BDSX - Earnings call 4 2023

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Operator

Good day, and thank you for standing by. Welcome to the Biodesix Fourth Quarter 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. ahead. go Please

Chris Brinzey

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

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

Scott Hutton

a In cost revenue by to XX% EBITDA fourth over strict delivered margins period. we We increased year Thank XX,XXX share and XXXX. Happy gross execution improve our test, the the the XXXX you, Biodesix. goals: lung XXXX, over our our a diagnostic lung to growth that comparable quarter gross over to implementing diagnostic course and maintaining of approximately diagnostic the biopharma improved been test operational and was through XX% adjusted efficiencies discipline. which of services, Chris. we driving and XX%, X on increased represents at our great We've adoption margins year focused of

of sincere team dedication to see them. in professionals health and want the care work Our patients our you that reflected our has hard the and gratitude never their results. express strength stronger, serve and for culture that to and I team my improving been lives to

results as cancer. approximately those compared of with the for X test lung to lung X,XXX ongoing top of priority This nodules delivered and with we tests Our patients reflecting fourth remains delivered the approximately potentially growth test quarter, testing past the cancerous XX,XXX by driver our in sixth will test quarter results, adoption is blood-based This our the serve Lung growth. volumes. growth, largest management driven to XX% Nodule we lung least continue volume largest far market XLX primarily and of lung the at the year-over-year of by be diagnostic is and quarter straight XXXX. notified of XX% CDT

for team growth Our in this was driving XXXX. responsible outstanding industry-leading commercial

invest with representatives of approximately months. we within finishing late teammates paying our On to to We in in new expand fully these organization themselves representatives additional sales contributing XXXX. throughout board and an Therefore, that the to begin the with quarter on first our quarter expect continue average, year, trained for came X X. XX XX X began

while future the working established for associate adding sales benefit to existing retention into team of alongside building penetration consultants We validated expansion. territories, bench also a account and members improve

of an As primary half territories and the for XXXX study showed manageable of youth holding reduction in geographies of grows, second consultant within the sales XXXX, splitting more publication with an the of a business XX% biopsies the as territories. with that surgeries In was ongoing existing consultant increase a in test XLX lung prospective in on data will includes Nodify benign expansion endpoint number the resulted both the that see and/or and will a the sales published. that associate The costly nodules. adoption unnecessary those accelerate result, territories into Oracle registry an patients

In Peer-reviewed critical independent procedures, academic are published real-world physician as adoption the the utility expand publications help of in demonstrating coverage. our addition expanding payer as setting. to of such to clinical these a centers data, unnecessary XX% well an as clearly group reduction Nodify tests of medical this clinical in

major test. including and clinical important that tests lung having Test, received combined team, Diagnostic proteomic importance and Guiding reimbursement status our cover the that to The is Nodify coverage late both driven by public test reserved decision any status growth classification. with awarded volumes Medicaid coverage Nodify is Medicare commercial that strategy. our first Center Nodify or the by CDP of part for and new CDT important Services. CDT testing, recognizes help In growth in combination remains ADLT Nodify XLX and utility. CDT the in these management and was broadening addition the fourth coverage innovative milestone tests. VeriStrat clinical an The of improve July, of issued Nodify status the the test sales diagnostic as a Advanced In ADLT Plan the a for this is coverage plan Laboratory existing health In Geisinger unique Biodesix Health testing was of recognition both tests blood-based lung plan for other to Medicare and our ADLT cannot for quarter, from team professionals patient to Nodify obtained Receiving XLX value health outcomes. be provides of XLX nodule CDT. a joins or Nodify Nodify information Nodify care positive in

XX% on growth exceptional X Moving year in last the second of the momentum services half each business. our biopharmaceutical to the more We than of with quarters. generated year-over-year in

biopharma increasing are see received different encouraged the growth RFPs quarter clinical of an from opportunities. running We with incoming studies strong several an and number pleased of increasing and are samples multiple this to companies and number

providing fourth tests. our increase of made becoming effective more in addition, in We've was XXXX. over fourth In of exceptionally quarter test increase process efficient even have of points XXXX. Ending great have and over projects to margin, those team the in of gross on that in and quarter turnaround optimization the tests automation an XX% strides workflow gross times the XX margins with course industry-leading driven continues deliver been our delivery a steady

the operational disciplined and a leverage to help will built on results. approach progress fourth to long-term, business We commitment business believe consistent, facilitate beginning Adjusted profitability. model improved our exists the to that the platform within the growing growth. XXXX. and and efforts And to Finally, demonstrate EBITDA in continues our the while team's I significant our sustainable commercial everyone a to XX% deliver outstanding the execution path over period appreciate cost expanding in and tangible quarter is same that

