Jack W. Schuler, a director and significant shareholder of Biodesix Inc. (NASDAQ:BDSX), recently acquired 100,000 shares of the company’s common stock. The purchase, made on November 21, 2024, was executed at a weighted average price of $1.2284 per share, totaling approximately $122,840. This transaction increased Schuler's indirect holdings through the Jack W. Schuler Living Trust to 31,194,935 shares.
The shares were acquired in multiple transactions, with prices ranging between $1.225 and $1.23. Schuler, who holds a significant stake in the company, continues to demonstrate confidence in Biodesix's prospects with this recent purchase.
In other recent news, Biodesix reported a strong performance in its third quarter of 2024 earnings call with a 35% year-over-year increase in revenue to $18.2 million. The company's lung diagnostic testing revenue also experienced significant growth, climbing 40% to $17.2 million. Despite facing operational challenges due to hurricanes and delays in biopharma service projects, Biodesix improved its net loss by 6% to $10.3 million and maintained a robust gross margin of 78.4%.
The company is confident in its growth trajectory, reiterating its full-year revenue guidance of $70 million to $72 million. Biodesix is also targeting an adjusted EBITDA breakeven in the second half of 2025. In addition, the company has announced a new $50 million ATM program and ended the quarter with $31.4 million in cash.
Operating expenses rose to $22.6 million due to increased sales and marketing efforts. Despite these challenges, the company remains optimistic about its future growth, with plans to increase the sales team to 70-75 members in the fourth quarter of 2024 and add 6-8 members quarterly in 2025. These are the recent developments for Biodesix.
InvestingPro Insights
Jack W. Schuler's recent acquisition of Biodesix Inc. (NASDAQ:BDSX) shares comes at a time when the stock has experienced significant volatility. According to InvestingPro data, BDSX has seen a 10.78% decline in the past week and a 25.47% drop over the last month. This context adds weight to Schuler's decision to increase his stake, potentially signaling his belief in the company's underlying value despite recent market pressures.
InvestingPro Tips highlight that while BDSX's stock is currently in oversold territory based on its RSI, the company is also quickly burning through cash. This combination of factors may explain the recent stock performance and Schuler's decision to invest further at what he might perceive as an attractive entry point.
The company's financials present a mixed picture. Biodesix has shown strong revenue growth, with a 48.92% increase in the last twelve months as of Q3 2023. However, the company is not currently profitable, with an operating income margin of -52.71% over the same period. This aligns with another InvestingPro Tip noting that BDSX has not been profitable over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for BDSX, providing a deeper understanding of the company's financial health and market position.
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