KBC Securities - MDXHEALTH (MDXH) mdxhealth FIRST LOOK: Solid FY24 results, adj. EBITDA profitability 1H25 confirmed

Report

KBC Securities

Thomas Vranken

mdxhealth FIRST LOOK: Solid FY24 results, adj. EBITDA profitability 1H25 confirmed

In line with previously reported highlights, mdxhealth's FY24 results feature a strong +28% y/y uptake in revenues, with particular uptake in tissue-based test volumes in Q4. Management reiterates its $ 108-110m FY25 revenue guidance and stresses operating leverage as it confirms adjusted EBITDA profitability by 1H25. In line with the ambitious yet realistic FY25 guidance, we reiterate our $ 4.2 TP and Buy rating.

27/02/2025 1 EN

Underlying

MDXHEALTH

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BE0974461940 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Thomas Vranken

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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.

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Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

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GlobeNewsWire

MDxHealth Reports Q1-2025 Results

MDxHealth Reports Q1-2025 Results Year-over-year Q1 revenues increase by 22% to $24.3 million71% year-over-year improvement in adjusted EBITDA in first quarterConference call with Q&A today at 4:30 PM ET / 22:30 CET IRVINE, CA, and HERSTAL, BELGIUM – May 14, 2025 () – MDxHealth SA (NASDAQ: MDXH) (the "Company" or "mdxhealth"), a leading precision diagnostics company, today announced its financial results for the first quarter ended March 31, 2025. Michael K. McGarrity, CEO of mdxhealth, commented: “mdxhealth delivered a strong first quarter, marked by our 16th consecutive quarter of 20% o...

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mdxhealth FIRST LOOK: Solid FY24 results, adj. EBITDA profitability 1H25 confirmed

We are a financial services provider for several types of professional clients, each with distinct needs.

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

Morning Notes : CPINV BB, DIE BB, ENX FP, MDXH BB, ALFEN NA, SYENS BB

MDxHealth Reports Q1-2025 Results

JDE Peets CMD: Launches new strategy and financial ambitions

Morning Notes : ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONWD BB, JDEP NA

argenx FDA FAERS reporting flags Vyvgart Hytrulo in routine update

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