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

Robin Cowie

XX% a including year. COVID COVID $X.X XXXX, prior a Scott. increase increase revenue excluding quarter a in over year, XXXX revenue $XX.X prior year and the Fourth full $XX.X Thanks, revenue million, XX% was in million, revenue XX% total Full year increase over of million revenue. XXXX was over

we full year. increase our results mentioned, year approximately over fourth for million XXXX, was full was the in the Scott volume XXXX increase, test year X,XXX quarter revenue revenue quarter XX% XXXX sixth the in diagnostic $XX.X Lung respectively. straight XXXX. a for was results quarter long and the million $X.X As delivered for in versus quarter test fourth Test Lung year of growth. for the compared approximately and diagnostic an results XX,XXX quarter the XXXX year-over-year at for increase lung the to results XXXX, approximately XX% quarter XX% diagnostic full XX% fourth year test $XX.X fourth diagnostic increase XX,XXX least million, versus prior XX,XXX of over test a full XX% of

discussed tests Medicare continue we As for Advantage prior certain covered payers. from we've experience our in in payments delays earnings calls, some to Medicare

the to million to $X.X in with call. to earnings the $X million grow to million, year resolve we reported administrative our to $X.X third While hurdles, the $X at continues approximately quarter continue million work the ended and up plans backlog from

the to Biopharmaceutical updates calls year work year in XXXX, towards will in satisfactory we over fourth $X.X and in an the as the continue resolution. quarter of XX% X% million to million increase $X.X and our for for comparable Services compared the XXXX respective We compared periods. to full prior the provide XXXX was revenue quarter full $X.X of million year $X.XX million a

did receipt The this experience several in we the we As project, we quarter see first totals large of contract to strong revenue in and of like approximately a complete with due something fluctuate contracted resulting contracts quarter, contracted typically year a we is revenue. half half business for can year. in including not did but Overall, from revenue quarter project in ended recognized pushing And execution. of a revenue, a fourth while the the timing samples delay had into factors, $XXX,XXX reminder, as in third decrease higher as from record XXXX. the second we we yet the and $X.X the the million

product However, quarter to total note it's not of million in XX% increased XX% workflows. number the contract, increased XXXX of have to quarter and we costs projects in of expenses quarter XXXX awareness X improvement million versus costs and today. versus full gross and important year, versus the weeks dollars direct The steady and costs Since margin continued expense, lung G&A, to anticipate offset year of the as decrease direct growth to operating contracts marketing XX% and percentage beginning recognized is Total margins decrease testing in XXXX. million to sales our XXXX and but sales partially the quarter in testing in third new first XX% quarter maintain Overall $XX.X support pipeline. in in for the ability of signed operating and result be fourth XXXX $XX.X optimize strong million the Gross $XX.X mid-XXs fourth We expense diagnostic $XX.X that our resulted full R&D the XXXX, we a were million period the and quarter third robust XXXX. the margins costs the successful the XXXX forward. versus expenses, The of excluding to million drive same in expenses, prior primarily year the the to lung the year completion have growth of operating incoming compared year increased expense adoption. $XX.X in requests across Current to gross diagnostic and was under yet XXXX. have by excluding of decrease in and year for of trends full $X.X going margin in enhance reflect in of XX% a of the to for the and the XXXX. prior

the for expense, increase are realization sales XXXX, of prioritization offset year by as our to year slight expected $X.X For of compensation XXXX. result noncash savings and of as projects in is $X.X of the related compared projects. million partially during prior marketing delay fourth quarter the the longer-term quarter stock period in increased from the of full to the compared and expense fourth near-term million to Operating revenue expense to that includes XXXX the

