NEW YORK — MDxHealth on Wednesday posted a 35 percent year-over-year increase in first quarter revenues to $19.8 million, topping Wall Street's consensus estimate.
The company also said that it has closed a $100 million loan and security agreement with OrbiMed Advisors, refinancing an existing $70 million debt facility.
For the three-month period ended March 31, MDxHealth posted $19.8 million in revenues, up from $14.7 million in Q1 2023 and exceeding Wall Street's $18.2 million average estimate.
The firm's prostate cancer test volume grew to 12,061, a 16 percent increase over the year-ago quarter. The company also began receiving the first clinical samples for its new hereditary germline test for prostate cancer in Q1.
Net loss for the quarter fell to $8.5 million, or $.31 per share, from $11.7 million, or $.53 per share, the year before. Analysts had, on average, been expecting a loss per share of $.30.
MDxHealth's R&D costs for the first quarter rose 70 percent, to $2.2 million from $1.3 million a year earlier, while SG&A expenses grew 8 percent, to $15.4 million from $14.2 million.
At the end of March, the Irvine, California-based company had cash and cash equivalents totaling $14.5 million.
Looking ahead, MDxHealth — which also maintains operations in Belgium — increased its 2024 revenue guidance to between $83 million and $85 million from a previous range of $79 million to $81 million.
In conjunction with the deal with OrbiMed, MDxHealth said it has drawn down $55 million from the loan, replacing an existing $35 million in debt funded by an affiliate of Innovatus Capital Partners. The company said it has the option to draw down an additional $45 million from the OrbiMed facility, consisting of a $25 million delayed draw term loan in 2025 and a $20 million delayed draw term loan in 2026.
"We are excited to partner with OrbiMed in a new debt facility, which provides significant growth capital and balance sheet flexibility and allows the company to further support growing demand for our precision diagnostic tests," MDxHealth CEO Michael McGarrity said in a statement.
In morning trading on the Nasdaq, shares of MDxHealth were up 1 percent at $2.53.