Business
MDxHealth Reports Q2 and Half Year 2023 Results
NEWS RELEASE – REGULATED INFORMATION23 AUGUST 2023, 4:00PM EDT / 22:00 CET MDxHealth Reports Q2 and Half Year 2023 Results Year-over-year Q2 revenues increase
About this update from Mdxhealth Sa
[{"type":"text","content":"NEWS RELEASE – REGULATED INFORMATION23 AUGUST 2023, 4:00PM EDT / 22:00 CET MDxHealth Reports Q2 and Half Year 2023 Results Year-over-year Q2 revenues increase by 143% to $16.7 million; excluding GPS, revenues up 29% Q2 gross margin expanded to 59.7% up from 42.4% in the prior year periodAmended GPS purchase agreement with Exact Sciences defers Company’s earn-out payment period from 2024-2026 to now 2025-2027Company reaffirms full year 2023 revenue guidance of $65-70 million IRVINE, CA, and HERSTAL, BELGIUM – August 23, 2023 – MDxHealth SA (NASDAQ/Euronext: MDXH), a commercial-stage precision diagnostics company, today announced its financial results for the second quarter and half year ended June 30, 2023. Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report another strong quarter of operating results for mdxhealth. Our focus on operating discipline, commercial execution and expansion of our menu continues to drive robust revenue growth, margin expansion, and advance us on our clear path to operating profitability. “As we look forward, our Company is exceptionally well positioned to drive strong top-line growth. We have in place the most comprehensive menu of personal diagnostic solutions in prostate cancer, more favorable reimbursement for our tests, and a world-class sales and marketing team. Based on these positive dynamics, we believe the fundamentals are now in place to drive significant operating leverage that will lead to profitability on an adjusted EBITDA basis in the first half of 2025.” Highlights for the second quarter and half year ended June 30, 2023 Q2-2023 revenue of $16.7 million, representing an increase of 143% over Q2-2022; excluding GPS, Q2-2023 revenue increased 29% over Q2-2022Q2-2023 revenues of $16.7 million were comprised of $7.8 million from GPS (up from $6.2 million in Q1), $6.7 million from Confirm mdx, $1.6 million from Resolve mdx, with the remaining revenues from Select mdx and otherH1-2023 revenue of $31.4 million, representing an increase of 142% over H1-2022; excluding GPS, H1-2023 revenue increased 34% over H1-2022Q2-2023 gross margin expansion of 1,723 basis points to 59.7% versus Q2-2022 gross margin of 42.4%Billable test volume for the second quarter ended June 30, 2023, for Confirm mdx increased by 25% year-over-year and 22% sequentially to 5,318, while Select mdx i...