MDxHealth reported third quarter 2024 revenue of $23.3 million, marking a 21% increase compared to the prior year. This performance was driven by robust demand for the company's comprehensive diagnostic menu, with tissue-based tests comprising 80% of the revenue for the quarter.
Gross profit for the quarter increased 14% to $14.3 million, though gross margins were 61.2%, a decline from 64.9% in the prior year. This decline was attributed to product mix and a backlog of Select mdx Medicare cases recognized in the third quarter of the previous year. The operating loss for the quarter increased to $6.1 million, and net loss was $11.2 million.
The company raised its 2024 revenue guidance to a range of $87-89 million, an increase from the previous $85-87 million, representing 25% year-over-year growth at the midpoint. MDxHealth also stated its expectation for 2025 revenue to meet or exceed its long-term objective of 20% sustainable growth. Management anticipates achieving positive adjusted EBITDA in the first half of 2025.
Cash and cash equivalents stood at $49.3 million as of September 30, 2024. Following the exercise of an overallotment option on October 28, 2024, which provided an additional $4.2 million in net proceeds, the pro-forma cash balance for September 30, 2024, increased to $53.5 million.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.