BDSX - Earnings call 3 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to the Biodesix Quarter 3 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Chris Brinzey, investor relations. Please go ahead.

Christopher Brinzey

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

market press XXXX forward-looking and performance and industry. those to Biodesix' or call including The involve from factors in the uncertainties differ results subsequent other quarterly and forward-looking known XX-K risks, we for materially reports announcement unknown we to financial on and those copy or After results replay the risks Factors detailed statements call for competitive and the and may XX, applicable. page conference XXXX, in announcing online, be actual the for well XXXX. as call as are annual result this Today, will materially for discussed release other trends, the of of the open discussed X, the third nature Q&A. changing projected uncertainties, projected. Such may that as relations as during the will a results of found section highlights in cause the reduced statements SEC report the on on release their audio quarter this business An call. A subject with those demand and issued Risk investor prepared XX-Q implications Form year events can recording the a available from press release filed company's and remarks, today's elsewhere webcast for XXXX, December ending website. Actual differ the on our filed company March as on also be of Form

of measures, today reconciliation is exclude directly certain also are specified factors turn now concerning results we with financial A financial in differ will Officer. Scott? to measures in to forward-looking which that Chief include press available the SEC. This press would items. discussion over detail company's our Hutton, the company's most release from statements the like in GAAP call information non-GAAP greater call today. I in the could release to the a adjusted and to described the to issued Scott Additional materially are filings cause Executive comparable issued

Scott Hutton

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

operating assess on-market a physicians by quarters, the used to tests are are treatment GeneStrat mutations Medicare. genomic lung significant prior quarter our with for of sequential consists by genomic nodules ddPCR cost-disciplined that believe progress X We are test. believe profitability. We're in initial Our expense. NGS lung leverage and only growth And team's test used business mid-XXs Nodify is and outstanding I saw resistance Lung rise appreciate diagnostic execution Nodify test that within proteomic everyone assessment of increasing our lung to approach We lung 'XX. nodule. the pleased compared all momentum. X tests, with expanding the to gross XX% risk and of IQLung and beginning model X blood-based the and consists partnerships the coverage. Similar of proteomic defined business. the company blood-based X inform while malignancy on lung of is while of testing. Nodify of X,XXX the continues with diagnosis by testing testing commitment guidance second another to targeted All and tests are the we tests IQLung, patients progress adoption Nodify biopharmaceutical quarter covered to And on diagnostic lung our test portfolio a test CDT the to over by third the continues across VeriStrat our sales business, these we're of business delivered our and exists within services year-over-year significant primarily rebound results a as decisions This X from diagnostic at options to therapy. X healthy diagnostic test, Medicare path for GeneStrat of Offered demonstrate by testing third off. the margins to monitor while pay and to Clearly cancer, treatment and least growing gain XLX, volumes. our which driven straight Nodify and the ranges IQLung our and post-cancer efforts XX,XXX risk the tests, reducing XXXX diagnostic lung of to the monitoring quarters our quarter and is to with increase Lung the was results, grew volumes expanded revenue, to did delivered in Lung so the XX%

events providers which presence evidence growing clear momentum laid and of meeting, College community's record XXXX the of patients. how or meeting. XXXX. of Having of Last the attendance, had diagnosis year's annual Physicians in team first the benefit the One and an our showing, returning CHEST number like last to CHEST exceeded health care was with experiencing interest year in returned year feel physician annual annual can commercial from treatment event, and I products we're strong the the Chest Biodesix' their a significant for Biodesix of growth in more the groundwork in-person the it just American is for the

