Kennedy Lawrence T. Jr., a director and ten percent owner of Biodesix Inc. (NASDAQ:BDSX), has recently acquired additional shares in the company. According to a recent SEC filing, Kennedy purchased a total of 71,200 shares of Biodesix common stock over two days, with a total transaction value of approximately $97,068. The shares were bought at prices ranging from $1.359 to $1.365 per share.
These acquisitions were made through the Lawrence T. Kennedy, Jr. Revocable Trust. Following these transactions, Kennedy's direct and indirect holdings in Biodesix increased, reflecting his continued confidence in the company's prospects.
In other recent news, Biodesix reported strong growth in its third quarter, with revenues reaching $18.2 million, a 35% increase year-over-year. The company's lung diagnostic testing revenue saw a significant rise of 40%, amounting to $17.2 million. Despite operational challenges, including hurricanes and project delays, Biodesix improved its net loss by 6% to $10.3 million and maintained a healthy gross margin of 78.4%.
In light of these recent developments, the company reiterated its full-year revenue guidance of $70 million to $72 million. Biodesix also aims for adjusted EBITDA breakeven in the second half of 2025. The company ended the quarter with $31.4 million in cash and announced a new $50 million ATM program.
Operating expenses rose to $22.6 million, mainly due to increased sales and marketing efforts. The company plans to expand its sales team to between 70 and 75 members in the fourth quarter of 2024, with an additional 6-8 members added quarterly in 2025. These are the recent highlights from Biodesix's performance and future plans.
InvestingPro Insights
The recent insider purchase by Kennedy Lawrence T. Jr. comes at a time when Biodesix Inc. (NASDAQ:BDSX) is facing some financial challenges, as highlighted by InvestingPro data. The company's stock has taken a significant hit, with a 19.28% decline in the past week and a 20.71% drop over the last month. This context makes the director's decision to increase his stake particularly noteworthy.
Despite these short-term setbacks, Biodesix has shown strong revenue growth, with a 48.92% increase over the last twelve months as of Q3 2023, reaching $65.56 million. This growth trajectory aligns with an InvestingPro Tip indicating that the company's liquid assets exceed its short-term obligations, potentially providing some financial stability.
However, investors should note that Biodesix is not currently profitable, with an adjusted operating income of -$34.56 million over the last twelve months. This aligns with another InvestingPro Tip suggesting that the company is quickly burning through cash, which could explain the recent stock price pressure.
For those interested in a deeper analysis, InvestingPro offers 6 additional tips for Biodesix, providing a more comprehensive view of the company's financial health and market position.
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