Robin Harper Cowie, the Chief Financial Officer, Secretary, and Treasurer of Biodesix Inc. (NASDAQ:BDSX), recently reported sales of the company's stock totaling $1,355. These transactions occurred on November 11 and 12, with shares sold at prices ranging from $1.3909 to $1.4008. The sales were conducted to cover taxes upon the vesting of restricted stock units. Following these transactions, Cowie holds 203,336 shares of Biodesix common stock directly.
In other recent news, Biodesix, a leader in lung cancer diagnostics, reported robust growth in its third quarter of 2024. The company saw a 35% year-over-year increase in revenue, reaching $18.2 million, with lung diagnostic testing revenue climbing 40% to $17.2 million. Despite facing operational challenges, Biodesix improved its net loss by 6% to $10.3 million and maintained a strong gross margin of 78.4%.
The company has reiterated its full-year revenue guidance for 2024, aiming for $70 million to $72 million. Looking ahead, Biodesix targets adjusted EBITDA breakeven in the second half of 2025. The company has also introduced new coverage for Nodify tests and presented significant data at the CHEST conference.
However, operating expenses rose to $22.6 million due to increased sales and marketing efforts. Furthermore, Biodesix ended the quarter with $31.4 million in cash and announced a new $50 million ATM program. These are among the recent developments for the company.
InvestingPro Insights
As Biodesix Inc. (NASDAQ:BDSX) navigates its financial landscape, recent InvestingPro data sheds light on the company's current position. Despite a robust revenue growth of 48.92% over the last twelve months as of Q3 2023, the company faces challenges in profitability. The operating income margin stands at -52.71%, indicating significant operational costs relative to revenue.
InvestingPro Tips highlight that Biodesix is quickly burning through cash and has not been profitable over the last twelve months. These factors may contribute to the recent insider stock sale by CFO Robin Harper Cowie, potentially to manage personal tax obligations.
On a positive note, Biodesix's liquid assets exceed its short-term obligations, providing some financial flexibility. However, the stock is trading at a high Price/Book multiple of 7.31, which may suggest investor optimism about future growth prospects despite current profitability challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Biodesix, providing deeper insights into the company's financial health and market position.
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