care share provider professional July, and sixth of commercial actually a multiple conference. the to diagnostic in implementation in clinical was evidence health International procedures. Overall, Nodify published XLX utility and At clinical analysis past invasive the productive X represent Association treatment. patient the study use conference the of from our costly a the advancement ORACLE community, these within diagnosis findings a XLX an study meetings updates we of nodules August, also ORACLE test for present conferences examining It In we relative cancer lung in XX% published to a reimbursement. decision-making, to in test, utilization the is patients Prior expand profile our numerous presented. analysis of XLX invasive the biopsy important demonstrating subgroup Lung critical further support Nodify XX% drive Bronchology on cancer Study receiving annual primary was meetings. importance health that ORACLE the patient test do for relative XXXX we on another shared Association prospective the XLX Pulmonology period expectations, and care products excited shared of September, Nodify that impact of rate. In Interventional a on ORACLE clinical the benign of presentations utility world quarter The of American data and This test remember for adoption XX% showed to diagnosis AABIP in or procedures the nodule in Nodify selection management. lung clinical compared improved we're and unnecessary the these related the opportunity outcomes While to diagnostic that exceeded of rely Cancer we adoption and had demonstrating to where the and to increase for the representing And real-world a patient unnecessary test. used is reduction our XX% data the and step to study biopsy. when reducing the at the the a the also from significant was necessary in clinical at data any

The regimens the advanced-stage prospective demonstrated can ability cell cancer. in registry complements of analysis patients lung with immune around current highlighted new non-small care observational to first to of for inhibitor the test and large to patients. response VeriStrat's a use predict to optimal that checkpoint presentation study the treatment multicenter today's INSIGHT a VeriStrat proving The guide standard evidence physicians growing be valuable is that test

presented we at the X October, meeting. abstracts in CHEST Lastly,

that a managing of all ORACLE of test first analysis nodules. types from the subgroup lung XLX in the the transformative The was Nodify potential study underscores

was build of decision-making. guiding providers patients our of an both and both demonstrate health demonstrating PET nature clinical body the CDT a to complementary with supportive second to care component evidence remains and The clinical strategy imaging of utility tests of results, in the results key analysis to Continuing the payers. of Nodify the our

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

has Biodesix X all and Nodify status. ADLT with Nodify XLX tests, Now VeriStrat, CDT,

We additional will have updates in reimbursement and months. to continue and the to upon expand expect our coverage build coming

XXX% partnership and XX% to growth In business. improvement which over the on revenue quarter, reported we of service significant and of second million, Moving our biopharmaceutical year-over-year a represents third the quarter. $X.X

volume biopharma clinical revenue, revenue. continued this we're incoming performance are even a yet proposal; growth recognized and different strength studies. Equally now is ultimately, and at yet of dollars encouraging samples biopharmaceutical our solid see number which seeing with expanded pleased quarter, contract received services of under increasing an of million number with as and partnership the requests and from under multiple We strong not contract the $X.X for running quarter the as in encouraged but the recognized but not to in stands companies as

commitment outcomes screen, the best-in-class lung awareness month, providers cancer By deadliest I cancer together comes in treat community developing come demonstrated cancer the all like and health empower reiterate in tests treating and clinical when lives breast, discovering, the improve is standard to still personalized these patients. November care United X lung lung essence utility is diagnose turn cancers, in to commercializing early. we annually detect, when critical and third and of total believe patients more of Robin, tests States cancers, the with next to with a prostate and it as is to the of and times, to call financial let review than the performance. Robin? that cancer colon to the play the combined turn transform effectively. With efforts and patients right lung and turnaround it diagnosing treat our to to I'd to in these over patient XXXX Time the over cancer. Robin our care me of we it quarter and diagnostics. the Before deadliest quickly that, cancer claims role Lung diagnostic educate

Robin Cowie

Thanks, Scott.

revenue; quarter COVID over including compared revenue million, the $XX.X third the diagnostic $X.X XX% excluding of year, million. revenue quarter quarter Third was prior was year, a COVID for total of $XX.X XX% $X.X the of the increase third and XX% increase increase year. a over million an million in prior XXXX, over prior Lung to revenue the

prior in in XXXX of a included Medicare cash quarter from decision periods approximately Nodify Third positive performed largely tests coverage by as revenue for CDT. $X.X million the result

