Mdxhealth Announces Fourth Quarter and Full-Year 2024 Financial Results
MDxHealth (NASDAQ: MDXH) reported strong Q4 and full-year 2024 financial results, with 28% revenue growth in both Q4 ($24.7 million) and full-year ($90.0 million). Q4 highlights include a 68% improvement in adjusted EBITDA to ($1.4) million and significant test volume increases: tissue-based tests up 50% and liquid-based tests up 10%.
Q4 gross profit increased 22% to $15.5 million with margins at 62.7%, while operating expenses rose 6% to $20.1 million. Net loss decreased 36% to $6.8 million. For full-year 2024, gross profit grew 26% to $55.1 million with 61.2% margins, and net loss improved 12% to $38.1 million.
The company maintains its 2025 revenue guidance of $108-110 million and expects to achieve adjusted EBITDA profitability in H1 2025. Year-end cash position stands at $46.8 million.
MDxHealth (NASDAQ: MDXH) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con una crescita del fatturato del 28% sia nel quarto trimestre ($24,7 milioni) che nell'anno intero ($90,0 milioni). I punti salienti del quarto trimestre includono un miglioramento del 68% nell'EBITDA rettificato a ($1,4) milioni e significativi aumenti nel volume dei test: test basati su tessuto aumentati del 50% e test basati su liquidi aumentati del 10%.
Il profitto lordo del quarto trimestre è aumentato del 22% a $15,5 milioni con margini al 62,7%, mentre le spese operative sono aumentate del 6% a $20,1 milioni. La perdita netta è diminuita del 36% a $6,8 milioni. Per l'intero anno 2024, il profitto lordo è cresciuto del 26% a $55,1 milioni con margini del 61,2%, e la perdita netta è migliorata del 12% a $38,1 milioni.
L'azienda mantiene la sua previsione di fatturato per il 2025 di $108-110 milioni e prevede di raggiungere la redditività dell'EBITDA rettificato nel primo semestre del 2025. La posizione di cassa a fine anno si attesta a $46,8 milioni.
MDxHealth (NASDAQ: MDXH) informó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un crecimiento de ingresos del 28% tanto en el cuarto trimestre ($24.7 millones) como en el año completo ($90.0 millones). Los aspectos destacados del cuarto trimestre incluyen una mejora del 68% en el EBITDA ajustado a ($1.4) millones y aumentos significativos en el volumen de pruebas: pruebas basadas en tejido aumentaron un 50% y pruebas basadas en líquidos aumentaron un 10%.
El beneficio bruto del cuarto trimestre aumentó un 22% a $15.5 millones con márgenes del 62.7%, mientras que los gastos operativos aumentaron un 6% a $20.1 millones. La pérdida neta disminuyó un 36% a $6.8 millones. Para el año completo 2024, el beneficio bruto creció un 26% a $55.1 millones con márgenes del 61.2%, y la pérdida neta mejoró un 12% a $38.1 millones.
La empresa mantiene su guía de ingresos para 2025 de $108-110 millones y espera alcanzar la rentabilidad del EBITDA ajustado en el primer semestre de 2025. La posición de efectivo al final del año se sitúa en $46.8 millones.
MDxHealth (NASDAQ: MDXH)는 2024년 4분기 및 연간 재무 결과가 강력하다고 보고했으며, 4분기와 연간 모두 28%의 매출 성장을 기록했습니다 ($24.7백만 및 $90.0백만). 4분기 주요 내용으로는 조정된 EBITDA가 ($1.4)백만으로 68% 개선되었고, 테스트 볼륨이 크게 증가했습니다: 조직 기반 테스트는 50% 증가하고 액체 기반 테스트는 10% 증가했습니다.
4분기 총 이익은 22% 증가하여 $15.5백만에 도달했으며, 마진은 62.7%였습니다. 운영 비용은 6% 증가하여 $20.1백만에 이르렀습니다. 순손실은 36% 감소하여 $6.8백만이 되었습니다. 2024년 전체 연간 총 이익은 26% 증가하여 $55.1백만에 도달했으며, 마진은 61.2%였고, 순손실은 12% 개선되어 $38.1백만이 되었습니다.
