NEW YORK – MDxHealth said Wednesday that its fourth quarter revenues increased 50 percent year over year to $19.4 million from $12.9 million in the same period last year, beating Wall Street analysts’ average estimate of $18.1 million.
Revenue from the firm’s Genomic Prostate Score test was $8.8 million, and revenue from the Confirm MDx assay was $5.9 million. The Resolve MDx test brought in $3.2 million, while Select MDx test revenues were $1.3 million.
Net loss for the quarter was $10.7 million, or $.39 per share, compared to $12.4 million, or $.76 per share, in the prior-year quarter.
The firm's full-year 2023 revenues increased 89 percent to $70.2 million from $37.1 million in 2022, beating analysts’ average estimate of $69.3 million. This included $24.8 million from Confirm MDx, $30.9 million from the Genomic Prostate Score, $9.7 million from Resolve MDx, and $4.5 million from Select MDx.
MDxHealth's full-year net loss was $43.1 million, or $1.66 per share, compared to $44.0 million, or $2.78 per share, in 2022.
The company ended the year with cash and cash equivalents totaling $22.4 million. It is maintaining its previously issued 2024 revenue guidance of $79 million to $81 million and said it expects adjusted EBITDA profitability in the first half of 2025.
"With each passing quarter, we continue to build on our position as a leading precision diagnostics company rooted in our industry-leading technology, focus on the highest quality customer experience, and our unwavering commitment towards improving patient outcomes," MDx Health CEO Michael McGarrity said in a statement. "We remain well positioned to build upon this success as we actively evaluate multiple, high-growth opportunities that could further strengthen and complement our existing menu."