MDxHealth SA Q2 FY2024 earnings call

• Revenue growth driven by two levers: sales team driving unit adoption from urology customer base and market access managed care team driving coverage. Q2 had total billable test time of approximately 21,000 tests, 31% unit growth. - Gross profit for Q2 2024 was $13.3 million, an increase of 33% compared to same period in 2023; gross margins were 60%. - Completed integration of GPS Test laboratory operations from Exact Redwood City lab to MDxHealth lab in Irvine. - Germline test is in a limited launch phase in Q3 and expected to contribute to revenue in H2.

Second quarter revenue was $22.2 million, an increase of 32% over prior year period. Revenue from tissue-based tests (Confirm and GPS) made up approximately 81% of Q2 2024 revenue. Tissue-based tests achieved 15% year-over-year growth in volume in Q2. Liquid-based tests (Select and Resolve) provided 35% unit growth in Q2 over last year. The recently introduced hereditary germline test is expected to contribute to revenue in the second half of the year.

• Raised 2024 revenue guidance to $85 million to $87 million from initial $79 million to $81 million. - Represents greater than 20% year-over-year top line growth, viewed as long-term sustainable goal.

Q: Andrew Brackmann asked about drivers of volume on account level and furthering compliance towards menu in back half of year and '25.

A: Michael McGarrity said urology customer base drove compliance to pathway, strong relationships with pathology are key, both urology and pathology support growth.

Q: Vidyun Bais asked about relative areas of strength in quarter and gross margin.

A: Michael McGarrity said volume growth and mix of menu and payer mix drive results.

Q: Thomas Vranken asked about germline testing integration and menu expansion outlook.

A: Michael McGarrity said germline in limited launch phase in Q3, expecting revenue contribution in H2; company has a growth strategy process and evaluates opportunities rigorously.

Q: Jason Bednar asked about pace of volume activity and GPS consolidation efficiency.

A: Michael McGarrity said Q3 has some seasonality but no material change in growth trajectory; GPS integration doesn't have material P&L impact