회사는 2025년 매출 가이던스인 $108-110백만을 유지하고 있으며, 2025년 상반기 내에 조정된 EBITDA 수익성을 달성할 것으로 기대하고 있습니다. 연말 현금 보유액은 $46.8백만입니다.
MDxHealth (NASDAQ: MDXH) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024, avec une croissance des revenus de 28% tant pour le quatrième trimestre ($24,7 millions) que pour l'année complète ($90,0 millions). Les points forts du quatrième trimestre comprennent une amélioration de 68% de l'EBITDA ajusté à ($1,4) million et des augmentations significatives des volumes de tests : les tests basés sur les tissus ont augmenté de 50% et les tests basés sur les liquides de 10%.
Le bénéfice brut du quatrième trimestre a augmenté de 22% pour atteindre $15,5 millions avec des marges de 62,7%, tandis que les dépenses d'exploitation ont augmenté de 6% pour atteindre $20,1 millions. La perte nette a diminué de 36% pour s'établir à $6,8 millions. Pour l'année complète 2024, le bénéfice brut a augmenté de 26% pour atteindre $55,1 millions avec des marges de 61,2%, et la perte nette s'est améliorée de 12% pour atteindre $38,1 millions.
L'entreprise maintient ses prévisions de revenus pour 2025 de $108-110 millions et s'attend à atteindre la rentabilité de l'EBITDA ajusté au premier semestre 2025. La position de trésorerie à la fin de l'année s'élève à $46,8 millions.
MDxHealth (NASDAQ: MDXH) berichtete über starke Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024, mit einem Umsatzwachstum von 28% sowohl im vierten Quartal ($24,7 Millionen) als auch im Gesamtjahr ($90,0 Millionen). Zu den Highlights des vierten Quartals gehören eine Verbesserung des bereinigten EBITDA um 68% auf ($1,4) Millionen und signifikante Anstiege im Testvolumen: Gewebebasierte Tests stiegen um 50% und flüssigkeitsbasierte Tests um 10%.
Der Bruttogewinn im vierten Quartal stieg um 22% auf $15,5 Millionen mit einer Marge von 62,7%, während die Betriebskosten um 6% auf $20,1 Millionen anstiegen. Der Nettoverlust verringerte sich um 36% auf $6,8 Millionen. Für das gesamte Jahr 2024 wuchs der Bruttogewinn um 26% auf $55,1 Millionen mit einer Marge von 61,2%, und der Nettoverlust verbesserte sich um 12% auf $38,1 Millionen.
Das Unternehmen hält an seiner Umsatzprognose für 2025 von $108-110 Millionen fest und erwartet, im ersten Halbjahr 2025 die Rentabilität des bereinigten EBITDA zu erreichen. Die Liquiditätsposition zum Jahresende beträgt $46,8 Millionen.
- 28% revenue growth in Q4 to $24.7M
- 68% improvement in Q4 adjusted EBITDA
- 50% increase in tissue-based test volume
- 36% reduction in Q4 net loss
- Strong 2025 revenue guidance of $108-110M
- Expected EBITDA profitability in H1 2025
- Q4 gross margins declined 2.6% to 62.7%
- Operating expenses increased 6% in Q4
- Full-year net loss of $38.1M
- Gross margins declined 1.4% for full-year
Insights
MDxHealth's Q4 and full-year 2024 results demonstrate strong commercial execution with 28% revenue growth in both Q4 (
Test volume metrics reveal important growth dynamics: tissue-based tests increased 50% to 11,789 units, generating 81% of Q4 revenue, while liquid-based tests grew at a more modest 10%. This divergence suggests the company's tissue-based portfolio (Confirm mdx and GPS) is driving the majority of growth momentum.
The slight gross margin compression of 2.6 percentage points to
MDxHealth's
With a market cap of just
MDxHealth's Q4 and 2024 results reveal significant market penetration in precision urology diagnostics, with particularly strong traction in their tissue-based portfolio. The 50% growth in tissue-based tests (Confirm mdx for prostate cancer confirmation and GPS for cancer risk stratification) significantly outpaced the 10% growth in liquid-based tests, indicating urologists' increasing preference for definitive tissue analysis in clinical decision-making.
