Earnings call transcript Q4 2022

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Operator

Good day, and thank you for standing by. Welcome to the Biodesix Fourth Quarter and Year-End 2022 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 is being recorded.

to conference like Brinzey. to now would turn over the Chris I go Please ahead.

Chris Brinzey

and Thank Executive Cowie, quarter morning us you, be Robin results. good Thank operator, Harper today call everyone. will business and a will be of Leading by the XXXX Hutton, today discussion Officer. you He Biodesix Chief year-ended fourth Chief Financial and Scott highlights financial Officer. for joining for joined

replay An remarks, detailed prepared the will today’s audio also recording will we webcast release in announcement as Q&A. the After for call be and this open for press online call conference call. for available the

be Today, a Relations page on the issued and a highlights fourth from the company our business of quarter changing or as events and projected website. industry. materially and result of can the financial trends, year-ended differ XXXX. we of of results market Biodesix found release for competitive demand, nature those copy may the press Investor results A Actual announcing release reduced the

implications on and filed Risk those cause uncertainties, may and risks, with other forward-looking those uncertainties, performance XXXX subject company’s to other the risks and are and discussed Factors in statements SEC. elsewhere report Form call statements unknown and today that including involve results forward-looking discussed ending XX-K differ The known materially XX, factors year projected. or to from this December the on section actual annual Such the in for the their

company’s issued and filings SEC. differ described greater forward-looking are company’s factors concerning in release with materially results that today the from in information could our the the to Additional cause in detail statements press

like Officer. the Hutton, Chief now Scott Scott. to call would over turn Executive to I

Scott Hutton

personalized and support test portfolio a cancer build is with the to clinical diagnostics mission-driven and biopharma At unite precision lung Biodesix transform patients, physicians, company diagnostic care. Biodesix to with of Chris. continuum across improve a disease standard outcomes the comprehensive a diagnostics. care we of mission to of you, lung decision-making Thank patient-centric,

assessment the lung testing test. from strategy, Our of CDT consists the used by core portfolio testing risk nodule. lung a lung IQ physicians of diagnostic proteomic guidance with and and nodules risk two Nodify the treatment of ranges Nodify lung initial blood-based cancer malignancy strategy. of Nodify XLX, which to lung diagnosis, post monitoring with assess lung testing to Nodify the are

strategy, are lung as test. test, consist genomic blood proteomic and IQ used tests, three mutations, VeriStrat and the test, on are the the of options inform NGS the Offered GeneStrat to treatment therapy. patients for tests while based these the three of lung testing decisions within genomic IQ GeneStrat-ddPCR-targeted resistance rise monitor

productive core I'm year XX% team's test increase for proud and in revenue diagnostics In of All five of by XX% lung volume significant core with year-over-year. extremely tests Medicare lung all five by market only tests coverage. we Medicare diagnostic our the on covered testing we're cancer, experienced portfolio believe company growing business performance. we and diagnostic our with adoption was lung bioethics. for a our And XXXX in are a XXXX,

fact, In years. the than have testing our over more Lung volumes quadrupled Nodify last two

professionals. us coverage performance addition, and our XLX was Biodesix XXXX. and In of and momentum The Nodify coverage confidence able CDT actively sales healthcare clinical produce including coverage, Nodify into utility to private Medicare field new with This strong continued data, team test. heading expand we engage return reimbursement to payer test for to compelling positive the policies gives our

core lung a from front able in we I customers my supports demonstrated margin to times, Revenue sales get of the patients was our in I momentum tests we on at that day-to-day by part the of quality and those top numerous to diagnostics be priority value clear once as XX% statement. teams of refocusing the and were Biodesix believe sales would XXXX in basis. stated levels, an a million, team the our high access and team priority. of on our pre-COVID a should as care $XX.X XXXX. turning effectiveness, business growth remain pre-pandemic been This XXXX in driven force over increase well has are physicians

plan nodule of In Medical Medicare we announced Blue Schedule policies five Contract These covering Shield, milestones, System expand of efforts impact veterans Blue York. that of the our a coverage test. coverage four also million physicians XXXX, tests. the in across December, all our Veterans Federal first payer X Carolina, past This district health test approximately coverage announced reimbursement were of Health U.S. Blue to Cross the for Shield, Department XLX the Cross Centers. positive Shield We New Blue Blue our private team's in tests from saw Blue South capital from signing Affairs CDT we Nodify the City five including North important and Cross all our Nodify reimbursement several and to our lung expands Carolina, on Supply and our Military Kansas of

these Nodify high. XLX million coverages are lives is cancer country total, geographic covered new private and lung the for in of In the payer extremely added X.X incidence where regions approximately of

