mdxhealth 1Q25 results emphasize tissue-based growth, adj. EBITDA on track

mdxhealth reported 1Q25 results, showing $ 24.3m rev (+22% y/y), driven primarily by a 41% rise in tissue-based test volumes. Company is clearly prioritizing the opportunity in tissue-based with higher ASP and margins, as tandem Confirm/GPS is well received by urology practices and pathology labs. Gross margins made a resulting 3 ppt jump y/y to 63.8% while opex remained largely in line, leading to adj. EBITDA of $ -1.3m. Mgmt reiterated its FY25 revenue guidance of $ 108-110m and confirmed it is on track to achieve adjusted EBITDA profitability in 2Q25. Buy/$ 4.2 TP reiterated.