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    SEC Form SC 13D/A filed by Biodesix Inc. (Amendment)

    5/23/24 7:09:59 PM ET
    $BDSX
    Medical Specialities
    Health Care
    Get the next $BDSX alert in real time by email
    SC 13D/A 1 ef20029871_sc13da.htm SC 13D/A
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    SCHEDULE 13D
    Under the Securities Exchange Act of 1934
    (Amendment No. 3)*

    Biodesix, Inc.
    (Name of Issuer)

    Common Stock, par value $0.001 per share
    (Title of Class of Securities)

    09075X108
    (CUSIP Number)

    Lawrence T. Kennedy, Jr.
    1700 Madison Road, Suite 200
    Cincinnati, OH 45206
    (513) 729-9659
    (Name, Address and Telephone Number of Person
    Authorized to Receive Notices and Communications)

    May 21, 2024
    (Date of Event which Requires Filing of this Statement)

    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

    Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See Rule 13d-7 for other parties to whom copies are to be sent.

    * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

    The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 2 of 8 pages
    1
    NAMES OF REPORTING PERSONS
     
     
    Lawrence T. Kennedy, Jr. Revocable Trust UAD 6/19/01
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☒

    (b)
    ☐
     
     
    3
    SEC USE ONLY
     
     

     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    PF
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Ohio
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    10,304,824
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    10,304,824
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    10,304,824
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    7.1% (1)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     

    1.
    This percentage is based on a total of 114,685,783 Shares (as defined herein) outstanding as of May 1, 2024, as reported in the Issuer’s quarterly report on Form 10-Q filed with the SEC (as defined herein) on May 8, 2024, plus an aggregate 30,434,280 Shares issued upon conversion of Series A Preferred Stock (as defined herein) on May 23, 2024 following the approval of the Conversion Proposal (as defined herein).


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 3 of 8 pages
    1
    NAMES OF REPORTING PERSONS
     
     
    Lawrence T. Kennedy, Jr. Perpetuity Trust UAD 6/30/16
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☒

    (b)
    ☐
     
     
    3
    SEC USE ONLY
     
     

     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    PF
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    12,267,873
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    12,267,873
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    12,267,873
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    8.5% (1)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     

    1.


    This percentage is based on a total of 114,685,783 Shares outstanding as of May 1, 2024, as reported in the Issuer’s quarterly report on Form 10-Q filed with the SEC on May 8, 2024, plus an aggregate 30,434,280 Shares issued upon conversion of Series A Preferred Stock on May 23, 2024 following the approval of the Conversion Proposal.


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 4 of 8 pages
    1
    NAMES OF REPORTING PERSONS
     
     
    KFDI-B LLC
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☒

    (b)
    ☐
     
     
    3
    SEC USE ONLY
     
     

     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    PF
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    2,775,386
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    2,775,386
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    2,775,386
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    1.9% (1)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    PN
     
     
     
     

    1.
    This percentage is based on a total of 114,685,783 Shares outstanding as of May 1, 2024, as reported in the Issuer’s quarterly report on Form 10-Q filed with the SEC on May 8, 2024, plus an aggregate 30,434,280 Shares issued upon conversion of Series A Preferred Stock on May 23, 2024 following the approval of the Conversion Proposal.


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 5 of 8 pages
    1
    NAMES OF REPORTING PERSONS
     
     
    Lawrence T. Kennedy, Jr.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☒

    (b)
    ☐
     
     
    3
    SEC USE ONLY
     
     

     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    PF
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    United States
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    274,068 (1)
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    25,348,083
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    274,068 (1)
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    25,348,083
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    25,622,151 (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    17.6% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    IN
     
     
     
     

    1.
    This amount includes 274,068 Shares that the Reporting Person has the right to acquire within 60 days of the date of this filing.
    2.
    This percentage is based on a total of (i) 114,685,783 Shares outstanding as of May 1, 2024, as reported in the Issuer’s quarterly report on Form 10-Q filed with the SEC on May 8, 2024, (ii) an aggregate 30,434,280 Shares issued upon conversion of Series A Preferred Stock on May 23, 2024 following the approval of the Conversion Proposal, and (iii) 274,068 Shares that the Reporting Person has the right to acquire within 60 days of the date of this filing.


