Biodesix
Biotech
Louisville, CO

Overall Rank: 53
Category: Biotechnology
Category Rank: 24

Profile

Biodesix is a leading data-driven diagnostic solutions company leveraging state of the art technologies with our proprietary artificial intelligence platform to discover, develop, and commercialize solutions for clinical unmet needs, with a primary focus in lung disease. We strive to be a trusted partner that the world relies on for diagnostic solutions in lung disease by improving overall patient outcomes and lowering the overall healthcare cost by reducing the use of ineffective and unnecessary treatments and procedures.


Key Products


  • Pre-diagnosis

    Biodesix Nodify ®XL2 and Nodify® CDT tests assess the risk of lung cancer to help identify the most appropriate treatment pathway. The Nodify CDT and XL2 tests have an established average turnaround time of one and five business days, respectively, from receipt of the blood sample, providing physicians with timely results to guide diagnostic planning. The Nodify Lung Risk Assessment testing has resulted in a change in the calculated risk of malignancy in 80-85% of the cases.

  • Post-diagnosis

    Biodesix GeneStrat® ddPCR™, GeneStrat® NGS, and VeriStrat® tests, marketed as part of our IQLung ® testing suite, are used following diagnosis of lung cancer to detect the presence of mutations in the tumor and the state of the patient’s immune system to help guide treatment decisions. The GeneStrat targeted tumor genomic profiling test and the VeriStrat immune profiling test have an established average turnaround time of two business days. The GeneStrat NGS test is our blood-based NGS test and has an established average turnaround time of three business days.


Customer Insights

Biodesix works with healthcare professionals directly (e.g. Pulmonologists, Oncology Surgeons, Imaging, Nurse Coordinators, Lung Nodule Management programs). We believe we have the strongest presence and relationships with the Lung/Oncology providers. Since our inception, we have performed over 600,000 clinical diagnostic tests. We continue to generate a large body of clinical evidence, consisting of over 300 clinical and scientific peer-reviewed publications, presentations, and abstracts.

Biodesix also has the privilege of partnering with 65+ biopharmaceutical customers (many of the world’s largest BioPharma’s) and academic partners who have utilized our diagnostic tests and services.


Statistics


  • 5 Medicare-covered lung cancer diagnostics tests on-market today

  • Over 600,000 tests performed since inception; Tens of thousands of tests performed annually in the USA

  • 2 highly-accredited clinical laboratories located in Louisville, Colorado and De Soto, Kansas

  • 65+ biopharma and academic cancer center partners

  • End of fiscal year 2023 marked our 6th consecutive quarter of >50% growth YoY in our diagnostic test sales volume

  • Fiscal year 2023 gross margin was 77% – one of the top margin performances in our industry sector

  • IPO October 2020, Nasdaq: BDSX


Biodesix Video


Key Executives


  • Scott Hutton, CEO

  • Robin Cowie, CFO

  • Kieran O’Kane, CCO

  • Dr. Gary Pestano, CDO


To view their executive page, click here.


Organizational Insights

Lung cancer kills more Americans annually than breast, colorectal, and prostate cancers combined.


Biodesix offers unique clinical diagnostic testing solutions for lung cancer to provide physicians with greater insights to help expedite and personalize their patient’s care and meaningfully improve disease detection, evaluation, and treatment.


At the foundation of Biodesix innovation is a deep understanding of the ever-evolving clinical oncology testing complexities. We employ multiple technologies, including genomics, transcriptomics, proteomics, radiomics, and AI-enabled informatics, to discover new diagnostic tests for potential clinical use.


We are experts in many technologies, but we are a true innovator in the field of clinical proteomics. For over 15 years, we have been discovering and developing proteomic-based diagnostic tests and have a deep understanding of how to incorporate technologies that can be applied to blood samples to extract important protein-based biological information in the form of diagnostic tests. This can then aid clinicians and scientists in understanding the dynamic biology of their ‘system of interest’, such as a patient with cancer.


Today, we have five Medicare-covered lung diagnostic tests available in the USA.


Board Members

Our Board includes John Patience, Chairperson and the following Directors: Hany Massarany, Jean Franchi, Matthew Strobeck, Jack W. Schuler, Charles Watts, Jon Faiz Kayyem, Lawrence T. Kennedy Jr.


To view their executive page, click here.


Investors

TD Cowen, William Blair and Canaccord Genuity are acting as joint bookrunning managers for the underwritten offering and placement agents for the concurrent private placement. Lake Street Capital Markets is acting as lead manager for the underwritten offering and placement agent for the concurrent private placement.


To know more, click here.


Key Milestones


  • IPO October 2020, Nasdaq: BDSX

  • Q42023 produced the 6th consecutive quarter of >50% growth in lung diagnostic test volumes

  • 220+ employees as of January 2024

  • Relocated from Boulder, CO to new Louisville, CO HQ & Lab in January 2024 with no disruption to our services or results delivery timelines.


News and Press Releases


  • April 2024: Biodesix Announces Pricing of Oversubscribed and Upsized Underwritten Offering of Common Stock and Concurrent Private Placement (Read).

  • April 2024: Biodesix to Present New Data on Liquid Biopsy Technologies at AACR 2024 Annual Meeting (Read).

  • March 2024: Biodesix Announces Fourth Quarter and Fiscal Year 2023 Results and Business Highlights (Read).

  • March 2024: Biodesix Announces New Master Collaborative Research Agreement with Leading US Cancer Center (Read).


To view their full press release, click here.