mdxhealth FIRST LOOK : 1H23, Clear Growth Trajectory Backed by Solid Results
mdxhealth's 1H23 results features a continued strong uptake in revenues, while cash burn comes down markedly now that commercial synergies from the GPS acquisition strengthened the sales force, boost revenue growth and margin accretion. For the first time, management stipulates its adjusted EBITDA profitability horizon at 1H25. A renegotiation on earnout payments with Exact provides further financial leeway to achieve its targets. We re-iterate our € 0.9 TP and 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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