Earnings call transcript Q2 2023

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Operator

Good day and thank you for standing by. Welcome to the Biodesix Second Quarter 2023 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 Brinzey call our of for conference. like speaker to first now today's Chris today Biodesix would hand over the your speaker I Investor Relations, Please by. stand

Chris Brinzey

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

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

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

unknown forward-looking and implications from or projected. to materially and uncertainties, and may their actual involve performance differ known factors results statements those cause other Such that risks,

XXXX XXst, XXXX as Exchange and the Securities ending Commission Xth, with to discussed filed year section in The reports call quarterly subsequent well filed forward-looking Form those on the XXXX on applicable. XX-K elsewhere other on risks March company’s including the as December Form are in the for statements as uncertainties, subject and during and Factors on this discussed Risk annual report XX-Q

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

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

Scott Hutton

a outcomes physicians, standard-of-care to personalized mission-driven diagnostics. to Chris. lung a in you, is Biodesix patients with the and company diagnostics unite improve with Thank disease biopharma patient-centric, mission transform

precision of clinical comprehensive lung a of across built the continuum we've diagnostic portfolio cancer decision-making support test Biodesix, At to care.

of initial to post-cancer from diagnosis Our Lung core portfolio assessment lung nodules diagnostic IQLung Nodify testing. with with ranges risk and lung treatment monitoring guidance testing testing

Nodify test, malignancy used a Nodify XLX, assess proteomic physicians are the Nodify of which by Lung of to lung two consist CDT risk of blood-based and nodule.

covered three IQ the VeriStrat NGS monitor GeneStrat-ddPCR-targeted for therapy. lung, believe used of with cancer, patients tests, tests mutations, five resistance consists we're tests options of GeneStrat Medicare, the as test, decisions and treatment genomic within to our diagnostic only All on tests we the the diagnostic three are coverage. IQLung with test. while rise blood-based genomic Medicare for of these by are company all and Offered lung proteomic inform test, core lung are the and on-market five

quarter of burn. We've performance expanded gross the made operating I'm overall and and the in test goal our margin with grew the low We expense strides, the first half reduced our year-end ahead and and of lung revenue, our XX% our to diagnostic and year. cash thrilled significant volumes

execution off. and And path growing to quarter's reinforced the business progress this approach team's a and to pay Our commitment on expanding profitability. results while outstanding cost-disciplined the continues to our

team, through to we XXX% of private Board million insiders, were additional flexibility. in the subsequent and funds from make demonstrated our financial Biodesix in because a steadfast our this members and our the members impact through with leadership including long-term in to $XX.X lung investors in their confidence addition, of near-term of our disease. placement believe the time support a XX further signify unwavering value extraordinary the In and company provide which the to care equity exist. the those quarter raising Time fundraising all private and and goal completed of placement, Section to successfully funding growth all end, future and the officers that effort raised they, believe team have commitment continues we too, patients a significant support again,

growth. of the XX% In excluding the revenue generated gross first gross over revenue of quarter the growth compared gross ago. reflecting margin which represented XX% again the XX% our reported a reported same COVID, which this $XX.X We period margin testing a XX%, quarter non-core million approximately quarter, $XX.X reported diagnostic revenue of highlighted the XX% significant the impressive million, from quarter the XXXX of of we overall and lung margins second year improvement core by growth The in year-over-year was to in in total of business, year. reported second

also pleased exceptionally quarter momentum reached as first volumes. core nearly the over delivered strong of consecutive the Nodify diagnostic XX% quarter, number and during The that the XXXX. continue primarily are the represent sales history the XXXX gain XX% our volumes growth tests second saw second increase in matching lung highest efforts company in year-over-year quarter to quarter. sequential the test we quarter for the testing the growth our lung This of by continues We a compared second to first increasing to by be XX% driven of

upon utility Our team's our were the IQ lung quarter, noting witnessed from participating we with To Nodify we and strategies. care clinical with support the It and recently quarter and adoption third our positive has increasing clinical events. reinforcing of second that the carried educational further and an build over sales testing our the shared the worth reimbursement, throughout lung peer-to-peer the several team clinical is momentum teams, performance. and to actively and start on of updates benefit of to further have in regular that support we physician into pleased progress interaction satisfaction physicians continues number are studies

