NEW YORK – MDxHealth said Wednesday after the close of the market that its fourth quarter revenues increased 28 percent year over year to $24.7 million from $19.4 million in the same period last year, beating Wall Street analysts' average estimate of $22.7 million.
Tissue-based testing volume, which includes the Confirm MDx and Genomic Prostate Score tests, rose 50 percent in the fourth quarter to 11,789. Tissue-based tests accounted for 81 percent of total Q4 2024 revenue.
Liquid-based testing volume, which includes Select MDx, Resolve MDx, and germline tests, increased 10 percent to 12,306 tests in the quarter.
The firm's net loss for the quarter was $6.8 million, or $.14 per share, compared to $10.7 million, or $.39 per share, in the prior-year quarter.
"Our performance in Q4 underscores our commitment to deliver sustainable growth and puts us on track to achieve adjusted EBITDA profitability in the first half of this year," MDxHealth CEO Michael McGarrity said in a statement. "We continue to see strong adoption of our expanded menu of tests, and our commercial team is driving further penetration into our key urology market."
The firm's full-year 2024 revenues also increased 28 percent to $90.0 million from $70.2 million in 2023, beating analysts' average estimate of $85.8 million and in line with preliminary revenues announced last month.
MDxHealth's full-year net loss was $38.1 million, or $1.16 per share, compared to $43.1 million, or $1.66 per share, in 2023.
The Irvine, California-based company ended the year with cash and cash equivalents totaling $46.8 million.
MDxHealth is maintaining its previously issued full-year 2025 revenue guidance of revenues between $108 million and $110 million.