$BDSX
BIODESIX INC

2022 Q4 Form 10-Q Financial Statement

#000095017022021488 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $9.607M $11.11M $6.531M
YoY Change 32.99% 70.07% -28.96%
Cost Of Revenue $3.306M $3.633M $2.722M
YoY Change 32.61% 33.47% -30.03%
Gross Profit $6.301M $7.474M $3.809M
YoY Change 33.19% 96.22% -28.13%
Gross Profit Margin 65.59% 67.29% 58.32%
Selling, General & Admin $16.63M $15.11M $13.61M
YoY Change 22.63% 11.08% 72.7%
% of Gross Profit 263.86% 202.22% 357.23%
Research & Development $3.565M $2.970M $3.293M
YoY Change 25.0% -9.81% 21.69%
% of Gross Profit 56.58% 39.74% 86.45%
Depreciation & Amortization $898.0K $400.0K $300.0K
YoY Change 5.03% 33.33% 50.0%
% of Gross Profit 14.25% 5.35% 7.88%
Operating Expenses $20.19M $21.72M $16.90M
YoY Change 23.04% 28.5% 9.51%
Operating Profit -$13.89M -$10.61M -$13.09M
YoY Change 18.93% -18.95% 109.79%
Interest Expense -$2.550M $3.039M -$1.546M
YoY Change 70.45% -296.57% -158.16%
% of Operating Profit
Other Income/Expense, Net $79.00K -$3.089M $0.00
YoY Change -890.0% -100.0%
Pretax Income -$20.34M -$13.70M -$11.51M
YoY Change 53.12% 18.98% 30.1%
Income Tax
% Of Pretax Income
Net Earnings -$20.34M -$13.70M -$11.51M
YoY Change 53.12% 18.98% 30.18%
Net Earnings / Revenue -211.7% -123.34% -176.3%
Basic Earnings Per Share -$0.34 -$0.41
Diluted Earnings Per Share -$0.35 -$0.34 -$410.5K
COMMON SHARES
Basic Shares Outstanding 42.09M 39.98M 28.05M
Diluted Shares Outstanding 40.45M 28.05M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.09M $15.18M $47.91M
YoY Change 31.72% -68.33% 660.52%
Cash & Equivalents $43.09M $15.18M $47.90M
Short-Term Investments
Other Short-Term Assets $5.181M $4.494M $5.748M
YoY Change -28.49% -21.82% -10.26%
Inventory
Prepaid Expenses
Receivables $5.065M $4.449M $2.784M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $53.33M $24.12M $56.45M
YoY Change 22.29% -57.27% 211.01%
LONG-TERM ASSETS
Property, Plant & Equipment $5.848M $4.259M $4.432M
YoY Change 39.94% -3.9% 47.49%
Goodwill $15.03M $15.03M
YoY Change 0.0%
Intangibles $9.797M $10.22M $11.99M
YoY Change -15.67% -14.75% -12.73%
Long-Term Investments
YoY Change
Other Assets $5.923M $6.092M $2.097M
YoY Change 257.45% 190.51% 1997.0%
Total Long-Term Assets $39.57M $39.08M $33.55M
YoY Change 21.82% 16.48% 18.15%
TOTAL ASSETS
Total Short-Term Assets $53.33M $24.12M $56.45M
Total Long-Term Assets $39.57M $39.08M $33.55M
Total Assets $92.91M $63.20M $90.00M
YoY Change 22.09% -29.78% 93.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.685M $2.100M $1.600M
YoY Change 1.38% 31.25% -54.09%
Accrued Expenses $8.218M $6.677M $6.279M
YoY Change 7.21% 6.34% -9.69%
Deferred Revenue $1.000M $1.600M $1.800M
YoY Change -47.37% -11.11% -68.27%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $49.00K $14.33M $20.00K
YoY Change 157.89% 71570.0% -99.72%
Total Short-Term Liabilities $22.84M $37.42M $22.79M
YoY Change -21.14% 64.19% -59.71%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $4.880M $29.98M
YoY Change 150.22% -83.72% 47.66%
Other Long-Term Liabilities $558.0K $60.00K $21.20M
YoY Change -59.83% -99.72% 5308.67%
Total Long-Term Liabilities $49.46M $28.69M $51.18M
YoY Change 80.45% -43.95% -0.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.84M $37.42M $22.79M
Total Long-Term Liabilities $49.46M $28.69M $51.18M
Total Liabilities $72.30M $66.10M $73.96M
YoY Change 28.26% -10.63% -31.36%
SHAREHOLDERS EQUITY
Retained Earnings -$367.4M -$347.1M
YoY Change 21.67%
Common Stock $78.00K $41.00K
YoY Change 151.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.61M -$2.903M $16.03M
YoY Change
Total Liabilities & Shareholders Equity $92.91M $63.20M $90.00M
YoY Change 22.09% -29.78% 93.35%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$20.34M -$13.70M -$11.51M
YoY Change 53.12% 18.98% 30.18%
Depreciation, Depletion And Amortization $898.0K $400.0K $300.0K
YoY Change 5.03% 33.33% 50.0%
Cash From Operating Activities -$11.95M -$10.33M -$7.790M
YoY Change 17.17% 32.62% 106.63%
INVESTING ACTIVITIES
Capital Expenditures $1.987M -$815.0K -$1.042M
YoY Change -409.98% -21.79% -20.46%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.987M -$815.0K -$1.042M
YoY Change 209.98% -21.79% -33.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $23.90M
YoY Change
Cash From Financing Activities 41.85M -2.265M 396.0K
YoY Change -1059.16% -671.97% 3860.0%
NET CHANGE
Cash From Operating Activities -11.95M -10.33M -7.790M
Cash From Investing Activities -1.987M -815.0K -1.042M
Cash From Financing Activities 41.85M -2.265M 396.0K
Net Change In Cash 27.91M -13.41M -8.436M
YoY Change -283.63% 58.97% 58.57%
FREE CASH FLOW
Cash From Operating Activities -$11.95M -$10.33M -$7.790M
Capital Expenditures $1.987M -$815.0K -$1.042M
Free Cash Flow -$13.94M -$9.516M -$6.748M
YoY Change 45.82% 41.02% 174.31%

Facts In Submission

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41166000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
475000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1752000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6961000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
36432000
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
204000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
539000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11402000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
25773000
CY2021Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
328000