This test volume acceleration translated into consistent 28% revenue growth for both Q4 (
The increased R&D investment in clinical studies represents a strategic focus on expanding clinical evidence supporting their test menu, critical for gaining broader adoption and favorable reimbursement decisions. In the diagnostics sector, achieving EBITDA profitability (expected in H1 2025) typically marks a significant valuation inflection point as it validates both clinical utility and commercial viability.
MDxHealth's concentrated focus on urology creates meaningful competitive advantages through specialist relationships and workflow integration. Their expanded test menu enables deeper penetration into urology practices by addressing multiple clinical needs from a single provider, enhancing customer retention and revenue per physician.
The
Fourth quarter revenue growth of
2024 revenue growth of
Conference call with Q&A today at 4:30 PM EST / 22:30 CET
IRVINE, CA, and HERSTAL, BELGIUM – February 26, 2025 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the "Company" or "mdxhealth"), a leading precision diagnostics company, today announced its financial results for the fourth quarter and year ended December 31, 2024.
Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report another strong quarter and a successful year for mdxhealth, driven by consistent execution and robust demand for our precision diagnostics. Our performance in Q4 underscores our commitment to deliver sustainable growth and puts us on track to achieve adjusted EBITDA profitability in the first half of this year. We continue to see strong adoption of our expanded menu of tests, and our commercial team is driving further penetration into our key urology market. With the pending draw of the second tranche under our OrbiMed debt facility, our balance sheet will be significantly strengthened to meet our 2025 earnout obligation to Exact Sciences as well as support the execution of our 2025 business plan. We are confident in our ability to deliver continued growth and deliver value to our stakeholders, including patients, customers and shareholders.”
Key Highlights:
- 2024 revenue of
$90.0 million , an increase of28% over 2023 - Fourth quarter revenue of
$24.7 million , an increase of28% over prior year period - Fourth quarter adjusted EBITDA of (
$1.4) million , a68% improvement over prior year period - Fourth quarter tissue-based (Confirm mdx and GPS) test volume of 11,789, an increase of
50% over prior year period - Fourth quarter liquid-based (Select mdx, Resolve mdx, Germline) test volume of 12,036, an increase of
10% over prior year period - Year-end cash and cash equivalents balance of
$46.8 million
Financial review for the fourth quarter and year ended December 31, 2024
| USD in ‘000 (except per share data) Unaudited | Three months ended December 31 | Twelve months ended December 31 | ||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||
| Revenue | 24,739 | 19,398 | 90,049 | 70,193 | ||||
| Cost of goods | (9,222) | (6,727) | (34,908) | (26,264) | ||||
| Gross Profit | 15,517 | 12,671 | 55,141 | 43,929 | ||||
| Operating expenses | (20,125) | (18,977) | (79,863) | (71,256) | ||||
| Operating loss | (4,608) | (6,306) | ( | (24,722) | (27,327) | ( | ||
| Net loss | (6,841) | (10,720) | ( | (38,069) | (43,100) | ( | ||
| Adjusted EBITDA* | (1,378) | (4,371) | ( | (14,672) | (19,382) | ( | ||
| Basic and diluted loss per share | (0.14) | (0.39) | ( | (1.16) | (1.66) | ( | ||
* A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-IFRS Measures"
Fourth Quarter 2024 Financial Results
Revenue increased
Gross profit increased
Operating expenses increased
Net loss decreased
Adjusted EBITDA was (
A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-IFRS Measures."
Full Year 2024 Financial Results
Revenue increased
Gross profit increased
Operating expenses increased
Net loss decreased
Adjusted EBITDA was (
A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-IFRS Measures."
Cash and cash equivalents as of December 31, 2024, were
Outlook for 2025
The Company is maintaining its previously issued 2025 revenue guidance of
Conference Call
Michael K. McGarrity, Chief Executive Officer and Ron Kalfus, Chief Financial Officer, will host a conference call and Q&A session today at 4:30 PM EST / 22:30 CET. The call will be conducted in English and a replay will be available for 30 days.
