Business
Mdxhealth Announces Fourth Quarter and Full-Year 2023 Financial Results
Mdxhealth Announces Fourth Quarter and Full-Year 2023 Financial Results 2023 revenue grew by 89% to $70.2 million; excluding GPS, revenues up 42%2023 gross
About this update from Mdxhealth Sa
[{"type":"text","content":"Mdxhealth Announces Fourth Quarter and Full-Year 2023 Financial Results 2023 revenue grew by 89% to $70.2 million; excluding GPS, revenues up 42%2023 gross margin expanded by 10.7 percentage points over prior yearConference call with Q&A today at 4:30 PM EST / 22:30 CET IRVINE, CA, and HERSTAL, BELGIUM – March 6, 2024 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the \"Company\" or \"mdxhealth\"), a commercial-stage precision diagnostics company, today announced its financial results for the fourth quarter and year ended December 31, 2023. Michael K. McGarrity, CEO of mdxhealth, commented: “Our fourth quarter and full year 2023 results reflect our continued commitment to commercial execution and operational discipline that has driven significant gross margin expansion across our business. With each passing quarter, we continue to build on our position as a leading precision diagnostics company rooted in our industry-leading technology, focus on the highest quality customer experience, and our unwavering commitment towards improving patient outcomes. We remain well positioned to build upon this success as we actively evaluate multiple, high-growth opportunities that could further strengthen and complement our existing menu. In 2024, we expect to deliver continued topline growth and operating execution that will lead to adjusted EBITDA profitability in the first half of 2025.” Key Highlights: Completed transition to sole listing of its shares on NASDAQSecured Medicare coverage for the Company’s Select mdx testFourth quarter revenue of $19.4 million, an increase of 50% over prior year period2023 revenue of $70.2 million, an increase of 89% or 42% excluding GPS Financial review for the fourth quarter and year ended December 31, 2023 USD in ‘000 (except per share data)Unaudited Three months ended December 31 Twelve months ended December 31 20232022% Change 20232022% ChangeRevenue 19,39812,89150% 70,19337,05489%Cost of goods (6,727)(5,667)19% (26,264)(17,835)47%Gross Profit 12,6717,22475% 43,92919,219129%Operating expenses (18,977)(16,171)17% (71,256)(57,119)25%Operating loss (6,306)(8,947)(30%) (27,327)(37,900)(28%)Net loss (10,720)(12,438)(14%) (43,100)(44,044)(2%)Basic and diluted loss per share (0.39)(0.76)(48%) (1.66)(2.78)(40%) Fourth Quarter 2023 Financial Results Revenue increased 50% to $19.4 million compared to $12.9 millio...