XXXX. are very not came contributing the expected the As contribute but policies impact, begin remember to you consider XXXX XXXX results, in at end in to did these and coverage

Broadening in for we remains we're say additional return. making months confidently on and we an highest basis of generate can to on coming our continue prioritized and progress part a to strategy this and quarters. to reimbursement you the that have We the updates resources coverage important front target expect growth

of to to invest continue generation test. and and reinforce utility demonstrate our in support data the also clinical We

collaborations to drive as core portfolio. further entire sign growth and diagnostic well, meaningful looking our As to of adoption testing lung

the of XLX Meeting, on society data Association American immune at of test In at pipeline Cancer on medical including International VeriStrat on in XXXX, and on the multiple data currently Nodify Thoracic development Physicians and College American market Study test response the data Society portfolio our our in and we at Chest shared meetings, meetings. for of primary test Lung

held Annual November, ability lung with new INSIGHT inhibition our immune Immunotherapy Meeting non-small advanced stratify At checkpoint patients data Cancer, cell treatment the of the presented recent to the in Society highlighting in response VeriStrat from Study, cancer. test for XXth we of interim

new for included regimens. a patients The with how help a immunotherapy biomarker data total patients of optimal can X,XXX approaches strategy treated and driven treatment confirms determine those

build we updates upon [ph] anticipate studies that and Looking utility several support strategies. IQ to our and we're [Nodify XXXX, of testing conducting clinical the Lung will on Lung]

Nodify performance additional VeriStrat, Study the from sharing immune from strategy and blood Specifically, and both of altitude updated data INSIGHT Testing the and clinical proprietary our updates our we effectiveness profiling oracle studies assessing our anticipate proteomic evaluating data the based test. of

business. quarter to the fourth of million million quarter a service XXXX. but and Biodesix reported and for partnerships flat yet biopharmaceutical is with reported which our of $X.X contract, quarter, in not the quarter, was ended which the to we recognized, revenue under what In we the the from third $X.X nearly Moving record We doubled year fourth the team. for

time continue encouraged slowing our delaying with beyond they're cases pharma partners in still experience and the And originally While remains. projects lines. recent some expected the our clearly results, challenges we're

last discussed XXXX. We our being progress believe indicator services that in quarter in a the and that later broadly growth approximate to are for industry, leading despite the is throughout challenges biopharma come contract to dollars increase XX% good well-known over under

a key Our AI the healthcare unique ongoing we mechanisms or in insights by what to academic efforts subgroups provide believe driving treatment. and biological explainability approach ability to advancements biopharmaceutical and outcomes different and providing patient and and transparent identify different clarity for require specific are may teams professionals that research

that Biodesix I've range to breast, the three commercialize matters prostate, ability cannot reiterate the and when said cancers insights patient quickly it combined, critical to develop, these We enough. broad with ourselves tests turnaround and care and more Lung in on all testing cancer and colon results tests cancer. before times professionals outcomes. teams people annually U.S. treating and for back a deadliest patients. it improve than healthcare provide can pride to next discover, kills Time best-in-class of

along growth financial XXXX beyond. in we're strong products and continued strength and the our in confident with to in With drive test and position revenue and our ability place, team volume

