In This Article:
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Revenue Growth: 22% increase to $24.3 million for Q1 2025 compared to $19.8 million in Q1 2024.
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Gross Profit: $15.5 million, a 29% increase from $12.1 million in Q1 2024.
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Gross Margin: 63.8%, up from 60.8% in Q1 2024.
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Operating Loss: Decreased 31% to $4.6 million from $6.6 million in Q1 2024.
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Net Loss: Increased 8% to $9.2 million, primarily due to non-cash fair value adjustments.
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Adjusted EBITDA: Negative $1.3 million, a 71% improvement from negative $4.5 million in Q1 2024.
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Cash and Cash Equivalents: $65.7 million as of March 31, 2025, with a pro forma balance of $37.7 million after a $28 million earnout payment.
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Tissue-Based Test Volume: 41% increase to approximately 12,600 tests.
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Liquid-Based Test Volume: 9% increase to almost 12,000 tests.
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Total Billable Volume: Approximately 24,000 tests, a 24% increase.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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MDxHealth SA (NASDAQ:MDXH) achieved a 22% revenue growth in Q1 2025, marking the 16th consecutive quarter of 20% or greater revenue growth.
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The company reported a significant increase in tissue-based test volumes, with a 41% growth over the prior year period.
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Gross profit for the quarter increased by 29%, with gross margins improving to 63.8% from 60.8% in Q1 2024.
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MDxHealth SA (NASDAQ:MDXH) has not expanded its sales organization, yet continues to achieve growth, indicating strong leverage from its existing sales channels.
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The company is on track to achieve positive adjusted EBITDA in Q2 2025, reflecting strong financial management and operational efficiency.
Negative Points
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Net loss increased by 8% to $9.2 million, primarily due to non-cash fair value adjustments.
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Operating expenses grew by 8%, driven by increased clinical studies, stock-based compensation, and scale.
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The liquid-based test segment showed a lower growth rate of 9% compared to the tissue-based segment.
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Cash and cash equivalents were reduced to $37.7 million after a $28 million earnout payment to Exact Sciences.
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The company faces inherent risks and uncertainties, as highlighted in their forward-looking statements and SEC filings.
Q & A Highlights
Q: What factors are driving the growth in the tissue-based segment of MDxHealth's menu? A: Michael McGarrity, CEO, explained that the diagnostic value of their ConfirmMDx test is increasingly appreciated by urology customers. The test addresses limitations of needle biopsies by interrogating each core of the biopsy, offering a 96% negative predictive value. This helps avoid unnecessary repeat biopsies and detects missed cancers, providing significant value from both healthcare economics and patient care perspectives.