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 6 of 8 pages
    Item 1.
    Security and Issuer

    Item 1 of the Schedule 13D is hereby amended and supplemented as follows:

    This Amendment No. 3 to Schedule 13D (“Amendment No. 3”) is being filed by the undersigned, pursuant to §240.13d-2(a), to amend and supplement the Schedule 13D filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 13, 2023, as amended on August 7, 2023 and on April 9, 2024 (collectively, the “Schedule 13D”), with respect to the common stock, par value $0.001 per share (the “Shares”), of Biodesix, Inc. (the “Issuer” or the “Company”), whose principal executive offices are located at 919 West Dillon Rd., Louisville, Colorado 80027.

    Item 2.
    Identity and Background

    Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:

    (a-c,f) This Schedule 13D is filed on behalf of each of the following persons (collectively, the “Reporting Persons”):


    i.
    Lawrence T. Kennedy, Jr. Revocable Trust UAD 6/19/01 (the “Revocable Trust”),

    ii.
    Lawrence T. Kennedy, Jr. Perpetuity Trust UAD 6/30/16 (the “Perpetuity Trust”),

    iii.
    KFDI-B, LLC (“KFDI-B”), and

    iv.
    Lawrence T. Kennedy, Jr. (“Mr. Kennedy”).

    Mr. Kennedy is a United States citizen, and is a private investor and a member of the Issuer’s board of directors (the “Board”). The Revocable Trust is organized under the laws of the State of Ohio, and Mr. Kennedy serves as sole trustee to the Revocable Trust. The Perpetuity Trust is organized under the laws of the State of Delaware, and Mr. Kennedy serves as investment direction advisor to the Perpetuity Trust. KFDI-B is organized under the laws of the State of Delaware, and Mr. Kennedy serves as manager of KFDI-B.

    The principal address of each of the Reporting Persons is 1700 Madison Road, Suite 200, Cincinnati, Ohio, 45206.

    (d) None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

    (e) None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

    Item 3.
    Source and Amount of Funds or Other Consideration

    Item 3 of the Schedule 13D is hereby amended and supplemented as follows:

    On May 21, 2024, the Conversion Proposal (as defined in Amendment No. 2) was approved by the Company’s stockholders at its 2024 annual meeting of stockholders. Following such approval of the Conversion Proposal, each share of Series A Preferred Stock automatically converted into 40 Shares on May 23, 2024, with 30,434,280 Shares being issued upon conversion of an aggregate 760,857 shares of Series A Preferred Stock then outstanding.

    In connection with the foregoing, the 43,478 shares of Series A Preferred Stock and 65,218 shares of Series A Preferred Stock directly held by each of the Perpetuity Trust and KFDI-B automatically converted into 1,739,120 Shares and 2,608,720 Shares, respectively, on May 23, 2024.

    Also on May 21, 2024, in connection with Mr. Kennedy’s service on the Issuer’s Board, Mr. Kennedy was awarded for no additional consideration:


    (i)
    46,686 RSUs, each one of which represents a contingent right to receive one Share, which will vest in full on March 31, 2025, generally subject to Mr. Kennedy’s continued service on the Issuer’s Board. The Shares underlying these RSUs will be issued to Mr. Kennedy following Mr. Kennedy’s separation from service to the Issuer. In the event Mr. Kennedy’s continued service on the Board terminates other than for cause, these RSUs will vest on a prorated basis based on the number of full months of service Mr. Kennedy completed during the applicable vesting period. Accordingly, within 60 days of the date of this filing, a total of 11,672 of these RSUs could vest on a prorated basis if Mr. Kennedy’s continued service were to terminate other than for cause; the remaining 35,014 RSUs that would not vest within 60 days of the date of this filing have been omitted from Mr. Kennedy’s beneficial ownership as reported herein.


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 7 of 8 pages

    (ii)
    a stock option representing the right to acquire 37,050 Shares at an exercise price of $1.57, which will vest in full on March 31, 2025, generally subject to Mr. Kennedy’s continued service on the Issuer’s Board. In the event Mr. Kennedy’s continued service on the Board terminates other than for cause, these options will vest on a prorated basis based on the number of full months of service Mr. Kennedy completed during the applicable vesting period. Accordingly, within 60 days of the date of this filing, options representing the right to acquire 9,263 Shares could vest on a prorated basis if Mr. Kennedy’s continued service were to terminate other than for cause; the remaining options representing the right to acquire 27,787 Shares that would not vest within 60 days of the date of this filing have been omitted from Mr. Kennedy’s beneficial ownership as reported herein.