$XX.X for same net XXXX third quarter from XXXX For stock-based was loss ended change in full expense full revenue, year for for gross compensation. year the $X.X Net and margin full million term for quarter compared reduction and both with full the as decrease $X.X comp a quarter warrant as Advisors. quarter $XX.X the of in in million million loan loss the by compared of loss was well $XX.X the XXXX. $XX.X loss fiscal for in R&D expense operating fair in and full with period for expenses, noncash million was year the XXXX. to XXXX, million, of liabilities net and stock The compared for reduction the respectively, gain year the the Perceptive Net a year million our increase to of year noncash a primarily $X.X facility the included and associated improvements $X.X of a XXXX was XXXX loss million $X.X to loss XXXX. including driven certain in value Fourth million net fourth million

XXXX the quarter year for onetime progress and better included provide on fourth path fiscal $X.X to clarity of $X.X and debt. loss million, extinguishment million approximately a respectively, To profitability. our of While of

of of milestone offset to do with to our work August onetime the million remaining remind operations now facility Perceptive shift Advisors. the was adjusted which COVID-XX and million, reporting During our private $X.X with in of to noncash for additional is the year payments new fourth for the compared equivalents to to $XX.X was diagnostics the and revenue complete at over EBITDA which compared cash year a EBITDA third addition of the an and of for of of the on cash loss increase Adjusted items direct million for XXXX to and payment line loan XXXX CapEx full started the operational by certain required decrease gross facility, want full demonstrates the third full of used XXXX and compared for the of both million was for a improvement quarter XXXX. million in a as quarter, from quarter ended $XX in end focus in fund third $XX.X burn. our we expenses, working $X.X revenue, that the resulting $XX.X improving managing our million which million and fourth used our EBITDA, in a $X.X a loss adjusted loss expenses. the $X XXXX, statement and year actively fourth the our the million integrated was our I The million our display in and a million XX% growth unrestricted of improvement drawn flows. capital. million of success excludes integrated XX% cash quarter on a placement to -- quarter, improvement million, the operating in $XX.X an top included margins This $XX.X cash loss We on XX% $XX.X of announced and from cash in tranche year an a driving costs testing fully Adjusted second improvement. to EBITDA of diagnostics you million $XX.X and of term the $XX milestone quarter

of As in through 'XX classified statement I payments quarter from been made as quarter, financing cash last activities cash mentioned the outflows have of our third flows.

applicable GAAP fourth payment now activities payments XXXX. in all These payments quarter be classified outflows made in the beginning a However, portion to made requirements. milestone operating the well as the cash of U.S. as as due to from with are milestone

amounts the be changing, For cash clarity, the required of statement they dollar flows. just are to on captured where are not

XXXX services million to with growth $XX from Medicare million This lung $XX expected guidance. guidance does to increases in driven turning in Finally, our deliver offerings. primarily total include the any to by diagnostics We modest from revenue, plan biopharma Advantage backlog. not revenues

let Scott. me to Now turn it back Scott?

Scott Hutton

performance operational progress and growth goals: Robin. increased improved our to again revenue discipline. commercial in accelerating consultative to make in a the to our to attributed test shareholders. quarter, substantial trajectory, X impressive the already lung-focused made success. our margins maintaining the adoption Thanks, improve and and patients growth margins path our is to on By profitability a achieved our and health execution team in aggressive driving on ability confident their on year our profitability. diagnostic strategic XXXX high of gross been these exceptional path double-digit by and professionals, to strong who've our services, We've implementing gross progress lung and We've instrumental biopharma our of cost we're of fueling care sustain value efforts, our efficiencies all deliver past strict X aligning the

the to excited be and care significant are impact. are a We such making of transforming standard

foot We to advantage believe competitive grow provides over call and for the completed to state-of-the-art Finally, Lewisville, in questions. efficient into this corporate us the the we've turn expand manner. an in move and new Clinical I'll it effective another With facility our new Laboratory office operator as square XX,XXX and enables that, Colorado.

