MDxHealth SA (NASDAQ:MDXH) Q2 2024 Earnings Conference Call August 21, 2024 4:30 PM ET

Company Participants

Michael McGarrity - CEO
Ron Kalfus - CFO

Conference Call Participants

Andrew Brackmann - William Blair
Vidyun Bais - BTIG
Thomas Vranken - KBC Securities
Jason Bednar - Piper Sandler

Operator

Greetings, and welcome to the MDxHealth Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this call is being recorded.

Before we begin, I would like to remind everyone that we 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 our 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 call over to Michael McGarrity, CEO. Thank you, Michael. You may begin.

Michael McGarrity

Thanks Paul, and thank you all for joining us for our second 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 financial performance in the second quarter and first half of 2024, with revenue growth of 32%, and 34%, respectively, over 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 again in Q2. And in a moment, I will provide greater detail on some of the key factors that help drive our strong performance. But first, a few brief highlights from our results that support our view that our growth trajectory is sustainable.

We reported second quarter revenue of $22.2 million, an increase of 32% over prior year period. Of note, and as I've consistently stated, we have two levers of revenue growth. The first is with our sales team driving unit adoption from our Urology customer base; and the second is our market access managed care team, driving coverage, which shows up in our average selling price.

In Q2, we clearly delivered on both levers with total billable test time of approximately 21,000 tests, representing total test unit growth of 31%. These two important metrics clearly underscore the balance and sustainable execution of our commercial team and the growth opportunity that lies ahead for us as we expand our menu offering in a $5 billion total addressable U.S. market, and build our market-leading precision in precision urology diagnostics.