Business
MDxHealth Reports Q2 and Half Year 2024 Results
MDxHealth Reports Q2 and Half Year 2024 Results Year-over-year Q2 revenues increase by 32% to $22.2 millionYear-over-year H1 revenues increase by 34% to 42.0
About this update from Mdxhealth Sa
[{"type":"text","content":"MDxHealth Reports Q2 and Half Year 2024 Results Year-over-year Q2 revenues increase by 32% to $22.2 millionYear-over-year H1 revenues increase by 34% to 42.0 millionConference call with Q&A today at 4:30 PM ET / 22:30 CET IRVINE, CA, and HERSTAL, BELGIUM – August 21, 2024 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the \"Company\" or \"mdxhealth\"), a commercial-stage precision diagnostics company, today announced its financial results for the second quarter and half year ended June 30, 2024. Michael K. McGarrity, CEO of mdxhealth, commented: “Our strong topline growth of 32% for the second quarter reflects our commercial team’s execution even against our strongest quarter of 2023 for both units and revenue, as well as robust demand for our precision diagnostics in our end urology markets. We continue to see strength in both adoption and pricing for both the Confirm and GPS tests, which will drive sustainable growth as we go forward. As we have commented and reported, the breadth and opportunity associated with our significantly expanded menu and market opportunity provides clear visibility to continued revenue growth set to our standard of 20% or greater.” Key Highlights for the second quarter: Revenue of $22.2 million, an increase of 32% over prior year periodTissue-based (Confirm mdx and GPS) test volume of 10,050, an increase of 15% over prior year periodLiquid-based (Select mdx and Resolve mdx) test volume of 11,047, an increase of 35% over prior year period Financial review for the three and six months ended June 30, 2024 USD in ‘000 (except per share data)Unaudited Three months ended June 30 Six months ended June 30 20242023% Change 20242023% ChangeRevenue 22,15916,74532% 41,99331,44534%Cost of sales (exclusive of amortization of intangible assets) (8,873)(6,755)31% (16,644)(12,740)31%Gross Profit 13,2869,99033% 25,34918,70536%Operating expenses (20,704)(17,733)17% (39,371)(35,165)12%Operating loss (7,418)(7,743)(4%) (14,022)(16,460)(15%)Net loss (11,528)(10,626)8% (20,039)(22,335)(10%)Basic and diluted loss per share (0.42)(0.39)8% (0.73)(0.91)(20%) Results for the three months ended June 30, 2024Revenue increased 32% to $22.2 million compared to $16.7 million for the prior year. The revenue in the second quarter of 2024 was comprised of 81% from tissue-based tests. Gross profit increased 33% to $13.3 million compared...