MDxHealth (MDXH) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 22% year-over-year to $24.3 million, marking the 16th consecutive quarter of 20%+ revenue growth.

• Total billable test volume grew 24% to approximately 24,000, with tissue-based test volume up 41% and liquid-based tests up 9%.

• Confirm and GPS tissue-based tests drove 85% of Q1 revenue, with strong adoption among urology and pathology groups.

• Commercial execution and expanded test menu increased urology market penetration.

• Confirm test offers a 96% negative predictive value, addressing needle biopsy limitations and supporting market opportunity.

Financial highlights

• Q1 2025 revenue was $24.3 million, up from $19.8 million in Q1 2024.

• Gross profit increased 29% to $15.5 million, with gross margin rising to 63.8% from 60.8% year-over-year.

• Operating loss declined 31% to $4.6 million; net loss increased 8% to $9.2 million due to non-cash fair value adjustments.

• Adjusted EBITDA improved 71% to -$1.3 million; profitability expected in Q2 2025.

• Cash and equivalents at quarter-end were $65.7 million; pro forma $37.7 million after $28 million earn-out payment.

Outlook and guidance

• 2025 revenue guidance reiterated at $108–$110 million, targeting 20%+ annual growth.

• Adjusted EBITDA profitability expected in Q2 2025.

• OpEx expected to remain flat for the remainder of 2025, supporting EBITDA leverage.

• Gross margin expected to benefit from higher tissue-based test mix.