MDxHealth Reports Q2 and Half Year 2024 Results
Year-over-year Q2 revenues increase by 32% to $22.2 millionYear-over-year H1 revenues increase by 34% to 42.0 millionConference call with Q&A today at 4:30 PM ET / 22:30 CET
IRVINE, CA, and HERSTAL, BELGIUM – August 21, 2024 (GlobeNewswire) – MDxHealth SA (NASDAQ:MDXH) (the "Company" or "mdxhealth"), a commercial-stage precision diagnostics company, today announced its financial results for the second quarter and half year ended June 30, 2024.
Michael K. McGarrity, CEO of mdxhealth, commented: "Our strong topline growth of 32% for the second quarter reflects our commercial team's execution even against our strongest quarter of 2023 for both units and revenue, as well as robust demand for our precision diagnostics in our end urology markets. We continue to see strength in both adoption and pricing for both the Confirm and GPS tests, which will drive sustainable growth as we go forward. As we have commented and reported, the breadth and opportunity associated with our significantly expanded menu and market opportunity provides clear visibility to continued revenue growth set to our standard of 20% or greater."
Key Highlights for the second quarter:
Revenue of $22.2 million, an increase of 32% over prior year period
Tissue-based (Confirm mdx and GPS) test volume of 10,050, an increase of 15% over prior year period
Liquid-based (Select mdx and Resolve mdx) test volume of 11,047, an increase of 35% over prior year period
Financial review for the three and six months ended June 30, 2024
USD in ‘000 (except per share data)Unaudited
Three months ended June 30
Six months ended June 30
2024
2023
% Change
2024
2023
% Change
Revenue
22,159
16,745
32%
41,993
31,445
34%
Cost of sales (exclusive of amortization of intangible assets)
(8,873)
(6,755)
31%
(16,644)
(12,740)
31%
Gross Profit
13,286
9,990
33%
25,349
18,705
36%
Operating expenses
(20,704)
(17,733)
17%
(39,371)
(35,165)
12%
Operating loss
(7,418)
(7,743)
(4%)
(14,022)
(16,460)
(15%)
Net loss
(11,528)
(10,626)
8%
(20,039)
(22,335)
(10%)
Basic and diluted loss per share
(0.42)
(0.39)
8%
(0.73)
(0.91)
(20%)
Results for the three months ended June 30, 2024Revenue increased 32% to $22.2 million compared to $16.7 million for the prior year. The revenue in the second quarter of 2024 was comprised of 81% from tissue-based tests.
Gross profit increased 33% to $13.3 million compared to $10.0 million for the prior year. Gross margins were 60.0% as compared to 59.7% for the prior year, an improvement of 30 basis points.
Operating loss decreased 4% to $7.4 million compared to $7.7 million for the prior year, driven by higher revenues and gross profit.
Net loss increased 8% to $11.5 million compared to $10.6 million for the prior year, driven by an increase in net financial expenses as the result of refinancing the Innovatus debt with the new OrbiMed facility, which included one-time debt extinguishment costs of $3.1 million. Excluding the debt extinguishment costs, our net loss would have been $8.4 million, a reduction of 21% from the second quarter of last year.
Results for the six months ended June 30, ...
