mdxhealth FY23 shows solid growth, cautious FY24 outlook reiterated

In line with previously reported highlights, mdxhealth's FY23 results feature a strong +89% y/y uptake in revenues (42% excl. GPS), while cash burn gradually comes down. Management reiterates its $ 79-81m FY24 revenue guidance and stresses operating discipline as it foresees adjusted EBITDA profitability by 1H25. Furthermore, the company flags multiple, high-growth opportunities that could strengthen the existing menu. Given the cautious FY24 topline guidance, we have adjusted our mid-term topline forecasts and therefore land at a $ 6.0 TP, Buy rating reiterated.