data providing the of and pulmonary management presented the at health of Conference, and we May, Research nodules. CDT Society Nodify for test in XLX International the In the Pharmaceutical four of economic presentations original poster Outcomes separate evidence in benefit Nodify

the adoption an remember observational study, is Oracle July, data to prospective registry to in a evaluate study necessary real-world step a invasive of diagnostic achieved It to Most excited in drive And we're critical is the demonstrating XX% study procedures. test. XLX demonstrating Nodify successfully the point, utility reduction performance clinical recently that of we end its unnecessary were Oracle share the important primary from that thrilled test. to any

in for from represent Overall, the significant evidence a Oracle the findings management. the Nodify clinical XLX of study X nodule advancement the in use test

of Israel number benign unnecessary Einstein of In conducted to Deaconess as resulted published physicians third-party in arm. an Lane the University study, in use and a nodules, from Nodify XLX procedures Oracle the multicenter Medical addition on Beth test to invasive the control reduction to demonstrating the XX% that compared Center independent publication, the

Singapore, study Insight the Looking VeriStrat, clinical blood-based Lung lung additional held CHEST additional we cancer the Hawaii in anticipate of September, proteomic other held in upcoming Cancer profiling in test immune for at effectiveness World of sharing Study ahead, abstracts our and annual studies, October. including the updates proprietary on International being Conference at on Association data assessing and our meeting being in the

information a is Center any provide and July, growth remains Test, Medicare sales test that in status of Diagnostic important awarded with cannot diagnostic In test is reserved test. Medicare clinical our utility CDT addition of for growth team, coverage and Services. innovative Nodify milestone our the to be test the of test, or status major this new Receiving coverage obtained for Laboratory part driven team, an Medicaid In value Advanced was ADLT the status Biodesix for combination Nodify recognizing other the Biodesix broadening that reimbursement as or ADLT by the the CDT strategy. volumes by from unique

has to with in Nodify coverage the second have and XL additional updates expand three ADLT the We'll half Biodesix Nodify Now, expect of X build VeriStrat, and continue tests, CDT, status. year. and to our reimbursement upon all

on the slightly for quarter revenue but In under that and our continue impacted partnerships backlog Moving a still We enrollment reported ended by million with service we but an to to over quarter, and And incoming area first we which quarter, services as we the of biopharmaceutical it's delayed business, bullish recognized. on second to trials. contract, the yet clinical $X.X proposals. grew continues be requests in $XXX,XXX, have partnership not biopharmaceutical strong and the business. remain

annually than to lives breast, these still it enough. more all total States the next diagnosing colon of backlog, United the cancers before of in encouraged are deadliest some it patients. cancers, the quarters, assume treating we're Lung the are delayed essence in claims cancer cases, experiencing is deadliest Time the beyond few for lines. strength expected stress and and While biopharma the next partners will it our originally remain this the we when cancer. challenges prostate the the point time is the continued and as three of emphasized comes in and by as projects slow I've cannot combined

tests the and outcomes. great results Biodesix, pride to all care in deliver and for a the capacity of patient discover, tests range health strive capability At develop take testing of to industry goal to We critical commercialize teams and offer that and insights care professionals we best the swiftly. turnaround clinical times our in wide improving our with

to maintain Our the in ability second and and beyond. in throughout test year. year sustain our and quarter this the driving company half and of We the momentum volumes of team experienced growth confidence revenue continued first strong half a

review financial to the me XXXX Now to let Robin? turn Robin it over second performance. quarter

Robin Harper Cowie

Scott. Thanks,

lung $XX.X quarter second second year, prior the in the to COVID million, the volumes $X.X revenue second quarter was from of XXXX. and compared including the XXXX, over total testing an million, increase XX% COVID revenue quarter year, prior a increase the million for revenue year. over in increase diagnostic $X.X COVID prior an quarter million Second excluding the XX% revenue of of of was $XX.X over X% Core

driven the achieved in rates lung test XX% by diagnostic Nodify growth Nodify revenue approximately second CDT nodule for was quarter, coverage and CDT. primarily for primarily The we total our second by XXXX. timing XXXX, and quarter the increase. X,XXX the between quarter driven Nodify XLX testing, volumes which recorded X,XXX In Nodify was The of the a Medicare management in difference of approximately growth lung of test volumes includes versus volume

to quarter to Biopharmaceutical X% and first Services the quarter, compared an second in XX% increase XXXX first the in quarter quarter of compared in quarter XXXX. XXXX, $XXX,XXX the and second the revenue the XXXX $XXX,XXX $XXX,XXX decrease of over a of of of was