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
60000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1386000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-11514000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
16033000
us-gaap Profit Loss
ProfitLoss
-45109000
us-gaap Profit Loss
ProfitLoss
-29877000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2699000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2323000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1499000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3004000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2395000
us-gaap Share Based Compensation
ShareBasedCompensation
3884000
us-gaap Share Based Compensation
ShareBasedCompensation
3677000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1622000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-27000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
193000
bdsx Accrued Interest Amortization Of Debt Issuance Costs And Other
AccruedInterestAmortizationOfDebtIssuanceCostsAndOther
5011000
bdsx Accrued Interest Amortization Of Debt Issuance Costs And Other
AccruedInterestAmortizationOfDebtIssuanceCostsAndOther
1607000
us-gaap Inventory Write Down
InventoryWriteDown
837000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
81000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
765000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-12327000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1868000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-2866000
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
3645000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-665000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-646000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9262000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-985000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1772000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-730000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33024000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18026000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1368000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1711000
bdsx Payments For Proceeds From Patent Costs And Intangible Asset Acquisition Net
PaymentsForProceedsFromPatentCostsAndIntangibleAssetAcquisitionNet
179000
bdsx Payments For Proceeds From Patent Costs And Intangible Asset Acquisition Net
PaymentsForProceedsFromPatentCostsAndIntangibleAssetAcquisitionNet
195000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1547000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1906000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
17966000
bdsx Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderEmployeeStockPurchasePlan
355000
bdsx Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderEmployeeStockPurchasePlan
328000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
149000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
739000
bdsx Proceeds From Issuance Of Term Loan And Notes Payable
ProceedsFromIssuanceOfTermLoanAndNotesPayable
15102000
bdsx Proceeds From Issuance Of Term Loan And Notes Payable
ProceedsFromIssuanceOfTermLoanAndNotesPayable
30078000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5038000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25424000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2249000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
96000
bdsx Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
129000
bdsx Payment Of Equity Financing Costs
PaymentOfEquityFinancingCosts
407000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-24000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
17034000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5625000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17537000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-14307000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32798000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62306000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15261000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47999000
bdsx Common Stock Issued For Deferred Offering Costs
CommonStockIssuedForDeferredOfferingCosts
600000
bdsx Deferred Offering Costs Amortized Against Additional Paid In Capital
DeferredOfferingCostsAmortizedAgainstAdditionalPaidInCapital
52000
bdsx Original Issuance Discount
OriginalIssuanceDiscount
1025000
bdsx Equity Financing Costs Included In Accrued Liabilities
EquityFinancingCostsIncludedInAccruedLiabilities
14000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4963000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
123000
us-gaap Interest Paid Net
InterestPaidNet
473000
us-gaap Interest Paid Net
InterestPaidNet
1276000
bdsx Purchases Of Property And Equipment Included In Accrued Liabilities
PurchasesOfPropertyAndEquipmentIncludedInAccruedLiabilities
69000
bdsx Purchases Of Property And Equipment Included In Accrued Liabilities
PurchasesOfPropertyAndEquipmentIncludedInAccruedLiabilities
404000
bdsx Patent Costs Included In Accrued Liabilities
PatentCostsIncludedInAccruedLiabilities
10000
bdsx Number Of Cancer Test
NumberOfCancerTest
5
bdsx Number Of Commercial Blood Based Test
NumberOfCommercialBloodBasedTest
2
bdsx Number Of Sars Co V2 Test
NumberOfSARSCoV2Test
3