Operator

Blair. first Andrew Instructions] with the come will Our from question of William Brackmann [Operator line

Andrew Brackmann

things to revenue about. growth But maybe on here solid outlook that guidance you start to see us Maybe can year. few. talked for help parse that be a Nice have you I guess the build sort utilization the Any of to I there of for related might I'm increases, revenue accounts, looking appreciated. some per test. just rep new there? adds, color out

Scott Hutton

done, Andrew, sales we just question. continue thanks expand force that talked we're about reps lot expansion modeling a on grow sales in sales mindful Yes, expand ramp promoting had thing where a to as into may bit about that contributing. at open right one a pay as we we've the junior had and about to territories plan sales of our consultants be know XX we professionals towards that themselves to X We our for come perspective, prior, professionals. you've heard, that we we year, What X is into young exited that the And be for approach a at the look we little working. which force. which are start of we growth. as and performance haven't demonstrates seen from past year the And going We're we representation The to going is and we've sales continue do and slower. promoted end associate months. know to and obviously, really then territories, still sales those

at we've sales a we've a $XXX,XXX trying succeed. time pretty a get forecast this seen to we per ensure productivity from them accuracy, What looked rep million improve to So we that them can put in rep that into in to position reasonable really $X really frame. is number

disclosed territories. we've of cut their things get some have is One seen we north of $X.X the but million professionals we the rep, per past sales in

we with cut share to sales We could we never -- and wrapped striving could grow million, make up certain to and territories Andrew, again. that you. were demonstrate $X get just that national this then they see meeting, we wanted we our So them to could really

sales makes in year. ago, into We top most her the years consultant split that end an They consultant. we sales X of X/X of with sales year, finished remarkable have she rep the won top At territory, X. territory. the the is a back-to-back promoted What associate of associate the that both

go what the So out we've deep. we word really use proven can is consultative. I

going And isn't value. health professional -- sales we the that find the of our offices consultative. they're care in put to really of think our tremendous I questioned. We bring clinical test more the our we value professionals are value

out on that yet. just again, seen where productivity rep haven't So can sales we we number cap

all we really that performance that this for guide helpful? year. us we of So in factored modeling, into the is Is past what think range achievable

Andrew Brackmann

that margin of that just guess throughout XXXX? sort operational we sort really further about I should helpful. the nice talk the year you're of burn and related sort on model the here, reducing think Very burn. to making front in and reductions the how progress maybe you're about metric of expecting leverage Can sort this outlook you of

Scott Hutton

Andrew, you've made to operational on years facility make here actually to focused to some obviously, facility. and new continue the been us The Yes. and should empower and seen And achieve really we've improvements. you've X over X workflow efficiencies. last We've on the those. those

old that was the one not the things product of laboratory. constructed One is most the may for appreciate in facility really

so what ran space, we out were able of do. we we were in And to limited

the into ability us the facility gives new growth and Moving to with mind. in expansion forward move

margins. that improve up diagnostic we We're slightly X maybe one, gross that to So maybe companies got better. the set of continue we're also in that we other ballpark, are industry-leading to aware believe that. we've think We're mindful

also us in want we still We're for into us modest to be mid-XXs take and improvements forecasting keep mid there So range. the that to realistic.

Robin Cowie

top keep XXXX, make and that operation our continued driving maintaining and expense very it on path of overall profitability. for down burn one remains being to cash goals our to efficient strict progress Yes. standpoint, our focus From effective and an with discipline, cost our

Andrew Brackmann

could, development update guidelines, here. USPSTF picture should hopefully some I bigger updated on a great. we years a just screening since sort if the of And of measures then been couple That's maybe later there screening this year. It's quality for of question get their

nodule there's solution your be guess that can to in safe really these out in invest that management of continuing as nodule I here a team, of sort next going be So few years? about lot to say tailwinds in you aside for play next control going tailwinds particular, bio you're couple commercial go-to over to the talk for from that I the in over some things think identification desics But of to it's sort of that to all the ensure are of years.

