Biodesix Cuts Revenue Outlook as Third-Quarter Sales Miss

Biodesix reported a third-quarter net loss of $8.03 million, or 75 cents a share, narrower than the $8.72 million, or $1.16 a share, loss a year earlier. The result was in line with analysts’ expectations, according to FactSet. Revenue rose 10% to $24 million, below Wall Street’s $27.5 million estimate.

“Growth was below our expectations,” Chief Executive Scott Hutton said. He cited fewer sales representatives contributing than planned, which constrained new physician and account growth, and greater-than-anticipated seasonality that reduced ordering frequency. Hutton said the factors were largely related to timing and execution.

The company now expects full-year revenue of $101 million to $103 million, down from its previous forecast of $108 million to $114 million and below Wall Street models of $110.5 million. Hutton said Biodesix had identified the factors behind the shortfall and taken corrective actions. He added that the company entered the fourth quarter with a larger sales organization and that early trends pointed to faster new-customer acquisition, continued growth among established customers and broader physician engagement.