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

Robin Harper Cowie

$X.X compared Thanks, the over million, quarter XX% of a was a million, Core by XX.X driven diagnostic the quarter X.X testing. of was for total fourth increase revenue offset total Scott. XX% our the XXXX, million in quarter XX%, and XXXX. diagnostic testing revenue an increase decrease in to primarily was million, lung third core the growth over XXXX decrease COVID X.X prior Fourth the in revenue decline year. of of fourth XX%, Full-year lung expected quarter by

we the million for periods, or revenue X.X as in the grew largely by coverage positive included from Medicare cash XXX,XXX approximately third quarter, decision in result a XXXX Third quarter XXXX. quarter million CDT. fourth over XXXX performed X.X X% exclude tests approximately of quarter from third If the prior cash revenue Nodify

a by we significant a appear offset quarter be and holiday primarily of X,XXX total growth starting was includes quarter The our the by like which lung our core to testing, CDT, Nodify the XX% driven increase, the In test Nodify XLX Nodify volume X,XXX seasonality than diagnostic XXXX, for Revenue recorded for new lung is we five driven increase. third and to X,XXX prior XX% versus pandemic. management approximately the in by the growth to approximately XXXX, continues quarter, more volumes nodule test and tests. approximately saw fourth what

XXX,XXX the in fourth of from quarter revenue anticipated flat claims collections from quarter and XXX% of expecting significant are quarter in million third delayed compared and we an occur the in addition, X.XX later to increase but XXXX. were cash in XXXX. quarter, In X.XX Biopharmaceutical Advantage periods, revenue was to to Services the the now tests Medicare of were in in fourth XXXX, million performed the additional those prior

factors, trial revenue. the and this to delays As timelines and contract but a recognize several in including continued and can needed clinical shipping the reflects prospective business execution, instance due of project timing to in this reminder, fluctuate complete projects samples

be As with are tied million $X.X entered XXXX executed. not dollars and projects are Scott these to will contracted, yet agreements record but revenue. as recognized a as These mentioned, different with recognized timelines multiple we

to revenue was in testing XXXX. should revenue have COVID in to negligible guided modeled contribute and not the be as quarter we

have testing and do health We a we from COVID that COVID significantly not as the to testing with percentage revenue would revenue plan end of XXXX. the any projected upcoming in consistently emergency, public decline

fourth and testing test. CDT Nodify percentage receiving the core margin Medicare quarter. diagnostic was lung our growth versus gross the margin in in Gross quarter year prior XX% our business Current for XX% in the XXXX trends coverage of reflect

in growth the revenue margin versus testing margin XX% revenue. percentage for lower a XX% COVID the lung was Gross for diagnostic higher in as the decrease XXXX margin full-year and XXXX and of the business testing reflects

through Looking into including to overall recently for as coverage XXXX, of percentage to announced of the benefit we result margin the benefit continue factors, gross Medicare expect of CDT the the Nodify commercial tests, a several increase XLX, move additional efficiencies the payer our coverage commercial coverage growth well the in NGS Nodify from we decisions was year, as the launched of and for fully GeneStrat test, as as which XXXX. resulting operational

costs expenses excluding XXXX, in million and Overall, to million of costs XXXX XXXX. XX.X versus expenses, the same XX.X direct XX.X direct and were compared XXXX. operating the full-year for fourth the for quarter Total expenses XX.X million operating period in was excluding million expense,

marketing primarily non-employee related for physicians increases from to to pre-pandemic the for in new is costs from related year return increase the due members, expense both other hiring increased team and in operating The and travel quarter expense increased of the costs. to sales and sales access the

XXXX during includes million operating X.X quarter compensation X.X quarter expense, to million Other stock fourth as non-cash the XXXX. expense in compared for fourth the

non-cash XXXX, stock for to full-year the million was expense million, full-year X.X the For X.X XXXX. compared compensation

million, costs the the included of extinguishment net for XX.X Silicon of the expansion compensation, increase full-year from million for X.X Venture related net our term fourth to compared the loss non-cash to a XX.X stock loss The XXXX. the a and the loss increase loss was based quarter to million XX.X Partners loan, was and charge in XXXX of efforts. Bank and in fourth quarter net commercial full-year million Net quarter for the in compared for one-time of increase a team Chicago loss ended Valley XXXX. the for The net the million, XXXX XX.X the

as November and from our proceeds quarter. throughout following quarter the equivalents We million equity offering completed which net XX.X unrestricted in of ended net additional cash X.X compared at in cash key with the quarter from increase equity and million XX.X in XX.X in an equivalents million includes cash proceeds and a the XX.X components. in XXXX, of an to cash million, successful facilities the the unrestricted existing third million