Excluding approximately this XX%. amount, revenues grew

XX,XXX million diagnostic over we an quarter and mentioned, third a compared the for of and XX% quarter the year-over-year delivered the of at to of and increase Scott XX% increase As quarter XXXX compared of results second the quarter in third results quarter test fifth revenue quarter increase XXXX, services the third XX% $X.X an test growth. Biopharmaceutical XXX% lung $XXX,XXX was straight XXXX. XXXX XXXX, in in quarter second to our $XXX,XXX versus least X,XXX

As from to in factors, execution, a project sample increases and timing in reminder: several including received due multiple This business but can this clinical fluctuate studies. instance volumes reflects contract

tranche XX% optimize quarter both dollars driven in increase of EBITDA XXXX of XXXX. reduction improvements $XX projects The As term diagnostic investment to the million XX% and XX% operating compared Perceptive included of period quarter to was equivalents R&D to adjusted and are XXXX. and in compared in and changes margin by from for noncash XXXX million projects decrease and operating million $X.X to and $XX.X million path as XXXX. quarter. To driving and we for facility $X.X million XXXX decrease in from paid enhance the of in yet in revenue. We cash quarter charge offset prior XXXX of XX% expense, to compared $X.X clarity fair our the of improvement testing quarter, agreements in second but we expenses, of profitability, to for the million with net third second as our the quarter gross quarter ability savings our and in expense, focus over XXXX, The better in certain quarter the a XXXX reporting the the million as are margin in the quarter was quarter notably quarter expense payment of includes and second trend lines quarter $X.X increase quarter net improvement third maintain decrease result increased quarter recognized with quarter and total to of of partially million the compared milestone ended third contracted second a Scott quarter expenses. equivalents, These X.X% over now at expected increase million decrease associated quarter our with $X.X tied loss both $XX.X versus $X.X and third will marketing XXXX to for XXXX. ended and million was cash XX% in the periods million the different are the the to in near-term excluding the COVID-XX in due loss in value excludes diagnostic lung The $XX.X Operating workflows last the and improving XXXX. Net tied exhausted, as also now XX% projects. in the same realization revenue, the quarter sales and reflects $X.X first result our and period quarter delay our in of in anticipate in the $XX.X of business, longer-term to million the that these facility. million successful million low offset in of adjusted in the the prioritization to unrestricted in margins success tenant a third of costs Diagnostics, drive recognized related compared over in noncash noncash interest Advisors for and COVID for growth July testing. year in to on expense to managing second capital; operating stock in to multiple sales over on for of completion costs are the is XXXX, expenses quarter Integrated demonstrates $XX.X dollars, progress $XX.X expense gross executed. Gross the expense, of and gross higher-margin the drawdown EBITDA, costs of our million $XX.X partially provide of during The anticipated quarter $X.X working a third a cash XXXX to projects a Current XXXX included B testing third of actively $XX.X third which loss are in revenue, decrease going margins a warrant in a the of be growth and fourth time improvement primarily noncash in percentage in with reduction by items the to line second the $X.X by expenses. the XXXX top EBITDA million We quarter which warrant million and liabilities and new $X.X versus compensation change million $X.X revenue of adoption. XXXX million unrestricted cash increase which mentioned, costs cessation direct scheduled certificates of the an second third direct forward. Overall compensation testing revenue year Adjusted growth loan XXXX as not the million of includes the end loss lung and XXXX stock-based in the the operating was loss improvement and in margin mid-XXs the for to offset and same quarter is in support by compared second awareness product to a decrease

the payments cash In will included August. remaining $XX.X million plans $XX from announced addition, the as of of highlight placement third quarter its display $XX.X the the to required from milestone our from Diagnostics Payments and loan a outflows facility B of Advisors. I XXXX cash to receive made the $XX.X draw do our in balance classified Integrated in also million cash flows. fourth tranche company quarter, to In private the on for Perceptive financing of statement private cash the in million statement million down additional have with an through placement million been want flows, of term clarity. activities $XX shift

made the U.S. in the be milestone as required payments to portion The where as activities are all just with outflows GAAP now October due requirements. well beginning made milestone However, from classified as the near to capacity XXXX diagnostic in of be payment will XXXX, cash changing, the of for location. in operating amounts dollar improved in as applicable weeks, statement current they're cash well has collaborative be captured the payments The these new not collection services. flows. In to services lung testing, state-of-the-art Boulder testing, corporate facility we on new be specimen our coming as biopharmaceutical will Colorado, our Louisville, facility other kit moving manufacturing to

