MDxHealth S.A. Q1 FY2025 earnings call

• MDxHealth has had 16 consecutive quarters of 20% or greater revenue growth. Q1 2025 saw 22% revenue growth and 41% growth in tissue-based test volume. - Tissue-based tests (Confirm mdx, GPS) had ~12,600 tests in Q1, up 41% year-over-year. Liquid-based tests (Select mdx, Resolve mdx, Germline) had ~12,000 tests, up 9% year-over-year. - Pathology has become more accepting of Confirm due to understanding the limitations of biopsies and GPS's lower tissue requirement aligning with pathology's goals. - The GPS acquisition has helped accelerate revenue and gross margin accretion, and MDxHealth stands alone as the only company providing actionable answers for both positive and negative patient profiles. - Sales force productivity has been strong, allowing revenue growth without significant additional investment.

For Q1 2025, MDxHealth achieved a 22% revenue growth. The tissue-based test volume grew 41% with approximately 12,600 tests, accounting for 85% of Q1 revenue. Liquid-based tests had almost 12,000 tests, a 9% increase over the prior year period. Total billable volume was ~24,000 tests, with 24% test unit growth.

• Confirmed 2025 revenue guidance of $108 million to $110 million, expecting 20% or greater revenue growth. - Anticipates positive adjusted EBITDA in Q2 2025.

Q: Andrew Brackmann asked about what's resonating with pathologists now compared to a year ago regarding tissue-based tests.

A: Michael McGarrity said pathology now understands the limitations of biopsies, and GPS's lower tissue requirement aligns with pathology's desire to preserve tissue. - Q: Mark Massaro asked about M&A and funnel for urology opportunities.

A: Michael McGarrity said they are disciplined, look for de-risked opportunities, and bladder cancer is an obvious fit but needs de-risking. - Q: Dan Brennan asked about GPS market share and pricing headroom.

A: Michael McGarrity said they're gaining share by converting the market and taking share, and they focus on cost reduction and coverage to impact ASP. - Q: Jason Bednar asked about OpEx and gross margin outlook.

A: Ron Kalfus said OpEx is expected to be flat, and gross margin depends on mix with tissue tests having better margins. - Q: Thomas Vranken asked about GPS market share quantification.

A: Michael McGarrity said they're gaining share by converting the market and taking share, but hesitated to quantify, emphasizing growth from multiple levers.