LOUISVILLE, Colo.—Jack W. Schuler, a director and significant shareholder of Biodesix Inc. (NASDAQ:BDSX), recently increased his stake in the company. On November 5, Schuler purchased 100,253 shares of Biodesix's common stock, with the transactions executed at a weighted average price of $1.3624 per share. The total value of the purchase amounts to approximately $136,584.
The shares were acquired through the Jack W. Schuler Living Trust, of which Schuler is the sole trustee. Following this transaction, Schuler's indirect ownership in Biodesix increased to 30,894,935 shares.
In other recent news, Biodesix reported a strong performance in its third quarter of 2024. The diagnostic company saw a 35% year-over-year increase in revenue, reaching $18.2 million. A significant portion of this revenue came from lung diagnostic testing, which climbed 40% to $17.2 million. Despite facing operational challenges, Biodesix improved its net loss by 6% to $10.3 million and maintained a gross margin of 78.4%.
The company has reiterated its full-year revenue guidance of $70 million to $72 million, indicating confidence in its growth trajectory. Biodesix is also targeting an adjusted EBITDA breakeven in the second half of 2025. It ended the quarter with $31.4 million in cash and has announced a new $50 million ATM program.
These recent developments highlight Biodesix's commitment to its growth strategy and its ability to navigate operational challenges. The company's emphasis on lung diagnostic testing and its ambitious financial targets reflect its strategic focus and potential for future growth.
InvestingPro Insights
Jack W. Schuler's recent purchase of Biodesix Inc. (NASDAQ:BDSX) shares comes at a time when the company's stock has faced significant headwinds. According to InvestingPro data, BDSX has experienced a 19.28% decline in the past week and a 20.71% drop over the last month. These figures align with the InvestingPro Tip that the stock "has taken a big hit over the last week" and "has fared poorly over the last month."
Despite these short-term challenges, Biodesix has shown impressive revenue growth, with a 48.92% increase in the last twelve months as of Q3 2024. This strong top-line performance is coupled with a robust gross profit margin of 77.72%, indicating the company's ability to maintain pricing power in its market segment.
However, investors should note that Biodesix is not currently profitable, as highlighted by an InvestingPro Tip. The company's operating income margin stands at -52.71%, suggesting ongoing challenges in translating revenue growth into bottom-line profits.
For those considering following Schuler's lead, it's worth noting that BDSX is trading at a high Price / Book multiple of 6.87, which may indicate investor optimism about the company's future prospects despite current profitability concerns.
InvestingPro offers additional insights, with 6 more tips available for BDSX, providing a more comprehensive view of the company's financial health and market position.
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