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

revenue for collections Medicare XXXX, the year, performed half cash guidance. our thus year of Quarter from we delay experiencing guide. Earnings we prior our were that Call, beginning this in that and Advantage be the will full At disclosed turning payers collection number including Fourth in second Finally recognized XXXX a to a in were of of small it upon periods expected the in XXXX in tests

and begun the of backlog on $X of a XXXX given payments, million to $XX this broader continued $X.X of now guidance, While collections. we business. payments, testing growth ongoing $XX some we expected reimbursement balance based change now guidance services our the diagnostic X are million. to variability spread receiving well made receiving from us the And is around our the timing modest have progress continues assume The as pulling on-market million have timing of to to lung million business. the note, to strong as year-over-year in our core of growth biopharmaceutical not Of the in our our variability business, is tests taking

let me Now turn back Scott. Scott? it to

Scott Hutton

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

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

quarter, progress that effective efficient, our and call us environmentally new facility to our sustain past We of we're that, questions. exceptional have success. growth shareholders. to double-digit path our sales again I'll to affords the strong already ability in the dedicated growth team, been who've and our experienced confident progress their to our an manner. With to profitability. the of look lung-focused aligning in made and patients attributed We improved strategic opportunity and for By our data gross strong supporting forward instrumental expand friendly to all performance in these tests, published to turn the our to our in the substantial a physicians, deliver We've utility margins that demonstrates in major and to the milestone. moving our and efforts, value on trajectory; reimbursement clinical We over in operator profitability; and and payer adoption, critical state-of-the-art growth our path both physician achieved make fueling grow

Operator

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

Dustin Scaringe

for This is Dustin the line Andrew. on

you what First, growth thus confidence and just a Robin in that trends and guys for just XXXX. seeing wondering know you but XQ little far in Scott, wondering you're inform that the what ramp revenues. bit gives on I might then how diagnostic touched

Scott Hutton

Yes. Thanks, and question. great Dustin,

last but which associate As mechanism. sales build out force got overnights, of XX to at what to we flights, can and plane this we focused you're of still expand. learned you opportunity size continue time, year, than know an if introduced may to we so recall, we've build decrease got windshield we a tremendous on we've territories, consultant we've We've less is, support pilot the continued to sales times. a and minimizing -- continued our that we've kind out, And territory,

to to expand really maintain continuing to our more really that sales to make accessible to and and got out You're room to strong we've drive professionals the continue up while force; accounts. they and hunt so onboarding call readily those professionals available add plenty associate will back also going down invest go of consultants, costs. sales to you're which and manage accounts sales going free sales on, new they And

Dustin Scaringe

that, tracking kind sales And And to that everything XXXX, hoping Understood. of the reach how level expectations? for? about sales force you're with are when that -- can rep related how productivity when the of thinking you're kind is relative to

Scott Hutton

Yes, great months And of shared What to number is we've sales the key ramp past ever. it's XX we in last that question. metrics. our quicker over we've XX seen a professionals than the track a

see hire a to a cap an total territory new to and opportunity that sooner. out. get that sales had start X- also productivity, quickly, X rep that we thereafter, a about good to of and to to were themselves providing in X to pleased sales months to noted We're paying X-month we months. that highlighted feel for it we X that more scale was we've level took over ramp range, may professional middle comes decrease we new that we're it yet to recall, productivity can them closer You Then rather continued last When shortly a time shared in so year, that, to for with.

thrive And so on have it have additional and that "high accounts to a reps basis with hope and win their professionals and their number improve performance a continues additional patients the continue that of have physicians help sales monthly to to the we watermarks." us partner most currently importantly quarterly that grow, of sales can recently provide established think We kind care and their we gives new then cancers. we is cancer continue on We that sales we an for a reinforcements. know there's X.X tremendous We to opportunity. basis. identified we're annual know getting million add And the lung grow. And of there's a so incidentally deadliest Lung that having need. scale big force can additional think all of patients, to to invest, us time nodules continue opportunity all hard and those to over

