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MDxHealth Preliminary Q2 Revenues up 32 Percent

NEW YORK – MDxHealth on Monday reported preliminary second quarter 2024 revenues of $22.2 million, up 32 percent compared to the same quarter in 2023.

The company, which provides a slate of molecular tests to guide care for prostate cancer patients, also said it is raising its full-year 2024 revenue guidance to between $85 million and $87 million from previous guidance of $83 million to $85 million. The new guidance would represent 23 percent year-over-year growth at the midpoint.

The firm said that its cash balance as of June 30, 2024, was $21.3 million.

"We are quite confident that this execution is now fundamentally built in across our operating teams and provide a unique profile of top-line growth trajectory and operating leverage to meet our expected turn to adjusted EBITDA profitability in the first half of 2025," CEO Michael McGarrity said in a statement.

In Monday morning trading on the Nasdaq, MDxHealth's shares were up about 8 percent at $2.54.