MDxHealth Reports Q1-2025 Results

Core Insights - MDxHealth reported a year-over-year revenue increase of 22% to $24.3 million for Q1 2025, marking the 16th consecutive quarter of revenue growth of 20% or more [1][2][6] - The company expects to achieve adjusted EBITDA profitability in Q2 2025 and has reiterated its revenue guidance for 2025 at $108-110 million [2][9] Financial Performance - Revenue for Q1 2025 was $24.3 million, up from $19.8 million in Q1 2024, representing a 22% increase [4][6] - Gross profit increased by 29% to $15.5 million, with gross margins improving to 63.8% from 60.8% year-over-year [7][9] - Operating expenses rose by 8% to $20.1 million, primarily due to increased clinical trial expenses and stock-based compensation [7][9] - The net loss for Q1 2025 was $9.2 million, an 8% increase from $8.5 million in the prior year, largely due to non-cash fair value adjustments [8][9] - Adjusted EBITDA improved by 71% to a loss of $1.3 million compared to a loss of $4.5 million in Q1 2024 [10][23] Operational Highlights - Tissue-based tests accounted for 85% of total revenue in Q1 2025, up from 79% in Q1 2024 [6] - Test volumes for tissue-based tests increased by 41% to 12,677, while liquid-based test volumes rose by 9% to 11,530 [9] - The company ended Q1 2025 with cash and cash equivalents of $65.7 million [10][22] Subsequent Events - On April 29, 2025, MDxHealth made a $28.0 million earnout payment to Exact Sciences, which would adjust the pro-forma cash balance to $37.7 million as of March 31, 2025 [11]