BIODESIX Reports 8.4% Increase in Revenue for Q2 FY2023, Totaling USD 11.9 Million
August 20, 2023
☀️Earnings Overview
BIODESIX ($NASDAQ:BDSX) announced total revenue of USD 11.9 million for the second quarter of FY2023 on August 7 2023, representing an increase of 8.4% from the same period in the prior year. Net income for the quarter was USD -13.4 million, an improvement of -2.4 million from the same quarter in the prior year.
Analysis
GoodWhale has conducted an analysis of BIODESIX‘s financials and according to Star Chart, BIODESIX has been classified as a ‘cheetah’ type company. This type of company typically has high revenue or earnings growth, but is considered less stable due to lower profitability. Investors who may be interested in such a company are those who are looking for a high risk/high reward scenario. As far as the financial health of BIODESIX is concerned, the company has received a low score of 2/10 when considering its cashflows and debt. This indicates that BIODESIX is less likely to ride out any crisis without the risk of bankruptcy. In terms of its other financial characteristics, BIODESIX is strong in growth, and weak in asset, dividend and profitability. Investors should carefully consider the risks associated with investing in this type of company before making any decisions. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Biodesix. More…
| Total Revenues | Net Income | Net Margin |
| 41.64 | -66.09 | -149.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Biodesix. More…
| Operations | Investing | Financing |
| -29.03 | -16.98 | 34.83 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Biodesix. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 77.62 | 84.62 | -0.09 |
Key Ratios Snapshot
Some of the financial key ratios for Biodesix are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 24.6% | – | -133.7% |
| FCF Margin | ROE | ROA |
| -110.5% | 2849.2% | -44.8% |
Peers
The company’s products are based on its proprietary lung cancer biomarker panel, which is used to analyse a patient’s blood sample to determine the presence of lung cancer. Biodesix‘s main competitors are Rosetta Genomics Ltd, Inoviq Ltd and Myriad Genetics Inc. These companies are all engaged in the development and commercialisation of diagnostic tests for the detection of various types of cancer.
– Rosetta Genomics Ltd ($OTCPK:ROSGQ)
Rosetta Genomics is a biotechnology company that specializes in the development and commercialization of microRNA-based molecular diagnostics. The company’s products are designed to provide insights into the underlying biology of diseases and enable physicians to make more informed, individualized treatment decisions. Rosetta Genomics has a market cap of 29.65k as of 2022 and a return on equity of -321.41%. The company’s products are used in a variety of applications, including oncology, cardiology, and infectious diseases.
– Inoviq Ltd ($ASX:IIQ)
Inoviq Ltd has a market cap of 49.23M as of 2022, a Return on Equity of -13.77%. The company is engaged in the business of providing software solutions and services. Its products and services include enterprise resource planning, customer relationship management, business intelligence, and software development. The company has a presence in the United States, Canada, Europe, Asia Pacific, and South America.
– Myriad Genetics Inc ($NASDAQ:MYGN)
Myriad Genetics Inc is a biotechnology company that focuses on the development and commercialization of molecular diagnostic tests. The company has a market cap of 1.28B as of 2022 and a return on equity of -8.66%. Myriad Genetics Inc’s main products focus on tests for hereditary cancers, fertility, and urologic and genetic disorders. The company has been profitable in the past, but has faced some challenges in recent years.
Summary
BIODESIX, Inc. had total revenue of USD 11.9 million for their second quarter of FY2023, an 8.4% increase year-over-year. Net income was USD -13.4 million, an improvement of -2.4 million from the same quarter in the prior year. On an investing analysis perspective, BIODESIX has been able to increase revenue but has yet to turn a profit. Investors need to continue to monitor their financial performance and take into account factors such as competitive landscape, customer demand, and long-term profitability to assess BIODESIX’s potential.
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