XX.X million net Valley X.X those contingent proceeds XX.X Valley outstanding to of in used Silicon Venture Bank November extinguishment completed Perceptive term loan extinguish Partners. with from November. rebatement, transactions prior with the to the million in consideration. principal proceeds Bank Chicago million XXXX were from for and Silicon and debt

cash was prior $XX.X above, periods. all approximately burn considering for consistent quarter non-financing After items for with activities our the million, the

As to of company contracts. underlying each facility approximately our XX.X applicable the XX.X the capacity share million available of December subject XX, under for and Capital to facility remaining of up Lincoln XXXX, had the market under at limitations Park million the the issuances

a stronger position. very executed our we well we financing in Overall, strategy XXXX financial and exited on

additional measures positively and to We will growth XXXX. driving impact revenue savings cost will focus continue that on

Turning $XX million. million total XXXX our project guidance. of to to now We $XX revenue

Our improved expected our business, modest in broader of our commercial our guidance organization, all in testing utilization as of five by services tests growth expected well biopharmaceutical driven from as our core our reimbursement tests diagnostic business. of contribution and increased growth physicians, strong lung year-over-year assumes larger by on-market

any project lung testing. year in XXXX, approximately revenue COVID-XX compared to of annual not XXXX. In does excluding from prior revenue. core million XX% we revenue represents the as mid-point services XX biopharmaceutical guidance guidance this for COVID-XX Our growth and revenue The recognized revenue,

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

Scott Hutton

all Biodesix I'd vision, and belief lives. our to for and contributions Biodesix collective commitment which Thanks, like mission, their in culture, the Robin. In positively to around thank dedication daily and revolves impact closing, to patients' teammates

we to growing support One, scaling data lung expanding with body reimbursement Two, reimbursement; on coverage driven improve a testing a Medicare this our Supporting from doing: all to gross Three, our the And revenue with so growth. effort, team; of that double-digit to private our exited year four, five clinical cost focused successfully and In sheet tests; margins, exceptionally continue we post-pandemic, diagnostic we've sales to lung approach. to strong of contribute established test strong trajectory an utility focus continue diagnostic will core clinical near-term with strong our the core on we've payers growth we're by decisions we on-market established of drivers support lung anticipate XXXX our multiple the with balance which disciplined and the of expand our

over to the With for operator that, call I'll turn questions. the

Operator

Thank with [Operator Kyle first question Instructions] you. Our from comes Mikson Canaccord.

Your line is open.

Kyle Mikson

Congrats Hey, guys. the Thanks and on for year quarter. taking the questions. great

the just line, growth revenue talk about rate guidance, tests top maybe growth like some of these of this Nodify So, with If was segments, think than like just core particular? if starting in solid I growth about about outlook, we Nodify will XX%, on breakdown here. and you curious the aggregate a forecast just so faster great like curious

place growth guess kind but in of kind quarter of expanding? given progress contribute how how like is then then I the test that services, And third GeneStrat of test, like Lung in material quarter? IQ fourth finally, most to its And NGS year? biopharma XXXX going NGS thinking the in the the throughout Are you Thanks. mentioned or you revenue that should modest in is

Scott Hutton

and Kyle. play and as addressable participate market CDT tests you question. Yes. XLX in. are Nodify really Good that Yes, our Thanks know, morning, for the largest the Nodify

a these So, into and just market. huge we penetration that still launched opportunity because modest tests have we've recently, low

So, and yes, opportunities have Nodify really in about are and stronger we greater for we anticipate Lung excited growth the there. XXXX

test. NGS our referenced You

our with recall may NGS the VeriStrat ago growth and over of excited and a our are test. individual still volumes, ddPCR uptake. month-over-month adoption test breakdown we we're test We've not disclosing progress proprietary quarter-over-quarter launched little but complement GeneStrat and see seen We a year test. You that to to really

of mostly looking time. IQ rapid and to Lung been really the a for optimal with offering getting and treatment and positive guidance quick physicians well lot cancer turnaround patients for commentary, we're those our best is received around provide treatment

we're of all you recall, may within test results three As XX those returning hours.