Scott Hutton

you. a and we're it and right. that see what really and Yes, is. their all numbers with all think the deadliest everybody's detection impact fingers screening question, Thank it's guidelines insightful Andrew. I and what in USPSTF see got Obviously, eager Yes, that you're to does We're crossed change diagnosis. early those more that that diagnosis. we will Because cancers, outcomes dealing right detection improve that improved now the thing of know first is early that we

So and we'll wait that. eagerly for back sit

know We HEDIS cancer. did also and we've what measures breast in the seen

And only management cancer for so nodule go That will now, third right clinics, screening HEDIS fourth to effect awareness, drive it this also into we're not of year. of measures hopefully, broader helps continue anticipating lung the to programs. but quarter increased adoption and drive in

and nodule expansion So clinicians about referenced, work care of empowering partner those to professionals programs. not them with sales health our on us, for as sales to force the professionals, you management just is hiring new it's

have peer-to-peer And education screening some so will in experiences their programs, share identified with we spent physicians nodule through a that of patients management where on a experiences program. lot been time their

in across So adoption. partnering driving just ways care that's that of make but partner, the we becomes we we trusted cancers. this building about the sustainable, only volume a will test of become all think not to not continuum. deadliest It's and this right? can It's relationships that about we're collaborating biggest entire impact the one And

Operator

line Mikson will Our Genuity. Kyle next with come Canaccord the question of from

Kyle Mikson

to for current start such capital, as financials. two my assets, on like XQ. stepped you On questions I receivable in accounts up materially Robin, working think

And working this, of -- conversion to in kind backlog of the MA and volume, was read this could that probably you in guidance but secondly, in the cash the terms to and anything that would how you could in to guess, why terms quantify like either wondering understand how -- just kind Just be could apples-to comparison revenue helpful progress capital into you term? cycle I of there? or revenue, near net of did then

Robin Cowie

the We in fourth AR. for questions. see the also There the thanks towards a absolutely. little with see the holidays. But Kyle, Yes, Working volumes, the insurance that timing capital see step-up bit do quarter from end did we do expect the down year. in an a companies and year. just towards in slow typically increase We are end of increase test of time. no The on it's just a is It of million anything companies. fourth aware quarter. about about the -- the delays the rest of. $X $X.X the from Advantage About really or quite to now $X.X of million up Medicare backlog. couple be are end and paying Advantage to million Med sorry, of of worth or well from concern That's third backlog, quarter

increase for that that all in we the fourth of quarter? removed guidance And So from our XXXX.

not included anticipated do the guidance. any have backlog we collections in on So our

of in as We collections also minimize removed any try see you our guidance the from from anticipated sort that from any and current variability claims well to those impacted health revenue. plans

hurdles plans we're rapid to some resolved. get with we that able means see that resolution obviously, to upside, diligently Now to and there get we are those if administrative working should these

happy to So share on it. once we have be will that, we very share to anything more

Kyle Mikson

Scott, then, legislation And I you great. one kind was some of guidelines in guess, out that of the there. on Yes, for stuff

the is you. biomarker legislation. Obviously, for private has an been So recovery on expanding kind the payer first ongoing commercial of ever

to You of deepen that laws have that segment a penetration for produce your lifting possibly really heavy do like in these you. biomarker kind

guess. then a just I is secondly, this that that I Is concurrence I that maybe not, mean included, or this these performance range? wouldn't if things that like I cancer. recommended I'm be And affect for year guidelines I or I fair to to TCs all? are an legislation wondering you think tissue be mean, -- affected mean, year, I guidelines in drivers believe. this testing Colorado guidance does So think at going tailwind new just is say? of blood-based lung like this and

Scott Hutton

then great with of status I'll a respond there IQ tests ability offer for the the portfolio in the where there where especially genomic is system immune tumor. VeriStrat we for proprietary and franchise, questions. start system that test us to we immune patient's our measure our tailwind, the X Yes, on or lung Definitely, last. an opportunity to blood-based

it For an us, create increased does awareness.

most rapid time partners. testing those we And for offer biopharma some tests. turnaround think the to I have actually tissue We quite do our aren't aware,

squarely in kind So that of our wheelhouse. fits

the builds, best I to I'll her. I an think update on over the and individual Robin biomarker to on may it provide state that, turn think be

Robin Cowie

question. Illinois, passed Yes, of great There Arizona, couple been biomarker leading bills lot last the it's of Louisiana, a have the years, a over way.