Dustin Scaringe

Got Scott. it, that, appreciate

one guys sequentially. into is Just year. for how see something us: that to about EBITDA to year? the you more fourth metric, Good the thinking Wondering step adjusted you're And to guiding OpEx next new down that, related in that plan next quarter, on then on

Robin Cowie

been EBITDA XX% talked the in XX% quarters, and projects that about, and profitability. we've while pleased see several We're are we've working making to related quarter over as adjusted to on very near-term last very improvement first Yes, revenue on hard growth the the over focusing to our that over path second progress quarter.

we potentially the as and more quarter capitalize first in we demand and bit the XXXX. in as Scott hiring fourth to quarter we on additional associate so OpEx would little as a well see consider the start little very the reps build and field As the uptick for an at first of third quarter in on quarter, in the I XXXX end work bit some a additional adding sales expect of did to consultants the mentioned,

Operator

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

Kyle Mikson

on core the Congrats strength.

And like the then walk MA, private so those just So have the and to to probably the for I maybe some does Because to were you comment early like us. claims I'm something so it maybe. some could these on going mean, with detail. thinking on -- these could there would guess, this And like the like sponsors well? of you you those as of back reduction, United through and guidance thought some of like that plans, carriers, Because and helpful I kind plans just seems clarity persist the do it get related Humana in like is in or this more, payers if with for be half. it's year, like factors, are

Robin Cowie

Yes, Advantage. but all absolutely. met this Medicare related hurdles Thanks for with that are Biodesix are There working a not health is for we claims recently. care, plans have a all on Medicare these some that issue. This been much a now. of of we're plans diagnostics This news challenges joining, private some have And there's not issue. lot even of dealing is with backlog Kyle. been to the coverage a pretty all Advantage is couple of through Yes, and administrative that with criteria, Medicare

We good have second those but to started seeing slower We be. see it progress wanted just collections anticipated payments, in it's and to we had made than the half.

of do be the spread to there why get out the left although guidance, While would end guidance. the the guidance; some, in, in versus of of the there, be so continues it not the if receive they that's top the And this we backlog did would end all to XXXX, lower be although expect delayed that possibility. necessarily into quarter, is start, that more we're going at -- we we of it don't towards removed if

Kyle Mikson

Okay, helpful. that's

that So it's the your a it's fair on -- a on guess, I Is of end, it? revenue think really management to things. help that the way function end. cycle about Like like, adjudication wouldn't not their like

Robin Cowie

it's definitely say their end. I Yes. would on

Kyle Mikson

share on -- that? could many it you seems Okay. Can quantified. mean anything is And I it then it's definitely how be this? like claims

Robin Cowie

Yes.

million estimate is current $X.X in $X Our million collections. to

I So say XLX Nodify mostly it's would and VeriStrat.

Kyle Mikson

XXs again, fourth first in year-over-year the volume, year, You the ] back that was and guess, strong, ASP into of -- like the from Or getting And bit the XX% kind to of quarter, Okay, yes. that on maybe quarter, It going in thinking then dip the increase: quarter? that the core like of course; of I about all a the guess. helps growth could this [ sequential over I fourth -- up had again? thing, ramp, robust volume business, the perspective of possibly grew. It the like, volume year-over-year with and XX%, to kind kind mean, quite like creep right. quite -- half a is I

Scott Hutton

question, want return success just Yes, and training, field, hiring Kyle. in really of We but Again, and we reps. believe on great are X that it's focused a up we them and sales run towards setting XXX-plus for to that per mindful sales them getting a not it's quarter, reps recruiting, putting still function them, onboarding approximately we want. be the that

XX% the cost range I profitability that bring think and stay or back timing. on be the level our range progress with number confidence given quarter, think, we that function And towards mindful but gaining on continuing do that, been confidently will important, do in. given we sales and is be critically we can get expense month path year-over-year what XX% we of range, we of that that high to we So into really any a a the that reps the can is comp, to it state we've could so of of and structure. believe a to again, basis want doing We

Kyle Mikson

product, that? that to tailwind. benefit Like real kind this [ the the P&L; for much Next helpful. item, CDT is year? walk you was was And that line of on impact year that the going Okay, the that look of like had end ] full of how guess? through ADLT that benefit come like, from Can quarter basically. like a that -- Nodify on the is I Or

Scott Hutton

to a Maybe for private payer question. could if ask CDT? qualifying you I referring Are coverage

Kyle Mikson

The ADLT rate.

