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MDxHealth Reports Q1-2024 Results and Announces Growth Capital from OrbiMed
MDxHealth Reports Q1-2024 Results and Announces Growth Capital from OrbiMed Year-over-year Q1 revenues increase by 35% to $19.8 millionIncreasing 2024 revenue
About this update from Mdxhealth Sa
[{"type":"text","content":"MDxHealth Reports Q1-2024 Results and Announces Growth Capital from OrbiMed Year-over-year Q1 revenues increase by 35% to $19.8 millionIncreasing 2024 revenue guidance to $83-85 million, previously $79-81 million Conference call with Q&A today at 08:30 AM ET / 14:30 CET IRVINE, CA, and HERSTAL, BELGIUM – May 1, 2024 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the \"Company\" or \"mdxhealth\"), a commercial-stage precision diagnostics company, today announced its financial results for the first quarter ended March 31, 2024 and the closing of a new debt facility with OrbiMed. Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report operating results that demonstrate successful execution of our growth strategy and support our outlook for delivering sustainable growth in revenues, a consistent reduction in cash burn, and adequate runway to achieve adjusted EBITDA profitability in the first half of 2025. Additionally, we have received the first clinical samples from current customers for hereditary germline testing and now expect germline testing to begin contributing to revenue in the second quarter. Based on this continued momentum in our execution and strong demand for our tests, we are increasing our 2024 revenue guidance to $83-85 million from the previous $79-81 million. “We are excited to partner with OrbiMed in a new debt facility, which provides significant growth capital and balance sheet flexibility, and allows the Company to further support growing demand for our precision diagnostic tests. This investment also reflects the continued progress we are making in attracting leading institutional investors who recognize our Company’s unique positioning within our high growth, urology markets.” Key Highlights: First quarter revenue of $19.8 million, an increase of 35% over prior year periodProstate test volume of 12,061, an increase of 16% over prior year periodFirst clinical samples received for new hereditary germline testingRefinanced existing $70 million debt facility with $100 million, 5-year interest-only debt facility with OrbiMed, of which $55 million has been drawn at closingImplemented $50M At-The-Market (\"ATM\") program to foster long-term shareholder development Financial review for the quarter ended March 31, 2024 USD in thousands (except per share data)UnauditedQuarter Ended March 312024202...