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Biodesix grows sales, expenses, loss in first quarter

BOULDER — Biodesix Inc. (Nasdaq: BDSX), a life-sciences company that specializes in developing tools to detect lung disease, saw its revenues climb in the first quarter of 2023, but its net loss also grew.

The firm posted sales of $9.1 million, up 38% from the same period last year. 

Biodesix’s net loss for the most-recent quarter was $18.7 million, up from a loss of $15.6 million in the first quarter of 2023.

The growth in expenses were “attributable to increased sales and marketing costs to support core lung diagnostic sales growth including growth in the sales force, increased travel-related costs, and marketing programs to enhance product awareness,” the company said.

In a prepared statement, Biodesix CEO Scott Hutton said that the “momentum seen in the first quarter and the continued growth in our core lung diagnostic testing business clearly indicates the clinical need and growing acceptance of our on-market tests.”

For the full 2023 fiscal year, Biodesix is expecting $52 million to $55 million in total revenue.

Biodesix’s stock price fell 12.28% on Friday, ending trading at $1.50.

Source: BizWest