Scott Hutton

ADLT.

Sorry.

Robin Cowie

Yes.

was So awarded Nodify status. ADLT on ADLT: existing CDT

and ADLT of ADLT. there's ADLT So types status. X new different existing There's

for are first For X on the price the paid first they're that the quarters. offered, ADLTs, day new list they

For we any -- not the of MAC the existing any did $XXX increase experience are test. the the and from ADLT they increase awarding rate, status paid to ADLTs, so per price receive from continue

Kyle Mikson

I margin nonrecurring? could Because Okay, can they sort XX%. of I -- love this like questions, very it quarter, onetime like quarter And mid-XX% like that's -- low- it don't you the they're ask of the but like was really seems anything range this there forward. -- were a I do sustainable. helpful. to want think like going And feel I be do that's -- and result nature, don't you ] was why What good [ type it in to high in gross

why guess, they're I So XX%. not sustainable,

Robin Cowie

gross and lung diagnostic variability actually are stable. in in we the gross biopharma see margin very very would strong -- biggest say I We The our margins numbers are contracts. our

gross intensive be in Some margins which where others, XXs difference the low of are and labor over can this are can year. we only that mid-XXs course the a very, more lung gross than very really the to be margins, bit but would the now. improved stable diagnostic But the impact little

Kyle Mikson

and potential the Okay. Is like And -- maybe Scott, inclusion just or like year. finally, there drive everything. CHEST coverage had relative for help in And you with of in like readouts term update guideline this that any general data sort adoption of some you like could the or And the potentially? really a near for just guys?

Scott Hutton

main changes COVID eager society as continue to the plans syndrome, it. to The and respiratory can position any to as considered acute cancer do we guidelines the CHEST the different We've possible And meet and guidelines, treatment Kyle. building ensure -- related those make referenced is the diseases much put nodule question, for which really and to data we're data, the they've We're respiratory made be related that the RSV guidelines physicians publishing pre grow review a will then in as not the is would we related that the without physicians, inclusion guidelines last to and for updated The great we believe And so. prior but so possible us when to be few Any to in short those pandemic. been guideline call they guidelines. guidelines whether have distress ourselves physicians updates management quarters opportunity before. since the all we really guidelines. to an of a of only help, for continue as years have CHEST inclusion. a we'll best society, groups last to and answer us it's year both that this on, and in the over have CHEST ACCP the ACCP it's impacted have Yes, the years, or

Kyle Mikson

like for anything that, you? around Okay. And expected you timing like don't any have do

Scott Hutton

updating involved. when don't No, no. and guidance they're on They much really who's planning publish give or on

NCCN, to of other What this update back the here usually guidelines, or of ACCP And is As half could may societies, at whether some really seen they cadences in want then it's that that anonymity. year. kind still of so different Fleischner, they that there we've keep the historically is they the frequencies. year, some provide be updates

that really from start a guidelines reaction there's own that's we'll likelihood that. to groups the major seen delays I physician And other create the and of some on high start think think new publish see to societies. we've to that their I a

from continue updating so the before. updates. again in questionable and the is pace ourselves best We're be data we're which know to to going continue we're we might of of lot and justify It's in and to the possible. the it faster maybe not regardless physicians, going think best to X-year really change change certain X- to a to guidelines period. the happening out world at over that of a put we ever in And guideline hearing put expect a we're position than today some rate I push do rate possible

Operator

Savant Our next question MS. from from Tejas comes

Unknown Analyst

This the Congrats is on [indiscernible] Tejas. on for quarter.