To participate in the conference call, please select your phone number below:
United States: 1-844-825-9789
Belgium: 0800 38 961
The Netherlands: 0800 94 94 506
United Kingdom: 0808 238 9064
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1706814&tp_key=e01537d9e2
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled
start time.
About mdxhealth
Mdxhealth is a leading precision diagnostics company that provides actionable molecular information to personalize patient diagnosis and treatment. The Company’s tests are based on proprietary genomic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis and prognosis of urologic cancers and other urologic diseases. The Company’s U.S. headquarters and laboratory operations are in Irvine, California, with additional laboratory operations in Plano, Texas. European headquarters are in Herstal, Belgium. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.
Non-IFRS disclosure
In addition to the Company's financial results determined in accordance with IFRS, the Company provides adjusted EBITDA, a non-IFRS measure that it determines to be useful in evaluating its operating performance. The Company defines adjusted EBITDA as net loss less interest expense, depreciation and amortization of intangible assets, share-based compensation, fair-value adjustments, debt extinguishment costs, amendments related to the Exact Sciences earnout, income tax benefit, and other financial and non-cash expenses. Management believes that presentation of non-IFRS financial measures provides useful supplemental information to investors and facilitates the analysis of the Company's core operating results and comparison of operating results across reporting periods. The Company uses this non-IFRS financial information to establish budgets, manage the Company’s business, and set incentive and compensation arrangements. However, non-IFRS financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. For example, non-IFRS adjusted EBITDA excludes a number of expense items that are included in net loss. As a result, positive adjusted EBITDA may be achieved while a significant net loss persists. The Company’s presentation of expected non-IFRS adjusted EBITDA is a forward-looking statement about the Company’s future financial performance. This non-IFRS measure includes adjustments like share-based compensation, debt extinguishment costs, fair-value adjustments related to contingent considerations that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-IFRS measures to IFRS measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from IFRS to calculate non-IFRS could significantly impact the Company’s IFRS results.
This press release contains forward-looking statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “potential,” “expect,” “will,” “goal,” “next,” “potential,” “aim,” “explore,” “forward,” “future,” and “believes” as well as similar expressions. Forward-looking statements contained in this release include, but are not limited to, statements regarding expected future operating results; our strategies, positioning, resources, capabilities and expectations for future events or performance; and the anticipated benefits of our acquisitions, including estimated synergies and other financial impacts. Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyond the company’s control, and may turn out to be materially different. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, product development efforts, our strategies, positioning, resources, capabilities and expectations for future events or performance. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products; the acceptance of our products and services by healthcare providers; our ability to achieve and maintain adequate levels of coverage or reimbursement for our current and future solutions we commercialize or may seek to commercialize; the willingness of health insurance companies and other payers to cover our products and services and adequately reimburse us for such products and services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; timing, progress and results of our research and development programs; the period over which we estimate our existing cash will be sufficient to fund our future operating expenses and capital expenditure requirements; our ability to remain in compliance with financial covenants made to and make scheduled payments to our creditors; the possibility that the anticipated benefits from our business acquisitions like our acquisition of the Oncotype DX® GPS prostate cancer business will not be realized in full or at all or may take longer to realize than expected; and the amount and nature of competition for our products and services. Other important risks and uncertainties are described in the Risk Factors sections of our most recent Annual Report on Form 20-F and in our other reports filed with the Securities and Exchange Commission. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.
NOTE: The mdxhealth logo, mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate Score, GPS and Monitor mdx are trademarks or registered trademarks of MDxHealth SA. The GPS test was formerly known as and is frequently referenced in guidelines, coverage policies, reimbursement decisions, manuscripts and other literature as Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate Score, and Oncotype Dx Prostate Cancer Assay, among others. The Oncotype DX trademark, and all other trademarks and service marks, are the property of their respective owners.
