$BDSX
BIODESIX INC

2021 Q1 Form 10-Q Financial Statement

#000156459021026558 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $28.87M $5.096M
YoY Change 466.44%
Cost Of Revenue $18.22M
YoY Change
Gross Profit $10.65M
YoY Change
Gross Profit Margin 36.89%
Selling, General & Admin $11.93M $8.080M
YoY Change 47.61%
% of Gross Profit 111.99%
Research & Development $3.321M $2.900M
YoY Change 14.52%
% of Gross Profit 31.18%
Depreciation & Amortization $300.0K $200.0K
YoY Change 50.0%
% of Gross Profit 2.82%
Operating Expenses $34.45M $13.52M
YoY Change 154.84%
Operating Profit -$5.583M -$8.422M
YoY Change -33.71%
Interest Expense $651.0K $1.457M
YoY Change -55.32%
% of Operating Profit
Other Income/Expense, Net -$1.378M -$1.283M
YoY Change 7.4%
Pretax Income -$6.960M
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.961M -$9.706M
YoY Change -28.28% 25.34%
Net Earnings / Revenue -24.11% -190.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$261.7K
COMMON SHARES
Basic Shares Outstanding 26.58M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.30M
YoY Change
Cash & Equivalents $55.42M $6.959M
Short-Term Investments
Other Short-Term Assets $7.500M
YoY Change
Inventory
Prepaid Expenses
Receivables $18.40M
Other Receivables $0.00
Total Short-Term Assets $81.20M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.387M
YoY Change
Goodwill
YoY Change
Intangibles $12.82M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M
YoY Change
Total Long-Term Assets $34.30M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $81.20M
Total Long-Term Assets $34.30M
Total Assets $115.5M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.700M
YoY Change
Accrued Expenses $7.262M
YoY Change
Deferred Revenue $2.400M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.700M
YoY Change
Total Short-Term Liabilities $16.12M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $30.30M
YoY Change
Other Long-Term Liabilities $1.687M
YoY Change
Total Long-Term Liabilities $62.93M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $16.12M
Total Long-Term Liabilities $62.93M
Total Liabilities $79.05M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$265.8M
YoY Change
Common Stock $27.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $36.43M -$234.8M
YoY Change
Total Liabilities & Shareholders Equity $115.5M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.961M -$9.706M
YoY Change -28.28% 25.34%
Depreciation, Depletion And Amortization $300.0K $200.0K
YoY Change 50.0%
Cash From Operating Activities -$11.33M -$4.537M
YoY Change 149.64%
INVESTING ACTIVITIES
Capital Expenditures $466.0K $98.00K
YoY Change 375.51%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$516.0K -$392.0K
YoY Change 31.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $25.42M
YoY Change
Cash From Financing Activities 4.951M 6.420M
YoY Change -22.88%
NET CHANGE
Cash From Operating Activities -11.33M -4.537M
Cash From Investing Activities -516.0K -392.0K
Cash From Financing Activities 4.951M 6.420M
Net Change In Cash -6.891M 1.491M
YoY Change -562.17%
FREE CASH FLOW
Cash From Operating Activities -$11.33M -$4.537M
Capital Expenditures $466.0K $98.00K
Free Cash Flow -$11.79M -$4.635M
YoY Change 154.41%

Facts In Submission

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CY2021Q1 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;"><span style="text-decoration:none;">Use of Estimates</span></p> <p style="margin-bottom:0pt;margin-top:6pt;text-align:justify;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect<span style="font-style:italic;"> </span>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.</p>
CY2021Q1 us-gaap Concentration Risk Credit Risk
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk<span style="font-weight:normal;font-style:normal;"> </span>and Other Uncertainties</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.  Restricted cash consists of deposits related to the Company’s corporate credit cards and prior to March 31, 2021, also included a letter of credit related to an operating lease agreement. As of March 31, 2021 and December 31, 2020, the Company had $0.1 million and $0.2 million in restricted cash, respectively, which was included in ‘Other current assets’ in the accompanying balance sheets.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For a discussion of credit risk concentration of accounts receivable as of March 31, 2021 and 2020, see Note 9 – <span style="font-style:italic;">Revenue &amp; Accounts Receivable Credit Concentration.</span></p>
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CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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313000
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CY2020Q4 us-gaap Notes Payable
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CY2021Q1 us-gaap Notes Payable Current
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CY2020Q4 us-gaap Notes Payable Current
NotesPayableCurrent
11840000
CY2021Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
30328000
CY2020Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
15926000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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2707000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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10000000
CY2021Q1 bdsx Long Term Debt Maturities Repayments Of Principal After Year Four
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CY2021Q1 us-gaap Long Term Debt
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CY2020Q1 us-gaap Interest Paid Net
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CY2020Q4 us-gaap Temporary Equity Shares Outstanding
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CY2021Q1 us-gaap Revenues
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CY2020Q1 us-gaap Revenues
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CY2020Q4 us-gaap Contract With Customer Liability Current
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CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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CY2021Q1 bdsx Advance Deposits
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CY2021Q1 us-gaap Contract With Customer Liability Current
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CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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1.96
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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42580000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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858000
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20.55
CY2021Q1 bdsx Share Based Compensation Arrangement By Share Based Payment Award Options Granted Aggregate Intrinsic Value
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285000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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0.23
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
37655000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2020Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
261000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
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-0.26
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3090000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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156807000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2021Q1 us-gaap Operating Leases Rent Expense Net
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300000
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
75000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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724000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
112000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
911000

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