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

the projects million year XX% in the percentage XX% versus XXXX XX% margin quarter these recognized of XXXX. prior executed. Gross in in be the was and as not are These quarter second are to the and lines ended revenue. quarter first tied $X.X we quarter multiple will time mentioned, with as Scott of different yet As agreements with recognized dollars XXXX second contracted but

margin Current forward. is cessation COVID gross XXs margins in successful testing. gross higher trends workflows This margin commercial lung achievement to anticipate of low going the diagnostic ahead costs and margin business, optimize decrease testing completion maintaining in the our and reflect growth we and projects plan, of testing of

Overall, year million primarily $XX.X versus second increased and $XX.X non-employee-related XXXX. costs excluding level costs other access and marketing to in million the was increased compared the in operating last is travel-related same XXXX, The quarter return expense period the $XX.X from to expenses costs. due to in sales XXXX, and the physicians pre-pandemic from million increases to for increase expense, and direct first quarter of of

that from first longer-term compared our the is near-term savings projects. expected of as to the are quarter decrease result delay and to projects of The related the prioritization in of to revenue realization

million expense second quarter first the during non-cash the quarter in million second of in quarter compared of expense, stock Operating $X.X $X.X to the XXXX includes as $X.X XXXX and million for XXXX. compensation

million XXXX, net of loss first a improvements XXXX of was the driven margin by Net million loss million the for second for quarter expenses. and $XX.X the same partially the XXXX $XX.X in $XX.X gross period compared for to operating and quarter

restructuring of in an The of one-time extinguishment the by included Diagnostics, the the increase Integrated of for net offset ago contingent compensation, from decrease perceptive in resulting with consideration loss on decrease interest quarter with agreement $X.X year million, expense loss and a a in absence the primarily term loan quarter associated the the in non-cash stock-based facility.

a depreciation was second for decrease and $XX.X million from We're from million. remove and comparable compensation we XXXX, quarter adjustments making to loss million $XXX,XXX the the first in quarter interest the to million stock-based $X.X $X.X $X.X XX%. as the expense, amortization, compared If of of

included a cash We ended decrease with of unrestricted $X.X $X.X payment million new dollars, and which of quarter in unrestricted investment in quarter, the cash in cash the milestone end $X.X tenant to million scheduled of million diagnostics, as facility. offset cash equivalents by in equivalents, integrated in change and to $XX.X in first and compared at million million paid includes the capital $X.X million the improvement in XXXX April also working the $XX.X

The result million cash of balance approach XXXX, in growing in raised of as discussed, $XX.X as to business. end. commitment decreased the June our include first quarter to from which subsequent the in does placement of burn quarter previously $XX.X XX, million XXXX, cash private The the cost-disciplined was a completed the not a

testing in just In the expect diagnostic facility location. our capacity of we the art facility road state manufacturing, has upcoming into Louisville, services for new in-house improved quarter, from down fourth Collection and current move biopharmaceutical brought Colorado, XXXX. to we our The the Kit which Boulder in testing, new long

emissions, were incorporated optimize some our of energy reduce longer-term the the ESG equipment and new to During of efficiency goals. and materials advancing facility, construction

We two sequential more than helping to growing our our more remain major on making physicians before profitability. goals, and patients on by revenue path treat progress focused ever

full quarter XXXX $XX showed are both year, Second earlier results towards guidance maintaining a to revenue this year provided million we and and of our the those $XX of million. progress goals, success

year-over-year Our as our in services core well growth guidance continued growth our on-market as business, business. of reimbursement biopharmaceutical tests expected testing our in diagnostic lung strong assumes modest broader five

me back let Scott? Now turn to Scott. it

Scott Hutton

our the gratitude shown In Biodesix I dedication culture. Robin. Thanks, the to closing, members mission, to who've vision belief express of in want and my and all to unwavering team, incredible

efforts. around impact the positive on commitment making your patients truly and and are a contributions I'm lives of for centered collective daily thankful Our

test been We past demonstrates focused that and our utility quarter, to in major long attributed in have instrumental payer a experienced achieved published growth data remarkable again double-digit reimbursement and and growth physician clinical have fueling of our both the We've success. performance team exceptional the our of the who milestone. sales adoption supporting critical

of Additionally, we've plan. already improved our strong margins gross ahead

are state-of-the-art opportunity to We new expand on moving and revenue our ahead, our progress an our value into efficient effective on a trajectory, approach and forward our these remains our we our disciplined By near-term facility deliver to growth focus in ability burn. in our confident the look maintain affords maintaining in aligning path and to growth sustain shareholders. driving to reducing expenses Looking growth to priorities, while and that profitability us make cash strategic manner.

