then you'll out once We a of you with a and and lot to a diagnosis lung rule referral the where cancer That's lung tests. in Again, follow utility and we we both

really call all. And so, and both on we

more treatment one over lives. positively another. is looking at not are about and prioritizing We impacting patients This

get the and and can so, of to referred the works earlier testing on best get optimal that best also. that a physician, Is for we into Ji? regime them them us And Sung helpful, kind

Sung Ji Nam

And you data of Study, implications what the are once about, Thank of Registry completed is standpoint? available potential some that this so terms much. I in then sometime could will be Absolutely. of talk ORACLE your Yes. you the commercial from in Study the believe, terms year. And

Scott Hutton

Yes, great it's question. a

to don't opportunity You on what get too an to there want but are, potentials speculate is the guideline much still inclusion.

with And that that the think best data. you so, way can is that do we

opportunity guideline when how, play continue able And we as perspective, that and so, the, in we're for especially and to critical of an results, physicians, if, to and we're share publish blood-based from consider kind those that diagnostics to there's role ORACLE hopeful a there. a invest

at studies, And to in discussed and We've to and key, guideline don't when validation importantly, would our in. presents. mean sort critically data product, at that never to the our environment So, a perform and the members, Obviously, when the want I ability if portfolio We to could that of we opportunity performed our think they're biggest a so, team factor opportunistic any that highlight be show say hand, is but to that's that's think degradation what rate what for utilization I that and in stand we professionals behind of that a that's demonstrate tests real-world important. We the in for real-world want out similar tests right? one. inclusion don't sales most performance. they forecast. probably representing

that's us, And for the so, think biggest. I

able were got seen requested. and that's think It out when procedures lot was show October, of we've it think a in we meaningful. weren't necessary. We've matters, there professionals that that I in of last data a the about We - invasive it. be talking year chest nearly reduction XX% sales

really we're excited. So,

to on ORACLE in might full forward kind occur share on submitting spot for the to and the you’re hope here we're data that on think timing. package news a XXXX. looking I of publication

Robin Harper Cowie

also don't add things that, would well. that reimbursement Payers as want don't to I for is ORACLE care. to for pay important impact that

really data reduce this we physician so, but impacting only shows helping outcomes, are And to decision-making procedures. unnecessary not impacting and

beneficial publication we And full so, once as the out. is think reimbursement well for would it be

Sung Ji Nam

much. Thank you so Fantastic.

Operator

not And further at time. showing this I’m any questions

participation. you presentation. thank today's So, this conclude your for does We

day. disconnect, have all wonderful may You and a

Biodesix (BDSX) 14 Mar 222021 Q4 Earnings call transcript