MDxHealth Reports Preliminary Q2 and Half
Year 2024 Revenuesand Raises 2024 Revenue
Guidance
IRVINE, CA, and HERSTAL,
BELGIUM – July 8, 2024 (GlobeNewswire) – MDxHealth SA
(NASDAQ: MDXH), a commercial-stage precision diagnostics company,
today reported preliminary Q2 and half year 2024 revenues and cash.
The Company expects to report Q2 and half year 2024 revenues of
approximately $22.2 and $42.0 million, respectively, representing
year-over-year growth of 32% and 34%, respectively, and
representing sequential growth from Q1 of 12%. The Company is
raising its full-year 2024 revenue guidance from $83-85 million to
$85-87 million.
The Company’s cash balance as of June 30, 2024,
was $21.3 million.
Michael K. McGarrity, CEO of mdxhealth,
commented: “We believe these preliminary results for
mdxhealth reflect our stated and firm commitment to deliver
consistent and sustainable growth in our business, driven by our
broad menu, sales execution and operating discipline. We are quite
confident that this execution is now fundamentally built in across
our operating teams and provide a unique profile of top line growth
trajectory and operating leverage to meet our expected turn to
adjusted EBITDA profitability in the first half of 2025.
Based on our visibility to sustainable growth,
we are taking our 2024 revenue guidance up from $83-85 million to
$85-87 million, representing 23% year-over-year revenue growth at
the midpoint of our guidance. We look forward to providing our full
financial results and update on August 21st.”
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, with
laboratory operations in Nijmegen, The Netherlands. For more
information, visit mdxhealth.com and follow us on social media at:
twitter.com/mdxhealth, facebook.com/mdxhealth and
linkedin.com/company/mdxhealth.
Financial information and auditor
review
The preliminary unaudited financial data for the
second quarter and six-month period ended June 30, 2024, and the
updated 2024 revenue guidance set forth above were derived from
preliminary internal financial reports. The Company has not yet
finalized its complete results of operations for the period ended
June 30, 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 and
guidance 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; 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.
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