Biodesix Inc. (Nasdaq: BDSX), a diagnostics company that specializes in lung disease, reported a 17% year-over-year increase in core revenue related to its lung diagnostics for the first quarter of 2022, to $4.6 million from $3.9 million.
Overall revenue for the first quarter declined 77% year-over-year, mostly due to a 96% decrease in revenue from COVID-19 diagnostics “in line with expectations as the pandemic recedes and COVID testing trends continue to move to at-home testing,” according to a news release.
Biodesix posted a net loss of $15.6 million for the quarter, up from $6.9 million in the first quarter of 2021. It has $16.4 million in cash and equivalents on hand.
The company expects to generate between $37.5 million and $39.5 million in revenue for the 2022 fiscal year.
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