some And for you're private XXXX. ASPs into the we So of maybe should year, coverage maybe on your how CDT about still be wondering firstly, in was first the on I rest if for Nodify. Nodify expecting XXXX, thinking payer color

Robin Cowie

able pleased we can next XXXX, of where second in left and publicly, team we'll out what's to but has be gotten Yes. announce the Well, of reception CDT. that happening publish share months waiting and we're the been for hope We're has so that publicly in X -- very XLX the so for with that the to the be Nodify to field them just honest:

and claims, on more momentum quarter about have to in in of But private later and relatively limited a probably payer are will start will year fourth Medicare some would I Medicare improvements gather first impact private ASP. see payer start that's than say our quarter. the to the we individual on coverage, XX% incremental an because us, For XX% Advantage to ASP, but we as

Unknown Analyst

if you study study, Perfect, think provide that the was and that you running may from year. be on still be know and able the okay. data release the That's update you wondering some end could that randomized the interim for we of think analysis before seeing you an utility the to when you're could enrollment helpful. really if -- And then ALTITUDE clinical

Scott Hutton

great may time, kicked be an question. of At enrollment seen you won't Yes, the the year. it's study conducting this we year. pandemic. of record we recall kind ALTITUDE the end before And analysis in the a interim We've this off month-over-month

which record so have and to any interim need but patient slow, really we've year, definitely month-over-month on a minimum for of that impacted tracking back rather analysis, play we're continued patients delayed monthly be looking on And And catch-up we us recruitment but enrollments was those a kind track, potential there. to at those so basis.

are the interim more XXXX exceptionally meet it's well. we'll in to sites we we'll call, enrollment pleased have, potential and the able of clarity And engagements think, but the be earnings analysis again long-term those of will enrollment. think where criteria, and going provide occur I we kind of number we terms with we're in on and next by then when that enrollment the

Unknown Analyst

of and and you updated risk-of-recurrence update one And lines Okay, you could on reimbursement expected an time if just commercialization your could great maybe more: there speak wondering any then test to. you and have that wondering if to hear that. path the your give progress to

Scott Hutton

Yes.

at refresher, It proteomic blood recurrence to different physicians. and patients support is we've timing. than in and conversations draw to published reimbursement of test. published the in this We provided first We occurs to this every those time, We it's take MRD. is paper. pre our continue related to test, Our on franchise, we're new risk And call of a our surgical mindful The not we've with point new reminder on this, invest of identify or know conversations really our test And for some blood-based additional Nodify return plan able to dollar timing stated recently spent. want on commercialization. recur. time. biopharmaceutical on updates any and a so we're as no beginning we that and resection, really likely updates the At would continued to

we quarters. planning we'll on in fair share coming say in not to risk we're can that I think recurrence, fully XXXX, commercializing it's time, at information of additional this but have

Operator

remarks. now I Officer, turn to Hutton, further would to Chief this Scott time. am closing I showing no for like questions at it Executive

Scott Hutton

we patients and already our treat, sales first-mover momentum operator. We've think the data, team as significant the a you, an and and the that pulmonology-focused to building future. robust large make build generated status Thank in ever-increasing ability best and lung to clinical of just diagnostics long adoption and growth. and hard nodule more extremely on about underserved all in worked is the in we believe our it's our the this increase beginning impact in they physicians in the payer we're and With clinical body management this of Ultimately population.

Services improvement diagnostic margin adjusted a provided on delivered volume and growth, lung test XX% we in growth; gross XX% Biopharma quarter, XX% EBITDA. This XX% a

adoption continued and state-of-the-art while quality-focused all our effectiveness, and working our and a Our We calls and successes in to ultimately facility on increase team accredited look soon. Thank team is coming in our hosting progress Biodesix updating constantly reach you. culture. forward operational to new improve our highly the prioritizing and you you

Operator

Thank in conference. conclude your participation for This you today's the does program.

disconnect. You may now

Biodesix (BDSX) 7 Nov 232023 Q3 Earnings call transcript