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Other Uncertainties</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Substantially all of the Company’s cash and cash equivalents are deposited with two major financial institutions in the United States. The Company continually monitors its positions with, and the credit quality of, the financial institution with which it holds cash. Periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Several of the components for certain of the Company's sample collection kits, test reagents, and test systems are obtained from single-source suppliers. If these single-source suppliers fail to satisfy the Company's requirements on a timely basis, it could suffer delays in being able to deliver its diagnostic solutions, a possible loss of revenue, or incur higher costs, any of which could adversely affect its operating results.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">For a discussion of credit risk concentration of accounts receivable as of September 30, 2022 and December 31, 2021, see </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Note 9 – Revenue and Accounts Receivable Credit Concentration</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
CY2022Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
300000
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
100000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1300000
CY2022Q1 bdsx Offsetting Deferred Rent
OffsettingDeferredRent
100000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1300000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
For lease classification determination, Management continues to use (i) 75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine whether the present value of the sum of lease payments is substantially all of the fair value of the underlying asset.
CY2022Q2 bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
1100000
CY2022Q2 bdsx Reduction In Contingent Consideration
ReductionInContingentConsideration
1000000.0
CY2022Q3 bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
1200000
bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
2100000
CY2021Q3 bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
1000000.0
bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
1300000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11676000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10928000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7417000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6749000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4259000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4179000
CY2022Q3 us-gaap Depreciation
Depreciation
400000
us-gaap Depreciation
Depreciation
1200000
CY2021Q3 us-gaap Depreciation
Depreciation
300000
us-gaap Depreciation
Depreciation
800000
CY2022Q3 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
18827000
CY2022Q3 bdsx Intangible Assets Accumulated Amortization Excluding Goodwill
IntangibleAssetsAccumulatedAmortizationExcludingGoodwill
8604000
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10223000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
18755000
CY2021Q4 bdsx Intangible Assets Accumulated Amortization Excluding Goodwill
IntangibleAssetsAccumulatedAmortizationExcludingGoodwill
7138000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
11617000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1500000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
493000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1970000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1960000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1955000
CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1941000
CY2022Q3 bdsx Finite Lived Intangible Assets Amortization Expense Year Five And Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndThereafter
1790000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10109000
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3609000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4029000
CY2022Q3 bdsx Accrued Clinical Trial Expense Current
AccruedClinicalTrialExpenseCurrent
972000
CY2021Q4 bdsx Accrued Clinical Trial Expense Current
AccruedClinicalTrialExpenseCurrent
870000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2096000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2766000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6677000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7665000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2334000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
63000
CY2022Q3 us-gaap Notes Payable
NotesPayable
19214000
CY2021Q4 us-gaap Notes Payable
NotesPayable
10012000
CY2022Q3 us-gaap Notes Payable Current
NotesPayableCurrent
14334000
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
19000
CY2022Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
4880000
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
9993000
bdsx Description Of Securities Purchase Agreement
DescriptionOfSecuritiesPurchaseAgreement
(i) purchased a secured promissory note (Promissory Note One) in the aggregate principal amount totaling $16.0 million in exchange for $15.0 million less certain expenses and (ii) agreed to purchase another secured promissory note at the Company’s election (Promissory Note Two and, together with Promissory Note One, the Promissory Notes), subject to certain conditions precedent in aggregate principal amount totaling $10.3 million in exchange for $10.0 million in cash proceeds.
