mdxhealth Don't Stop Me Now
mdxhealth recently reported its 1Q23 results, featuring 141% revenue growth and a 59.3% gross margin. Since the debt-financed acquisition of Exact Sciences' GPS test last year, the company has undergone a transformational change with a double-sized commercial team and ca. $ 30m additional topline. Following the recently obtained positive Technical Assessment (TA) for its Select mdx test, we now expect revenues to reach $ 65.6m in FY23 (KBCSe). We have adjusted the amount of shares outstanding following the recent $ 40m capital raise and therefore land at a new TP of € 0.90, however we maintain a bullish stance on the name and reiterate our Buy rating.MDxHealth is a molecular diagnostics company that develops and commercializes epigenetic assays and service testing for cancer assessment and the personalized treatment of patients. Co. offers two main products: Clinical Molecular Diagnostics (ClinicalMDx) Solutions that provide physicians with tests for the identification and treatment of their cancer patients; and Pharmaco Molecular Diagnostics (PharmacoMDx) Solutions for the development of companion diagnostics, biomarker discovery, and clinical trial testing. Co.'s ClinicalMDx solutions include ConfirmMDx, InformMDx, RecurMDx, and PredictMDx.
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