Mirxes (2629) investor relations material

Executive summary

• H1 2025 revenue rose 9.4% YoY to US$10.5m, as cancer-screening sales offset the end of Fortitude sales; gross margin expanded to 67.6%.

• Reported loss narrowed 36.3% YoY to US$28.2m; IPO proceeds strengthened liquidity and preference-share conversion materially improved gearing.

Financial highlights

• Revenue was US$10.5m, up 9.4% YoY; cost of sales fell 30.6% to US$3.4m and gross profit rose 51.1% to US$7.1m.

• Gross margin improved to 67.6% from 49.0%, supported by higher-margin early-detection product sales and lower fixed costs.

• Other income and gains were US$8.8m versus US$3.3m in other losses in H1 2024, mainly from FX gains on intercompany balances.

• R&D expense fell 14.0% to US$9.2m; selling and distribution expense fell 10% to US$6.3m; G&A expense declined 4.7% to US$20.2m.

• Finance costs increased 23.5% to US$8.4m on higher borrowing drawdowns; reported loss narrowed 36.3% to US$28.2m.

Outlook and guidance

• GASTROClear focus includes Indonesia bridging study and wider SEA LDT access; PRC Class III registration is in progress, with Japan trial preparation and U.S. FDA pre-submission engagement planned.

• LUNGClear LDT services operate in SEA and Japan; IVD registration is being pursued in Indonesia.

• CRC-1 prototype completion and SEA LDT rollout are targeted for H2 2025, subject to validation; IVD trials are planned in Singapore in H1 2026 and China in H2 2026.

• PHinder proof-of-concept study completion and SEA LDT launch are targeted for H2 2025; LV-1 and BC-1 proof-of-concept work is expected to conclude in H2 2026.

• CADENCE proof-of-concept study is expected to conclude in H2 2027; HF-1 proof-of-concept work is expected to conclude in H1 2026.