remain the lumpy. continue in-bound on biopharma samples opportunities testing and lastly, then to And biopharmaceutical front,

we last end highlighted year, Towards dollars commented that's under we We've a to of continued number record the how grow. contract. that had of

bullish spot exceptionally you're partners, biopharmaceutical about but we're on. So, our with the opportunities

We're for record beginning. than currently receiving in XXXX request of stronger anticipating terms opportunities. proposals, half the and We a back in-bounds contribution are of the in contracting

Is of So, is and we business XXXX. the this transitioning very into scale grow. Kyle? that in bullish think that helpful, going latter continue and to half We to the were about contributions year,

Kyle Mikson

just note. again, a would able prior this but VA, Okay. these that also provide to great, but Medicare the thing how contribution Advantage to not kind did the you Thanks Contract revenue components expected, continuing are Supply That kind you that was that of And period much. you're of And how just Scott. of recognize from quantify XXXX? here, going in kind the to so Federal wondering maybe mean, in then tough I XQ, Schedule [indiscernible]? be the recognize on material with

Robin Harper Cowie

The be as cash they're Advantage in period that Medicare collected. Yes. anticipated collections recognized will the

So, about look based group. how we collections, much each recognition, months, that we expect revenue – of at history we look look from payer the our on collect of the to do we back collections, way back estimate history we we six

that's two-fold. the the actually accrual impact cash revenue then also We our so, is collected positively actually impact once And have will and revenues.

that expecting we're in the said, I year. later As

of third help Provides license improve to with VA fee fourth for sort as contribute a hunt. to us lives VA, the Likewise, the the mentioned, that quarter. is schedule expect So, to veterans. really, quarter, of we opportunity great

As risk serves XXX,XXX lung which and of million X know, veterans VA cancer. for you increased are

guidance treatment is and but management for nodule the with help greatly step-by-step process. can our a tests our it think veterans, We

slow VA, the from do we some into the sort of built XXXX guide it's while a have build. So, revenue

Kyle Mikson

a Scott, great. you for status BEACON-Lung, to update [recruitment you, one was the Robin. the there just quick study? facility] provide I And that That an Thanks, study suspended can like noticed there? Is that [ph], that on what's the with assess Okay.

Scott Hutton

Kyle. group question, of goal the BEACON-Lung to assess primary you is research immune Yes, largest for cancer great assess our original which the a patient arm – may institutions was to and there advocacy the partnership validate was in ALCMI, Yes, as academic and and number test. with recall response of lung continue

of or came out As the exceptionally had came the pandemic we our as way the of – out pandemic, we we through worked slow enrollment. and

so, in to that trial. throughout enrollment. we of structure, We know academic grind work that And capital to run the be also those really interest we're spending on And and to, ALCMI enrolling continue decided hit kind protocol to behaviors. only of not it their revisit and our pause patients institutions continuing out, the really to we're instead into mindful with and company there pandemic, of but cost the out our difficulty trying very to

of all And going clinical continue re-evaluate so, to studies. we're our to

enrollment We to think quarters don't studies that or and by length is slow or do. the months trial extending thing right

So, But you it. Yes. negatively near-term, not BEACON-Lung one impacted. in so continue with would reevaluate hold. trials on We'll up. Kyle, more is quarters. I our brought for all that understand and that contradiction this been have to others to coming maybe follow of the a state

months record lung. our enrollment We've for You there prospective randomized may track recall, Nodify that. back with altitude on of three and are had trial consecutive

and our individually. trials evaluating and kind clinical we're of spotty really we think studies So, one each it's of

Kyle Mikson

Yes.

