MDxHealth Reports Preliminary Q3-2023 Revenues

NEWS RELEASE – INSIDE AND REGULATED INFORMATION
9 OCTOBER 2023, 4PM ET / 22:00 CET

           

MDxHealth Reports Preliminary Q3-2023 Revenues

IRVINE, CA, and HERSTAL, BELGIUM – October 9, 2023 – MDxHealth SA (NASDAQ/Euronext: MDXH), a commercial-stage precision diagnostics company, today reported preliminary third quarter 2023 revenues, units, and cash position.

For the third quarter ended September 30, 2023, the Company expects to report revenues of approximately $19.3 million, representing an increase of 73% over the same period last year and 15% versus the prior quarter; excluding GPS, Q3-2023 revenue increased by 45% over Q3-2022. Q3-2023 revenues of approximately $19.3 million were comprised of $8.1 million from GPS, $6.6 million from Confirm mdx, $2.7 million from Resolve mdx, and $1.9 million from Select mdx.

Billable test volume for the quarter ended September 30, 2023, for Confirm mdx increased by 15% to 4,932 versus the prior year period, for Select mdx decreased by 2% to 2,938 versus the prior year period, and for Resolve mdx increased by 101% to 6,742 versus the prior year period.

The Company’s cash balance as of September 30, 2023, was $32.7 million.

Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report strong preliminary third quarter revenues, which we believe reflects our goal of delivering sustainable growth. In addition to robust topline growth, we also maintained strong operating discipline during the quarter, as demonstrated by a nearly 23% reduction in use of cash compared to the second quarter, and we anticipate continued declines in use of cash over the next several quarters.”

The Company has elected to pre-release its third quarter revenues, units and cash figures following its recent communication regarding the consolidation of trading onto the NASDAQ, which is currently pending shareholder approval at its upcoming shareholder meeting scheduled for November 3, 2023. The Company is scheduled to release its full third quarter results and business update on November 8, 2023.

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.