MDxHealth Reports Preliminary Fourth
Quarter and Full Year 2024 Revenues and Issues
2025 Revenue Guidance
IRVINE, CA – January 13, 2025
(GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the "Company" or
"mdxhealth"), a leading precision diagnostics company, today
reported preliminary fourth quarter and full year 2024 revenues and
issued 2025 revenue guidance.
The Company expects to report fourth quarter and
full year 2024 revenues of approximately $24.7 and $90.0 million,
respectively, representing year-over-year growth of 28% for both
periods. During the fourth quarter, the Company billed 11,789
tissue-based units and 12,036 liquid-based units, representing
growth of 50% and 10%, respectively. For the full year, the Company
billed 41,586 tissue-based units and 45,700 liquid-based units,
representing growth of 31% and 28%, respectively. Cash balance at
year-end was $46.8 million.
The Company is also issuing 2025 revenue
guidance of $108-110 million, which represents year-over-year
growth of 20-22%, and confirms view of adjusted EBITDA
profitability in the first half of this year.
Michael K. McGarrity, CEO of mdxhealth,
commented: “We are pleased to report continued execution
on our growth strategy, with year-over-year revenue growth of
approximately 28%. We are confident that the strength of our sales
channel coupled with our expanded menu offering to our urology
customer base will continue to drive sustainable growth. Based on
our operating discipline, commercial execution, and the underlying
growth of our end markets, we anticipate 2025 revenue of $108-110
million, which would represent year-over-year revenue growth of
approximately 20-22%.”
About mdxhealth
Mdxhealth is a commercial-stage precision
diagnostics company that provides actionable molecular information
to personalize patient diagnosis and treatment. The Company’s tests
are based on proprietary genomic, epigenetic (methylation) and
other molecular technologies and assist physicians with the
diagnosis and prognosis of urologic cancers and other urologic
diseases. The Company’s U.S. headquarters and laboratory operations
are in Irvine, California, with additional laboratory operations in
Plano, Texas. European headquarters are in Herstal, Belgium. For
more information, visit mdxhealth.com and follow us on social media
at: twitter.com/mdxhealth, facebook.com/mdxhealth and
linkedin.com/company/mdxhealth.
2025 Reporting Calendar
- February 26, 2025: 2024 FY
results
- May 14, 2025: Q1-2025 financial
results and business update
- May 29, 2025: Annual general
shareholders’ meeting
- August 14, 2025: Q2-2025 financial
results and business update
- November 12, 2025: Q3-2025
financial results and business update
Financial information and auditor
review
The preliminary unaudited financial data for the
year ended December 31, 2024 set forth above is derived from
preliminary internal financial reports. The Company has not yet
finalized its complete results of operations for the year ended
December 31, 2024. The Company and its auditors may identify items
that would require the Company to make adjustments, some of which
could be material, to the preliminary unaudited financial data set
forth above.
For more information:
info@mdxhealth.com
LifeSci Advisors (IR & PR)US: +1 949 271
9223
ir@mdxhealth.com
This press release contains forward-looking
statements and estimates with respect to the anticipated future
performance of MDxHealth and the market in which it operates, all
of which involve certain risks and uncertainties. These statements
are often, but are not always, made through the use of words or
phrases such as “potential,” “expect,” “will,” “goal,” “next,”
“potential,” “aim,” “explore,” “forward,” “future,” and “believes”
as well as similar expressions. Forward-looking statements
contained in this release include, but are not limited to,
statements regarding expected future operating results; our
strategies, positioning, resources, capabilities and expectations
for future events or performance; and the anticipated benefits of
our acquisitions, including estimated synergies and other financial
impacts. Such statements and estimates are based on assumptions and
assessments of known and unknown risks, uncertainties and other
factors, which were deemed reasonable but may not prove to be
correct. Actual events are difficult to predict, may depend upon
factors that are beyond the company’s control, and may turn out to
be materially different. Examples of forward-looking statements
include, among others, statements we make regarding expected future
operating results, product development efforts, our strategies,
positioning, resources, capabilities and expectations for future
events or performance. Important factors that could cause actual
results, conditions and events to differ materially from those
indicated in the forward-looking statements include, among others,
the following: our ability to successfully and profitably market
our products; the acceptance of our products and services by
healthcare providers; our ability to achieve and maintain adequate
levels of coverage or reimbursement for our current and future
solutions we commercialize or may seek to commercialize; the
willingness of health insurance companies and other payers to cover
our products and services and adequately reimburse us for such
products and services; our ability to obtain and maintain
regulatory approvals and comply with applicable regulations;
timing, progress and results of our research and development
programs; the period over which we estimate our existing cash will
be sufficient to fund our future operating expenses and capital
expenditure requirements; our ability to remain in compliance with
financial covenants made to and make scheduled payments to our
creditors; the possibility that the anticipated benefits from our
business acquisitions like our acquisition of the Oncotype DX® GPS
prostate cancer business will not be realized in full or at all or
may take longer to realize than expected; and the amount and nature
of competition for our products and services. Other important risks
and uncertainties are described in the Risk Factors sections of our
most recent Annual Report on Form 20-F and in our other reports
filed with the Securities and Exchange Commission. MDxHealth
expressly disclaims any obligation to update any such
forward-looking statements in this release to reflect any change in
its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based
unless required by law or regulation. This press release does not
constitute an offer or invitation for the sale or purchase of
securities or assets of MDxHealth in any jurisdiction. No
securities of MDxHealth may be offered or sold within the United
States without registration under the U.S. Securities Act of 1933,
as amended, or in compliance with an exemption therefrom, and in
accordance with any applicable U.S. securities laws.
Non-IFRS Measures. The
Company’s reference to adjusted EBITDA is a forward-looking
statement about the Company’s future financial performance, and is
a non-IFRS measure that excludes a number of expense items that are
included in net loss, including adjustments for items like
stock-based compensation, acquisition and integration costs,
impairment of long-lived assets, fair-value adjustment, loan
extinguishment costs, as well as other non-operating, non-recurring
expenses that are difficult to predict for future periods because
the nature of the adjustments pertain to events that have not yet
occurred. As a result, positive adjusted EBITDA may be achieved
while a significant net loss persists. Non-IFRS financial
information has limitations as an analytical tool and should not be
considered in isolation or as a substitute for financial
information presented in accordance with IFRS, and such information
is referenced for supplemental information purposes only.
Management does not forecast many of the excluded items for
internal use, as these are difficult to predict for future periods
because the nature of the adjustments pertain to events that have
not yet occurred. Information reconciling forward-looking non-IFRS
measures to IFRS measures is therefore not available without
unreasonable effort, and is not provided. The occurrence, timing,
and amount of any of the items excluded from IFRS to calculate
non-IFRS measures could significantly impact the Company's IFRS
results.
NOTE: The mdxhealth logo,
mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate
Score, GPS and Monitor mdx are trademarks or registered trademarks
of MDxHealth SA. The GPS test was formerly known as and is
frequently referenced in guidelines, coverage policies,
reimbursement decisions, manuscripts and other literature as
Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate
Score, and Oncotype Dx Prostate Cancer Assay, among others. The
Oncotype DX trademark, and all other trademarks and service marks,
are the property of their respective owners.
- MDXH 2024 pre-release FINAL
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