Appreciate great. was That that. Okay.

right and the the of on step clinical you work the testing shopping Finally, reality, of how something, XXXX, the the kind perspective Scott, and, I other to and you've kind in leadership in some improved with decision the of planning are the can of diagnostics. guess, or you now, driven Cortex, precision using a maybe from AI of provide was now a obviously Diagnostic platform company's guys optimize taking and concepts? AI AI to provided given back last kind curious, making and Thanks. thoughts a I really that diagnosis recent just years accuracy values of some generative topical Cortex if one on

Scott Hutton

Yes. Kyle. Great question,

It's mind. to been in help everybody plus the terms big of We're referenced, machine we're think I for in is of a patients. much, AI of potential out you there right as treat now AI XX supporter lot a haven't and that future guide know but top driving of could agree years. shared conversations that and proud really working we've and learning and

well still there's lot experienced is learn at also that And to so, it, we think changing space know we rapidly. that but we're a the pretty

stay We're going at many to to forefront. people to collaborate partner with and as continue as possible the

you're think on. spot I

I about talked think very use historically or genomics when focused of proteomics. multi-omics we've test, been on we've the

radiomics, think you think AI than multi-omics can different the it's component, also historically. think of with completely AI now the add been I an what is with and I addition opportunity I

and continue puts think track we're think front. we experience So, and to well-positioned. strong a position in Again, and on of rich our develop innovate we pretty that to us history record success

where in truly machine medicine a AI. And treatment the and it can I us role think perspective. we're will perspective, them a fashion to industry utilization Biodesix introduce for the of personalized about in as that. expect early I in guide that's really to play it's may importantly, what based too get most start that moving I timely you to best the think tell the But direction from to from really a fully be and next right learning think upon patients patient

Kyle Mikson

Great.

Okay. the Really guys time. Thanks taking interesting. for

Scott Hutton

Kyle. Thanks, Yes.

Operator

you. Thank

Tejas question next Our Stanley. Morgan Savant from with comes

line Your open. is

Unidentified Analyst

on Hello. you in cash our seek for Thank depending This or then that taking on [Yuko] up down you trends? on And or as agenda flex those up it can the the flex what is business you to burn – be investments? have down for base thoughts would to provide dial on the Tejas. [ph] to levers XXXX you questions. your begin, and Maybe

Robin Harper Cowie

Good morning, Yuko.

our in I'm else sure for and out industry. is to the sheet of cash, strength said quarters, we've importance there in several everybody critical balance As us

down that levers several ramp have pull can either We ramp up to we or spend.

Our revenue on focus near-term growth. is

geared growth. on eye our towards close and projects longer-term all very keeping that mentioned, Scott are as of So, revenue studies

we're growth down slow as spend, opportunities. increased revenue to greater but those and ramp also seeing can We

in than things We to try on to focus to to our those really commercial add organization areas are growing maybe quickly opportunities that other up. areas more have and speed

we're So, revenue. consistently the and burn a trying to minimize investments right it's – size and to maximize monitoring our our really situation our

Scott Hutton

I coverage of Robin all with patient’s what with tests as four impact payers add Medicare private five the to have lives. Yuko, just excited and fifth would our to payer hopefully Yes. to them about reminder market a private We're said, with and coverage. really ability positively on soon

really And commercial time, key. tried have interest, We we shared so, channel expansion. really our path to profitability, our to date we that's and think know our our that to investment towards haven't we but that

impact So, I growth those intentional think back to the is items and very what scale positively continue see near-term. prudent in that you'll can't on a revenue

Unidentified Analyst

Got of What it. could the was color was prospective? large or really more trial or or color. later the wondering little small earlier biopharma provide degree backlog if helpful mix? a then is stage And companies? Are you concentration? client these retrospective Are That around I they pharma

Scott Hutton

companies, of of above, worked Great blend question, a Yuko. It call large nice of of years. of, mix collaborated I'll is right. which really biopharmaceutical number good with what major a all and we've the with a many over got We've

momentum encouraging study have. So, you to we and see they assay build and those opportunities really and drugs continue because test the investigate the opportunities that's and

earlier we've referenced number I dollars but us, to exciting under are got record of Kyle's question, a that contract. those to So,

over of kind occurring We the for request last also weeks. the have few in-bound proposals, largest

and of we prospective opportunities. us, nice a both think for So, retrospective there's blend

blend And as you between small look also then large said, blend, a We proteomics the portfolio at nice multi-omics think company. biopharmaceutical we between that what's it's genomics and say also and and as a companies.