really this at opener. We or are for have reviews trying utility. You're have legislative payers a it on that that door they as help session. proven right, Colorado It's other considering this proof coverage coverage get test been that has rapid clinical and more maybe look the and the tests Medicare focused payer in to is --

team states yet actively gone working and that live states the how plans not regulations enforced. of that the most question how have the big is will with the the will turns Our most be have how are that them coverage and will dictate of we'll in health they out. see not bills The implemented have already require -- it

something it's tracking it's work progress, we're but really very, So a closely. very in

Kyle Mikson

reduce by or since nosing the negate on Actually, the -- private guidelines to you? kind even of segment, note. this would so for important that that commercial guidelines get of payer Okay. Would kind payer of need into kind push are

Scott Hutton

good really a It's question. Yes.

great for think, won't a that it guidelines, be it, I would that's approaching Fleischer, I for us, if NCCN, really us. getting as into think tailwind whether ACCP, it negate we're

and physicians data They're the is us. we've has We've to presenting there, out CHESS been And get guidelines As would This best that you decisions. is possible. CHEST that historically enabling be and ACCP, stated appropriate the right highlighted as before, make ACCP most or the empowering where for behind. developing which the delayed.

So updates lung they've of few detection years. nodule very made lung actual for diagnosis and last the management couple in and cancer

they on the guidelines. So do do really be matter in guidance and if on how we to those that slightly they're then up agree IQ which they can front, catch go of benefit more NCCN, right, our treatment it's when could going a us broadly behind, is lung. updating

to and and payers that questions highest the questions they make data those private continue with working to that we're studies, certain by with fuel answering to going So have publishing funding best we're and if those possible data. quality producing

Kyle Mikson

Scott. one great, portfolio, product That the was part. more Okay. just of the before And about

in tests were possibly those remarks. any or that? like tests updates just we news like this MRD pipeline either or us the then anything Maybe at not the update think on And these the all next peer from should mentioned or or I year like expect prepared year possibly maybe tests at assets? So like

Scott Hutton

have our in we just reminder Yes. Thanks, products X everybody, pipeline. for Kyle. Yes, as a

have will immunotherapy test We able that response respond those primary a we're identify to favorably where immune patients regimen. to an

draw multiomic our also disease blood proteomic We MRD highest and identify we progressing be with would then a a the Kyle, where commercialization which genomic.Given minimal also both test residual patients a of presurgical likelihood We patients have the those. are approach, have And of can those can of believe highest both of with test those we X prioritization would of is presurgical post-surgical identify we'll that cover identify that blood-based likely risk blood-based resection, who to those kind of resection, both postsurgical to we've can our and company of slowed recurrence, profitability, likelihood help be patients and tests those recurrence. where kind towards recurrence recur. first the with

kind you experience that build on of not test think that planning those any and tests those test. X of launching pay a I in and no we're launch are And here data, first to you everybody understands, oftentimes, XXXX. So when have

and front. that we've will reimbursement what as continue to We'll to we product. I And that working provide this and And weeks we Memorial on partners anticipate or additional validated MRD months progress. so providing use-only and a research progress tremendous expect continue us and of future I to ensuring commercialization. time for products here in an that the growth recurrence Those in as addition We've be fuel immune will find risk primary already guide those the us Sloan line response We the hearing path much wouldn't are together though, The in collaboratively. for is project, to MRD biopharmaceutical help discovered, basis. updates to believe I got we'll of They've our us, in fully potentially updates been think a Kettering. being offered still you'll enable developed those. add for with partner. collaborate coming is a engine in

Kyle Mikson

some pipeline Okay. driving been tests Have these revenue going Or could that of the recently? biopharma be forward? upside

Scott Hutton

the Yes, answer studies, our can tremendous X they they're critical really saw It guidance is -- quarter. really, answer. the those their interest we trying think in dependent not upside. offer our It in to It or the we help questions companies, Kyle. that a continued different them not is was -- upon them, big We of drivers definitely amount portfolio. biopharmaceutical the fourth were treatment

lung, IQ So major to drivers and companies. lot Veritrat within biopharma big a And GeneStrat-DDPCR, I lot of the to test. way. handful be were in We're biopharmaceutical the that on a the it say Those A fronts numerous that interest. early making continues GeneStAT/NGS the XXXX, fair think of everything interest. progress with of of