    Item 4.
    Purpose of Transaction

    Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

    The response to Item 3 of this Amendment No. 3 is incorporated by reference herein.

    Item 5.
    Interest in Securities of the Issuer

    Item 5(a) - (c) of the Schedule 13D is hereby amended and supplemented as follows:

    (a, b) As of the date hereof, Mr. Kennedy may be deemed to beneficially own, in the aggregate, 25,622,151 Shares, which represents approximately 17.6% of the Shares outstanding.

    Mr. Kennedy’s beneficial ownership consists of (i) 264,805 Shares that Mr. Kennedy has the right to acquire upon settlement of vested RSUs within 60 days of the date of this filing, (ii) 9,263 Shares that Mr. Kennedy has the right to acquire upon exercise of options exercisable within 60 days of the date of this filing, (iii) 10,304,824 Shares held directly by the Revocable Trust, which represents approximately 7.1% of the Shares outstanding, (iv) 12,267,873 Shares held directly by the Perpetuity Trust, which represents approximately 8.5% of the Shares outstanding, and (v) 2,775,386 Shares held directly by KFDI-B, which represents approximately 1.9% of the Shares outstanding.

    The foregoing beneficial ownership percentages are based on a total of (i) 114,685,783 Shares outstanding as of May 1, 2024, as reported in the Issuer’s quarterly report on Form 10-Q filed with the SEC on May 8, 2024, (ii) an aggregate 30,434,280 Shares issued upon conversion of Series A Preferred Stock on May 23, 2024 following the approval of the Conversion Proposal, and, for purposes of calculating Mr. Kennedy’s beneficial ownership percentage, (iii) 274,068 Shares that Mr. Kennedy has the right to acquire within 60 days of the date of this filing.

    As sole trustee of the Revocable Trust, investment direction advisor of the Perpetuity Trust, and manager of KFDI-B, Mr. Kennedy shares with each of the Revocable Trust, the Perpetuity Trust, and KFDI-B the power to vote or direct the vote, and the power to dispose or direct the disposition of, the Shares beneficially owned by each of the Revocable Trust, the Perpetuity Trust, and KFDI-B.

    (c) The response to Item 3 of this Amendment No. 3 is incorporated by reference herein. Except as set forth in this Amendment No. 3, no transactions in the Shares have been effected by the Reporting Persons since the filing of Amendment No. 2.


    CUSIP No: 09075X108
    SCHEDULE 13D
    Page 8 of 8 pages
    SIGNATURE

    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

     
    LAWRENCE T. KENNEDY, JR. REVOCABLE TRUST UAD 6/19/01
       
     
    By: /s/ Lawrence T. Kennedy, Jr.
     
    Name: Lawrence T. Kennedy, Jr.
     
    Title: Trustee
       
     
    LAWRENCE T. KENNEDY, JR. PERPETUITY TRUST UAD 6/30/16
       
     
    By: /s/ Susan Callahan
     
    Name: Susan Callahan
     
    Title: Bryn Mawr Trust Company of Delaware, Trustee
       
     
    KFDI-B LLC
       
     
    By: /s/ Lawrence T. Kennedy, Jr.
     
    Name: Lawrence T. Kennedy, Jr.
     
    Title: Manager
       
     
    Lawrence T. Kennedy, Jr.
       
     
    /s/ Lawrence T. Kennedy, Jr.
       
    May 23, 2024
     

    Attention: Intentional misstatements or omissions of fact constitute federal violations (see 18 U.S.C. 1001).