dollars testing the of more Historically, a requests nice and majority seeing that but both proposal, also interest. contract genomic. remains under were case – proteomic And our those in been we're the has under increase

good there. think So, there's we a balance

think we're studies, we when what's on, with on them. at monitoring look also going what's going I clinical

or closed smaller and the study. we recently and [Technical smaller was That the contracts Difficulty] companies biopharmaceutical one was had. of had that end the on canceled

those those timely any but of the access impact, it’s samples huge at a fashion. we really look not retrospective a sample, to about say, So, getting and getting in

Prospective negotiated prioritized are those companies. budgeted studies been that are have this year, those and obviously, that pharmaceutical dollars by

nice got blend. excitement potential. great long-term us we've a the about enthusiasm dollars think we and The So, contract under gives

biopharmaceutical that biopharmaceutical for So, because put was on a big of it's a to, big studies. really, think between we can we're pandemic front. to as much the year as kind And disruptor looking the we distance nice

Unidentified Analyst

And more thanks, in, Scott. serve as squeeze assuming I that if upcoming this Great. to point ALTITUDE success, you one XLX data anticipate the can adoption? expected And with inflection do CDT for year, an

Scott Hutton

on great has may It us study and speculate of We how it can. it prospective There be focused lung. definitely for that a That's is to believe a randomized question. it kind study. really presumptuous first not on been but be, first-in-class impactful pulmonologists like can its a conducted this with

that we So, think sets that standard. the for us,

one we we at us guidelines with benefit look be think we But the that. think of leading readouts look adoption, key indicators want payers, commercial this look like. will as the don't that what we'll of but do much, that making, Now, decision forward too towards to performance both then speculate can impacting obviously, and longer-term and

on it's but months, very this last analysis first we've an an can referenced there half. think the in the record we're going upon we had study. we bullish Kyle's question, I So, for enroll patients be the that, with really year, to number dependent continue interim opportunity enrollment. earlier I the of to be If will maintain do

is to College October, around timeframe the at that time the usually think I going for we're American of us when November be Annual And optimal Chest Meeting. Physicians

Unidentified Analyst

very much. Thank you

Scott Hutton

Yuko. you, Thank

Operator

Brackmann Blair. comes William from question [Operator Andrew Instructions] from Our next

Your open. line is

Andrew Brackmann

a sort private with you going payer talk side just are government those joined with wins, of the in nice Hi, how on us check obviously, I temperature taking payers? of maybe job Thanks. things a but Thanks the Robin. commercial these guys and been if Scott. really addressed. apologies the But Hi question. Good a done of for have morning. about just sort plans late, little of conversations, some conversations give of Medicare can on so you have those sort

Robin Harper Cowie

and conversations are Andrew, Yes, morning. Thanks, Yes. well. quite private going payer the good

XLX noticed heavily conversations interesting think, products although nodule absolutely they are but I our that we've front, Nodify an seeing focusing newer more having on payers need. Lung we're dynamic the private around the CDT, management IQ a absolutely on products, in and Nodify with

very that understand the being unnecessary patients for ineffective there they And patient, are later but the that they occurring. are stage So, for of and bad also payer. interventions diagnosed that's and know course, expensive

And four I utility the benefit think the the out we've seeing definitely and field announced first these then validates tests. of utility. the continuing the really for in So, view the that successes success that latest

to I see coverage continues Medicare in some expect year. have So, starting private then would this coverage policies now validating roll we from coverage Nodify payer utility CDT Nodify for Nodify that to statement. XLX CDT see And that for it

Scott Hutton

you Andrew, did still us? Are with you get that?

Robin Harper Cowie

Looks like we might have lost Andrew.

Scott Hutton

with we Blair. there Andrew don't know additional if other Operator, think dropped are I questions? any William I

Operator

other in conference you participating. today's the no are queue. questions There for This concludes call. Thank

now You disconnect. may

Biodesix (BDSX) 6 Mar 232022 Q4 Earnings call transcript