MDxHealth SA (NASDAQ:MDXH) Q1 2024 Results Conference Call May 1, 2024 8:30 AM ET

Company Participants

Michael McGarrity - CEO
Ron Kalfus - CFO

Conference Call Participants

Andrew Brackmann - William Blair
Jason Bednar - Piper Sandler
Mark Massaro - BTIG
Daniel Brennan - TD Cowen
Thomas Vranken - KBC

Operator

Good morning, ladies and gentlemen, and welcome to the MDxHealth First Quarter 2024 Earnings Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, May 1, 2024.

Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F.

I would now like to turn the conference over to Michael McGarrity, Chief Executive Officer. Please go ahead.

Michael McGarrity

Thanks, Constantine, and thank you all for joining us for our First Quarter 2024 Earnings Conference Call for MDxHealth. With me today is Ron Kalfus, Chief Financial Officer.

I am pleased to report that our business continued to generate strong top line performance in the first quarter of 2024 with revenue growth of 35% compared to the first quarter of 2023. Our results reflect our continued focus on commercial execution and operating discipline, which we believe will drive sustainable growth through 2024 and beyond.

On our last call, I noted our strategy of creating multiple sources of growth. That proved to be the case for the first quarter of 2024. And in a moment, I'll provide greater detail on some of the key factors that helped drive our strong performance. But first, I would like to comment on the steps we have taken to further strengthen our balance sheet and support the execution of our growth strategy.

Today, we announced a $100 million financing agreement with OrbiMed, of which $55 million has been drawn, and which enables us to refinance our former debt facility and significantly extends our cash run rate well through our projected turn to adjusted EBITDA profitability in the first half of 2025.

We are obviously quite pleased to have the financial support and considerable commitment from OrbiMed, a leading health care-dedicated fund, which we believe reflects the significant growth opportunity for our company and the underlying positive dynamics in our target markets. And Ron will provide details of this financing later in the call.