 | MDxHealth SA and Subsidiaries |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| In thousands of $ (except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 24,739 | $ | 19,398 | $ | 90,049 | $ | 70,193 | ||||||||
| Cost of sales (exclusive of amortization of intangible assets) | (9,222 | ) | (6,727 | ) | (34,908 | ) | (26,264 | ) | ||||||||
| Gross profit | 15,517 | 12,671 | 55,141 | 43,929 | ||||||||||||
| Research and development expenses | (2,788 | ) | (1,829 | ) | (10,552 | ) | (6,376 | ) | ||||||||
| Selling and marketing expenses | (9,701 | ) | (9,484 | ) | (40,981 | ) | (36,915 | ) | ||||||||
| General and administrative expenses | (5,865 | ) | (6,730 | ) | (22,801 | ) | (23,010 | ) | ||||||||
| Amortization of intangible assets | (1,330 | ) | (1,127 | ) | (4,905 | ) | (4,494 | ) | ||||||||
| Other operating (expense) income, net | (441 | ) | 193 | (624 | ) | (461 | ) | |||||||||
| Operating loss | (4,608 | ) | (6,306 | ) | (24,722 | ) | (27,327 | ) | ||||||||
| Financial expenses, net | (2,185 | ) | (4,413 | ) | (12,965 | ) | (15,772 | ) | ||||||||
| Loss before income tax | (6,793 | ) | (10,719 | ) | (37,687 | ) | (43,099 | ) | ||||||||
| Income tax | (48 | ) | (1 | ) | (382 | ) | (1 | ) | ||||||||
| Loss for the period | $ | (6,841 | ) | $ | (10,720 | ) | $ | (38,069 | ) | $ | (43,100 | ) | ||||
| Loss per share attributable to parent | ||||||||||||||||
| Basic and diluted | $ | (0.14 | ) | $ | (0.39 | ) | $ | (1.16 | ) | $ | (1.66 | ) | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| In thousands of $ | December 31, 2024 | December 31, 2023 | ||||||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| Goodwill | $ | 35,926 | $ | 35,926 | ||||||
| Intangible assets | 40,592 | 44,337 | ||||||||
| Property, plant and equipment | 4,363 | 4,956 | ||||||||
| Right-of-use assets | 8,617 | 4,989 | ||||||||
| Financial assets | 936 | 763 | ||||||||
| Total non-current assets | 90,434 | 90,971 | ||||||||
| Current assets | ||||||||||
| Inventories | 3,869 | 2,779 | ||||||||
| Trade receivables | 14,440 | 11,088 | ||||||||
| Prepaid expenses and other current assets | 1,788 | 1,914 | ||||||||
| Cash and cash equivalents | 46,798 | 22,380 | ||||||||
| Total current assets | 66,895 | 38,161 | ||||||||
| TOTAL ASSETS | $ | 157,329 | $ | 129,132 | ||||||
| EQUITY | ||||||||||
| Share capital | $ | 214,670 | $ | 173,931 | ||||||
| Issuance premium | 153,177 | 153,177 | ||||||||
| Accumulated deficit | (369,515 | ) | (331,446 | ) | ||||||
| Share-based compensation | 17,124 | 12,139 | ||||||||
| Translation reserve | (615 | ) | (593 | ) | ||||||
| Total equity | 14,841 | 7,208 | ||||||||
| LIABILITIES | ||||||||||
| Non-current liabilities | ||||||||||
| Loans and borrowings | 50,967 | 35,564 | ||||||||
| Lease liabilities | 7,413 | 3,578 | ||||||||
| Other non-current financial liabilities | 41,445 | 63,259 | ||||||||
| Total non-current liabilities | 99,825 | 102,401 | ||||||||
| Current liabilities | ||||||||||
| Loans and borrowings | 324 | 643 | ||||||||
| Lease liabilities | 1,360 | 1,480 | ||||||||
| Trade payables | 8,001 | 8,811 | ||||||||
| Other current liabilities | 6,567 | 5,694 | ||||||||
| Other current financial liabilities | 26,411 | 2,895 | ||||||||
| Total current liabilities | 42,663 | 19,523 | ||||||||
| Total liabilities | 142,488 | 121,924 | ||||||||
| TOTAL EQUITY AND LIABILITIES | $ | 157,329 | $ | 129,132 | ||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| Year Ended December 31, | |||||||||||
| In thousands of $ For the years ended December 31 | 2024 | 2023 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
| Operating loss | $ | (24,722 | ) | $ | (27,327 | ) | |||||
