Mdxhealth Announces Fourth Quarter and Full-Year 2024 Financial Results

Core Insights - MDxHealth reported a strong financial performance for Q4 2024, with revenue growth of 28% to $24.7 million and a full-year revenue increase of 28% to $90.0 million [1][9] - The company achieved a 68% improvement in adjusted EBITDA for Q4, indicating progress towards profitability [8][9] - CEO Michael K. McGarrity emphasized the company's commitment to sustainable growth and the strong demand for its precision diagnostics [3] Financial Performance - Q4 2024 revenue was $24.7 million, up from $19.4 million in Q4 2023, marking a 28% increase [5][6] - Full-year revenue reached $90.0 million, compared to $70.2 million in 2023, also a 28% increase [8][9] - Gross profit for Q4 increased by 22% to $15.5 million, with gross margins at 62.7%, down from 65.3% in the prior year [6][10] - Operating expenses rose 6% to $20.1 million in Q4, driven by R&D and other operational costs [7][11] - The net loss for Q4 decreased by 36% to $6.8 million, compared to $10.7 million in Q4 2023 [7][12] Adjusted EBITDA - Adjusted EBITDA for Q4 was ($1.4) million, reflecting a 68% improvement from ($4.4) million in the same period last year [8][9] - For the full year, adjusted EBITDA was ($14.7) million, a 24% improvement compared to ($19.4) million in 2023 [12][25] Market and Product Insights - Tissue-based tests accounted for 81% of Q4 2024 revenue, up from 76% in Q4 2023 [6][8] - The volume of tissue-based tests increased by 50% year-over-year, while liquid-based tests saw a 10% increase [9] Outlook - The company maintains its 2025 revenue guidance of $108-110 million and anticipates achieving adjusted EBITDA profitability in the first half of 2025 [14]