each of treat. your impacting real future that invaluable I been extend as Once opportunities for are ahead. the physicians and our success. excited of and to the Biodesix I member again, Together, my they patients about and team sincere the making ever to contributions every Biodesix team appreciation we're we've a and Robin, lie positively difference Biodesix the the as and

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

Operator

you. Thank

question-and-answer question session. line Our first We will now a the [Operator conduct Andrew comes of Brackmann. Instructions] from

open. now is line Your

Maggie Boeye

year. for taking everyone. Hey, first This guidance for the Boeye Andrew. the for is today Thanks on Maybe start to our Maggie on questions.

today. assumptions, outlook the pacing both of and lung side? third the diagnostics maybe and fourth biopharma these for the the you quarter line side talk your top core reiterated within services Can then kind on You about

Robin Harper Cowie

Maggie, Hi, thanks Yeah. for on. hopping

in more don't delayed. just or step real slow up our very With the third difficult -- seen great before. sort lumpy. one ever in fourth. more pacing still and is sort then more the seen into with one to change to saw year, biopharma interest haven't than request that quarter We've things further services, of quarters. It's any the like proposals coming the of are for is that up But company, it -- we for the step what a a the We last and we We in look expect expect predict.

hope second the we in put one, the diagnostics good half and the lung that emphasis see more strength to of and some of more but management nodule uptick on year, lung So revenue. portion the

Maggie Boeye

it. maybe Got on that And makes core sides. just growth lung sense. on That volume one

break row. you [ph] Can here? existing Thank geography So two driven being any really much in its or apart utilization a account had and even by you've or of new growth utilization quarters of talk you. other account that about maybe greater growth now how strong

Scott Hutton

Yes. Thank is you, Yes. the Maggie. Appreciate question. Scott. This

great As all across and rural we've kind experienced we of includes community, adoption which and before, and also interest stated had groups, really academic. pulmonology

across to we segments. growth So see all continue

that publication rep to pleased sales think the with the that. increase access. And Oracle We continue exceptionally will we're

So about unnecessary utility, which for the And us, Oracle, supported pulmonology procedures. there's speaks reduction in it group seeing really volumes not less also one was or within greater adoption. specialty the think a It where equal. XX% we're in where invasive I we demonstrated clinical is

Maggie Boeye

so much. Great. Thanks

Scott Hutton

Thank you, Maggie.

Operator

Thank by question. Thank you. next you. Please stand our for

Genuity. line the Canaccord Our comes from next Kyle of of question Mikson

Your line is now open.

Kyle Mikson

Thanks questions. the on quarter. Congrats my Hey, Great. for guys. taking

that XX% is So and how sort a clinicians just year-over-year reordering? such that like your a seems thoughts, much guess, like from the been for an that's similar like I a market could of out for -- like volume, almost, I'm growth it have while recurring, of a have you think stickiness outsized inorganic year. parse I like coverage and of it's just line of tests lot interesting for lot but Medicare like a test Scott on the of, growth, among dynamic

I'd could kind just click So hear? good be if on to of you that, double

Scott Hutton

Yes. Yes. Thanks, the Appreciate Kyle. question.

tracked gains an is clinical that's in this over right? see individual they with of test. value Obviously, the grow not And we've experience, which disclosed physician really track over the sharing but we've comfortable is I'm practice with consistently in haven't that we've that want, utility of, consistent And the pleased we As closely. time, that kind seen stay, healthcare reorder What today or greater seen that We what that hope only you as we've metric. stickiness that been what time. rate. you strong,

actual as they begin don't is and and publicly at, at we've One onboards in sticky. those point of applying the looked the somebody test share results, other do results what ordering the we again, metrics become time and test