| Depreciation | 3,134 | 2,365 | |||||||||
| Amortization of intangible assets | 4,905 | 4,494 | |||||||||
| Share-based compensation | 1,725 | 665 | |||||||||
| Other non-cash transactions | 286 | 421 | |||||||||
| Cash used in operations before working capital changes | (14,672 | ) | (19,382 | ) | |||||||
| Increase (-) in inventories | (1,090 | ) | (452 | ) | |||||||
| Increase (-) in receivables | (3,226 | ) | (1,683 | ) | |||||||
| Increase (+) in payables | 458 | 20 | |||||||||
| Net cash outflow from operating activities | (18,530 | ) | (21,497 | ) | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
| Purchase of property, plant and equipment | (1,188 | ) | (2,747 | ) | |||||||
| Acquisition and generation of intangible assets | (971 | ) | (2,272 | ) | |||||||
| Noviogendix milestone payment | (555 | ) | - | ||||||||
| Interests received | 1,078 | 1,088 | |||||||||
| Net cash outflow from investing activities | (1,636 | ) | (3,931 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
| Proceeds from issuance of shares, net of transaction costs | 40,739 | 39,599 | |||||||||
| Proceeds from loan obligation | 53,011 | - | |||||||||
| Repayment of loan obligation and debt extinguishment costs | (39,540 | ) | (1,659 | ) | |||||||
| Amendment fee related to OrbiMed agreement | (550 | ) | |||||||||
| Amendment fee related to GPS asset purchase agreement | - | (250 | ) | ||||||||
| Payment of lease liability | (1,883 | ) | (1,610 | ) | |||||||
| Payment of interest | (6,702 | ) | (3,610 | ) | |||||||
| Other financial expenses | (477 | ) | (190 | ) | |||||||
| Net cash inflow from financing activities | 44,598 | 32,280 | |||||||||
| Net increase in cash and cash equivalents | 24,432 | 6,852 | |||||||||
| Cash and cash equivalents at beginning of the financial year | 22,380 | 15,503 | |||||||||
| Effect on exchange rate changes | (14 | ) | 25 | ||||||||
| Cash and cash equivalents at end of the financial year | $ | 46,798 | $ | 22,380 | |||||||
UNAUDITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| In thousands of $ | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| IFRS net loss | $ | (6,841 | ) | $ | (10,720 | ) | $ | (38,069 | ) | $ | (43,100 | ) | ||||
| Amortization of intangible assets | 1,330 | 1,127 | 4,905 | 4,494 | ||||||||||||
| Depreciation expense | 863 | 455 | 3,134 | 2,365 | ||||||||||||
| Share-based compensation expense | 666 | 208 | 1,725 | 665 | ||||||||||||
| Interest expense, net | 1,589 | 1,064 | 6,551 | 4,494 | ||||||||||||
| Debt extinguishment costs | - | - | 3,130 | - | ||||||||||||
| Fair value adjustments (1) | 483 | 4,150 | 2,961 | 9,960 | ||||||||||||
| Exact Sciences earnout amendment (2) | - | (877 | ) | - | 1,128 | |||||||||||
| Other adjustments (3) | 484 | 221 | 609 | 611 | ||||||||||||
| Income tax | 48 | 1 | 382 | 1 | ||||||||||||
| Adjusted EBITDA | $ | (1,378 | ) | $ | (4,371 | ) | $ | (14,672 | ) | $ | (19,382 | ) | ||||
1) Primarily related to GPS contingent consideration, Exact Sciences 5-year warrants, Innovatus derivative instrument, option to pay Exact Sciences earnout in shares, and Noviogendix contingent consideration
2) Amendment fee and issuance of shares as part of amended GPS asset purchase agreement
3) Bank fees and other non-cash expenses
For more information:
LifeSci Advisors (IR & PR)
US: +1 949 271 9223
Attachment
FAQ
What was MDxHealth's (MDXH) revenue growth in Q4 2024?
How much did MDxHealth's (MDXH) test volumes increase in Q4 2024?
What is MDxHealth's (MDXH) revenue guidance for 2025?
When does MDxHealth (MDXH) expect to achieve EBITDA profitability?
How much did MDxHealth's (MDXH) net loss improve in Q4 2024?