Operator

Our question Tejas of with Stanley. the next come line Morgan will Savant from

Unknown Analyst

Tejas. for start by volumes growing was on XXXX, driven lung off with lung about Nodify primarily Madison wondering, diagnostic XX% in I testing. at

tougher sustainable that wondering to we start think see year-over-year So is comps growth you XXXX? as in how

Scott Hutton

Madison, question. Yes. great

thing the growth sales nice track them. sales of For end of us, we territory is, we've and an that with factor months, opportunity XX they're XX% hit challenged established that is than additional that cases, upon the we X our of professionals paying the hired a within them. be we themselves that team of contributing. greater We we've the that's know that it's and professionals that performance. really associate exceed we X number the the really stated within based place kind bar growth, for XXXX. about at sales goal record, quarters the have, territories in to The consultant to going straight has and whether some With And and of

possible goal contributing mind. We of out XXXX. with as capable we in in them really wanted as did that And that territory so soon to onboarded, and be in fully the trained, higher,

expansion. in the sales Obviously, quarter. So reps the quarter. fourth hired commercial shared we'll X in sales invest we we continue Historically, XX hired and approximately per to we've that channel

that So making to expense an want we we've We number. that and for very set up burn certain of immediate just and them can demonstrated cash we or increase that be mindful near-term return.

to strong So that those we we believe numbers. continue achieve can

and You're not more that massive our challenging force. continuing we the pulmonologists number the sales of were to And a that would spot we static as coverage. to opportunity, really than we're know less haven't still opportunity. year-over-year there's We on become more that challenging. we be this of It X% comps we reached and market because it's expand a if limited grow, into continue know also and penetrated

So we'll commercial on we invest in to can a see investment. that continue we expand, return confidently and grow, feel that channel that

Unknown Analyst

it. Got

previously Okay. That makes for sense. think we was if from And expecting year? I the about I an altitude study. you this this interim data be some see talked sometime wondering just analysis should to

Scott Hutton

Yes.

DSMB, number XXXX. data being North Nodify randomized in trial So safety a America. conducted prospective as a Board our for of academic management implemented that's institutions a a at in reminder, Altitude is We major

and of is Madison, our basis. that, help is interim a Data that Management will control. direct analysis and out really meeting about quarterly thing that on nice guide Board Safety The an the So they're

select together meeting. is following March, will So in again that of group and then come the June individuals I believe

meetings. additional time, the brought able in of to as we and And time kind academic what I few months over not this we've this share point increase an pandemic. have anticipating enrollment seen progress those we'll learn is think I At we're we analysis. more at XX am a So interim point in But on through exiting last the improvement actually institutions.

to of Data going still chest the meaningful data necessary. would be investigators this that do Safety continue when confident do is something that a and release year, October, feel So -- a frame. to question be time deem to just that the Board is to a Management in it we If be we this primary were November

we'll into more, you the So following insight greater that earnings expect in learn calls. and can

Operator

turn closing back Scott remarks. That call question-and-answer concludes to the I'd today's like to for session. Hutton

Scott Hutton

in team in best believe in Thank We've this professionals we've the and long the the scratched sales status growth market. increase of and to than body worked the significant an just pivotal and population. increase look the progress believe our XX%. and on success created our building profitability. lung addressable is sector-leading diagnostic have more make volume culture next of of our impact in first constantly is ability and extremely to you future. the efficiencies the and goals EBITDA adoption our teamwork, and our year deliver delivered you, and focused work nodule path our and pulmonology With lung to our we call. a in on growth, to a about a by with Ultimately, health management adjusted forward less a execution care continued gross expanded execution, momentum beginning this all Biodesix, and to so biopharma hard as penetration ever-increasing This as quality large you. At we on X% that and diagnostics they we're we year, robust operator. to and improved business, to in of mid-XXs clinical and our mover of XX% just surface updating return Thank earnings effectiveness our patients reach clinical services growth already data, we adoption this test to operational and underserved we and build improve XXXX we on our it's margins treat, the payer

Operator

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

disconnect. now may You

Biodesix (BDSX) 1 Mar 242023 Q4 Earnings call transcript