-- expect us, XX to tests per so into or physician account really And we we get for range. XX to that

And changed we them review with focus not patient, test results only but approach. they of potentially individual call impacted to that each in how then utility what go on and certain kind we clinical a we that make their understand

ordering to question. professionals that's sales open in our for But us, important more, physicians a out accounts. resonated to to it also great to order us equal see only continue and to critically is go it's value time. so continue for And getting over It but we order new and not and

Kyle Mikson

Can Okay. great, side That of management that. business the I'm -- continues Thanks side for just Scott. -- Strat the of nodule as the penetration, like don't competitive hear really was how these this that But maybe about are growth the And market? in drive a other been about so curious, the And guidance. to here. that GeneStrat happening much where you lot has like as treatment talk that if calls. your progressing, on that you dynamics really

Scott Hutton

good a see is GeneStrat offering. the GeneStrat and includes broad-based it's The GeneStrat and NGS genomic which our great We portion IQLung test, and value panel. No, ddPCR. targeted point. both and NGS a receive VeriStrat, panel portion our Yes. in of ddPCR Thet offering feedback

physician, that prescribe value treatment. need before you Getting turnaround hours. than the think is early-stage disease the they time, where results targeted panel XX the That's I is less greatest on in those especially critical, genetic right?

more the NGS ddPCR like test complemented felt that We you we recently test. said, as and introduced, the

in are offering But on out that cancer. clinical there setting. specifically limitations company our both again, reach upon We of focusing think lung are part based I the only

application. has the where broader NGS test So a

have kind cancer. professionals on sales stayed of focused lung Our

aren't drive hit know the that and share conversions market expecting competitive on up so that NGS front. we to And we list significant

to consultative the more trusted in physicians cancer. sales disease it's go being company lung us, For answers that need they and lung about for that

Kyle Mikson

see Perfect. low expect like And to it forward. on already this gross approaching should going low margins, And the mid-XXs. we the kind XXs, great is XX% XXs of sounds

to know model biopharma was tempered could forward I I curious But of to too. predict, uncertain that. helpful just somewhat it's guys probably is hard if and is the just going guidance, you that impact gross but I kind guess, just I going out. to on just how was revenue comment margins curious So

Scott Hutton

that able Yes, is account. accordingly. think of kind it's we And a we it. It contract, to that million because state great uncertain question, into answered did we're under $X.X we've you have got plan forecast and and I taken

stay state So to biopharmaceutical fully when that that's XX% of have we low inclusive we agreements we currently the place. in expect that range, that in

is Now in get margins out the can but as that change impacting near to shift, directionally, we more see contracts, there -- as don't negatively future. our obviously that that gross and team trying biopharmaceutical

Kyle Mikson

you then of -- CapEx is into a talked built moving you there Is any Awesome. just it are everything? from final one already me. And that, guys the and for the facility. Rob, kind out about implications or

Robin Harper Cowie

is. Yes, there

we -- will there'll improvement the some laboratory the fourth in CapEx -- still towards the for to end expect of new third here well, live quarter. of we tenant So year some at end the and be in then exhaust have that moved quarter, in the XXXX. and be dollars have We facility and quarter third

So not in tests the the New facility new Year. until we're performing

So quarter second. expect fourth CapEx of see like in we would in third the first and and seen sort we've consistent to

Kyle Mikson

a up So there step like wouldn't temporarily? be

Robin Harper Cowie

down dollars come the that in of a improvement but CapEx, in step in. up amount tenant step the No

So final the of then CapEx. all will the we'll exhaust amount that quarter here in be out and the pocket third

Kyle Mikson

Robin, Thanks guys. Scott. thank Interesting. you, Congrats

Scott Hutton

Thank you, Kyle.

Operator

you. Thank

line Our last Savant Morgan from Tejas of comes question of the Stanley.

