mdxhealth FIRST LOOK : 3Q23 Results Show Accelerating Growth
In line with its earlier announced 3Q23 highlights, mdxhealth's full 3Q23 results feature a continued strong uptake in revenues to $ 19.3m (+15% q/q), mainly driven by growth in Select mdx (+198% q/q) and Resolve mdx (+69% q/q). Furthermore, mdxhealth revealed a whopping 908 bp improvement in gross margins to 64.9% (KBCSe: 60.5%). Subsequently, cash burn reduced linearly as well, enabling visibility on adjusted EBITDA profitability in 1H25. Management indicated it expects to reach the high end of its FY23 revenue guidance of $ 65-70m, and suggested the product portfolio might grow further in the next 18 months. We maintain our € 0.9 TP and re-iterate a clear 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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