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    • Biodesix Announces Appointment of Lawrence (Lair) T. Kennedy, Jr. to Board of Directors

      Biodesix, Inc. (NASDAQ:BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced the appointment of Lawrence (Lair) T. Kennedy, Jr. to the Company's Board of Directors (Board) and Audit Committee of the Board effective January 3, 2023. Mr. Kennedy brings to Biodesix more than 20 years of broad operating, corporate finance, company creation and investment experience with a specific focus in the healthcare industry. "We are delighted to welcome Lair to Biodesix's Board of Directors," said Scott Hutton, Chief Executive Officer of Biodesix. "He brings a wealth of business experience with a strong background in healthcare and diagnostics. We look fo

      12/16/22 4:01:00 PM ET
      $BDSX
      Medical Specialities
      Health Care
    • Biodesix Announces Appointment of Successful Innovator and Scientific Professional Jon Faiz Kayyem, PhD to Board of Directors

      Biodesix, Inc. (NASDAQ:BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, announced the appointment of Dr. Jon Faiz Kayyem to the company's board of directors. Dr. Kayyem's diverse career spans more than 20 years and includes experience in academia, lean startups, and Fortune 100 companies. He has served in various leadership positions throughout his career including numerous roles at GenMark Diagnostics, including Founder, CEO and President, Chief Scientific Officer, Senior Vice President of Research and Development. Prior to his work at GenMark Diagnostics, Dr. Kayyem served as Director and Founder of Calimmune and was Vice President of Life Sciences a

      12/8/21 6:00:00 AM ET
      $BDSX
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    $BDSX
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    • Amendment: SEC Form SC 13G/A filed by Biodesix Inc.

      SC 13G/A - BIODESIX INC (0001439725) (Subject)

      11/13/24 7:30:22 AM ET
      $BDSX
      Medical Specialities
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    • SEC Form SC 13G filed by Biodesix Inc.

      SC 13G - BIODESIX INC (0001439725) (Subject)

      6/24/24 12:16:38 PM ET
      $BDSX
      Medical Specialities
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    • SEC Form SC 13D/A filed by Biodesix Inc. (Amendment)

      SC 13D/A - BIODESIX INC (0001439725) (Subject)

      5/23/24 7:10:37 PM ET
      $BDSX
      Medical Specialities
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    $BDSX
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    • Biodesix Announces First Quarter 2025 Results and Highlights

      Total Q1 2025 Revenue of $18.0 million, an increase of 21% over Q1 2024; Gross margins of 79.4% for Q1 2025; Q1 2025 Net loss improved by 18% compared to Q1 2024; Updated 2025 Revenue Guidance to a range of $80-85 million; Conference Call and Webcast Today at 4:30 p.m. ET LOUISVILLE, Colo., May 13, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (NASDAQ:BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the first quarter ended March 31, 2025. "Our quarter was highlighted by continued progress toward our three key goals for 2025 – growing top line revenue, improving operational efficiencies and leverage, and advancing our pipeline," said Sc

      5/13/25 4:01:00 PM ET
      $BDSX
      Medical Specialities
      Health Care
    • Biodesix to Report First Quarter 2025 Financial Results on May 13, 2025

      LOUISVILLE, Colo., April 29, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (NASDAQ:BDSX), a leading diagnostic solutions company, today announced that it will release financial results for the first quarter ended March 31, 2025 after the close of trading on Tuesday, May 13. Biodesix management will host a conference call and webcast to discuss its financial results and provide a general business update at 4:30 p.m. Eastern Time on the same day. Listeners can register for the webcast via this link. Analysts who wish to participate in the question and answer session should use this link. A replay of the webcast will be available via the company's investor website approximately two hours after the

      4/29/25 6:00:00 AM ET
      $BDSX
      Medical Specialities
      Health Care
    • Biodesix Announces Fourth Quarter and Fiscal Year 2024 Results

      Total Revenue of $71.3 million for FY2024, growing 45% over FY2023; Gross margins of 78% for FY2024, up 5% points over FY2023; FY2025 Total Revenue Guidance of $92-95 million; Conference Call and Webcast Today at 4:30 p.m. ET LOUISVILLE, Colo., March 03, 2025 (GLOBE NEWSWIRE) -- Biodesix, Inc. (NASDAQ:BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the fourth quarter and year ended December 31, 2024 (fiscal 2024). "Biodesix concluded a strong 2024, advancing our key initiatives and delivering on our financial and operational goals," said Scott Hutton, Chief Executive Officer. "We exceeded our revenue targets, with total revenue re

      3/3/25 4:01:00 PM ET
      $BDSX
      Medical Specialities
      Health Care