Your line is open. now

Yuko Oku

taking the for Hello, our for Tejas. this question. is on Yuko Thank you call

concentration the and of on enrollment on trial contract? the the course degree you Could prospective the million delivery Just provide for and following-up you some delays business quarter under sample comments into of And trended on has here. customer $X.X how also of July? biopharma could comment a clinical over

Scott Hutton

for retrospective in excited one up. enrollment encouraging seen question. that found increase we think to pick about we're trial about things when we and Thanks have Yuko. is Yes, we trends, the the access the and Hi samples of have prospective

and that. And really watching that so closely been been waiting over for time we've

contract is having significant under amount cadence. it access, we back timing, comes have and the that of really about knowing thing dollars to that nice The

encouraging we there, And so movement us. is that's like and feel there and progress for

of a seen tests feel moving the and and what the also million so number position. $X.X those we offer tests When forward to requests we part contract, as tests, commercial and we break of but biopharmaceutical of and are. proposals strong disclosed assay RUO under record created also tests offer a We've additional commercialize, we're development. chosen for really, haven't have a our currently like we of down in our request all proposals We offer for really offering just that really we both have not then and number for use we offer custom

really really it to research. and spectrum so And we're at is the own or different broad that tests are and and their a varied of stages assays us development biopharmaceutical of partners offering projects coming

balanced. Is the that might we're significant say, major biopharmaceutical also companies, names like fairly more with the helpful, feel We're coming of size I'd got some some of everybody along we small know. where balanced, that So, we've companies across biopharmaceutical Yuko? in

Yuko Oku

a Also, much historically the and interim so Yes, ALTITUDE is upcoming CHEST to there? you possible that that CHEST? presence anticipate at. that you you was we It's data could Thank it And great. have presentation Scott. present what are been from do see conference then at with Conference,

Scott Hutton

us. the opportunities question. Great biggest one annual as We for of Yes. the look meeting towards CHEST

and so you're October. largest early If has November. This familiar year's annual Conference been Physician the in it's Pulmonology with October it's Society pulled basis, Society up, held -- meeting on not it, usually an

get still of what will presented as that we've able the efforts and of be exactly to not event. we accepted are already disclose got yet a in number a works. items closer had until We're to are embargoed that the published And the other we've number

make lot a put We show are. to who up, we certain that we representing ourselves on pressure of

book think where of ever-increasing And get number this front in as we pulmonologists have an equally to so the we of data. opportunity CHEST of impactful with a last be will as an

on research And we them so we're it, to the it out about give Getting digest more time data now to could their Oracle own. excited that. when

fully was so to great expect go And going sorry, And ahead, robust I second yes. conversation we part, to the then Yuko. there. have just say

Yuko Oku

no, go no, No, ahead.

Scott Hutton

Yes.

data months we to record number for of enrollment. number with enrollment, pleased towards enrollments. is based on interim with really be So when a we've upon of it look going us, We're back-to-back altitude, had very

So I that be because CHEST data don't we'd we that already analysis. expect or interim analysis be to have would sharing at doing

know we as interim we'll us. end the But think it's analysis next the for an to in that more out data we're maybe waiting be this that is to institutions that that proud major for the get excited significant, get trial with of we at a And of do year, really randomized prospective important sooner year, We look CHEST. academic and number that closer space to not on there. working share in a critically study. I are year

Yuko Oku

Great. Thank you so much color. for the

Scott Hutton

Thank Yuko you, Yes.

Operator

the Biodesix Hutton, for concludes I'd Officer over now session. now Scott Chief call like for back remarks. This question. closing pass to our to your for you question-and-answer Thank Executive

Scott Hutton

clinical worked think as created, ever-increasing our build our data, focused management an lung and we and and to continue diagnostics. our the in progress that's operator. and eager momentum large first-mover just market payer adoption And increase best updates Thank pulmonology already provide we on how the With robust of to in clinical of a opportunity. you, body status data We've long this we're extremely I on nodule team sales to in beginning build hard the growth.

Ultimately, believe significant to we patients it's treat, all the ability our they future. about make impact physicians in in a more and and the

on best-in-class improvements standard on are of and times exceeding as test by savings, and impacting a maintaining laboratory high operational while cost compliance margins turnaround and operations development continuously Our delivering research, evidenced level unmatched our our positively of teams our already results gross delivery. strong

on profitability. facility to continued We highly hosting our Biodesix around quality-focused and a will state-of-the-art soon. discipline you. our culture to earnings our new Thank updating reduction look accredited team in prioritized assurance progress the provide on you clarity that cost greater next approach and and and and successes cash operating and path We've our forward in resulting burn and call trust expense and you

Operator

today's call. concludes participating. Thank conference This you. you Thank for

You may disconnect. now

Biodesix (BDSX) 7 Aug 232023 Q2 Earnings call transcript