CY2022Q2 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.06
CY2022Q2 us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P24M
CY2022Q2 bdsx Promissory Notes Early Prepayment Premium Percentage
PromissoryNotesEarlyPrepaymentPremiumPercentage
0.10
CY2022Q2 bdsx Maximum Purchase Percentage Of Investors On Future Equity And Debt Securities Offerings
MaximumPurchasePercentageOfInvestorsOnFutureEquityAndDebtSecuritiesOfferings
30000
us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
The Redemption Conversion Price shall equal 85% multiplied by the lowest daily VWAP during the ten trading days immediately preceding the date the Lender delivers notice electing to redeem a portion of the Promissory Note. The Company’s right to satisfy the redemption amount in shares of Common Stock is subject to certain limitations, including (i) there not being any Equity Conditions Failure (as defined in the Note), (ii) the Lender and its affiliates together not owning more than 9.99% of the outstanding shares of Common Stock, and (iii) the aggregate shares of Common Stock issued upon redemption of the Promissory Notes not exceeding 19.99% of the outstanding Common Stock unless the Company has obtained stockholder approval under NASDAQ rules for such issuance.
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
400000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1000
CY2021Q4 bdsx Operating Leases Future Minimum Payments Due In Six Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInSixYearsAndThereafter
0
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
937000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2010000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
17860000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1647000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
25000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
21548000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
900000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1700000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
900000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y6M
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1140
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
333000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2277000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2619000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3710000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3979000
CY2022Q3 bdsx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
36327000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
49245000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24159000
CY2022Q3 bdsx Lessee Operating Lease Liability Amount Representing Tenant Improvement Allowances
LesseeOperatingLeaseLiabilityAmountRepresentingTenantImprovementAllowances
20795000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4291000
CY2022Q3 bdsx Tenant Improvement Allowances Expected To Be Received
TenantImprovementAllowancesExpectedToBeReceived
20800000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
775000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
149000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
9000
bdsx Subscription Agreements Description
SubscriptionAgreementsDescription
On April 7, 2022, the Company entered into subscription agreements (the Subscription Agreements) with a consortium of investors (the Investors), including three members of our Board of Directors and other existing shareholders of the Company, for the issuance and sale by the Company of 6,508,376 shares of the Company’s common stock (the Shares) in an offering (the Private Placement). The three members of our Board of Directors acquired an aggregate of 3,631,284 shares pursuant to the form of a Subscription Agreement that did not include any registration rights. The remaining 2,877,092 shares were acquired by others pursuant to the form of a Subscription Agreement whereby the Company agreed to file, subject to certain exceptions, a shelf registration statement with respect to resales of such shares with the Securities and Exchange Commission no later than 60 days from April 7, 2022, which the Company filed on June 6, 2022.Pursuant to the Subscription Agreements, the Investors purchased shares at a purchase price (determined in accordance with Nasdaq rules relating to the “Minimum Value” of the Company’s common stock) of $1.79 per share, which is equal to the closing price of the Company's common stock on April 7, 2022, for an aggregate purchase price of approximately $11.7 million. The Subscription Agreements include customary representations, warranties and covenants by the parties to the agreement.
CY2022Q3 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2028-02-23
bdsx Primary Sources Of Revenue Description
PrimarySourcesOfRevenueDescription
We derive our revenue from two primary sources: (i) providing diagnostic testing in the clinical setting (Diagnostic tests); and (ii) providing biopharmaceutical companies with services that include diagnostic research, clinical research, clinical trial testing, development and testing services generally provided outside the clinical setting and governed by individual contracts with third parties as well as development and commercialization of companion diagnostics (Services).
CY2022Q3 us-gaap Revenues
Revenues
11107000
CY2021Q3 us-gaap Revenues
Revenues
6531000
us-gaap Revenues
Revenues
28605000
us-gaap Revenues
Revenues
47282000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1900000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000
CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
800000
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1600000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
174890
bdsx Description Of Offering Period Under Plan
DescriptionOfOfferingPeriodUnderPlan
ESPP provides for successive six-month offering periods beginning on September 1st and March 1st of each year.
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1170000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1386000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3884000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3677000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2878000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.08
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6288000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
329000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
269000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.45
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
224000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.66
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2714000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
577000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1631000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.47
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
441000
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
338106
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
237961
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28051000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36953000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36953000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27467000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27467000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
100145
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-13699000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-11514000
us-gaap Net Income Loss
NetIncomeLoss
-45109000
us-gaap Net Income Loss
NetIncomeLoss
-29877000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40448000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
40448000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28051000
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.41
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.09
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4751000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3093000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4751000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3093000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0

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0000950170-22-021488.txt Edgar Link pending
0000950170-22-021488-xbrl.zip Edgar Link pending
bdsx-20220930.htm Edgar Link pending
bdsx-20220930.xsd Edgar Link pending
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