MDxHealth SA (NASDAQ:MDXH) Q3 2024 Earnings Conference Call November 6, 2024 4:30 PM ET

Company Participants

Michael K. McGarrity - Chief Executive Officer and Director
Ron Kalfus - Chief Financial Officer

Conference Call Participants

Vidyun Bais - BTIG
Thomas Flaten - Lake Street Capital Markets
Jason Bednar - Piper Sandler

Operator

Good day, and welcome to the MDxHealth Third Quarter 2024 Earnings Call.

All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions.[Operator Instructions] Please note this event is being recorded.

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

Michael K. McGarrity

Thanks, Keith, and thank you all for joining us for our third quarter 2024 earnings conference call for MDxHealth. With me today is Ron Kalfus, Chief Financial Officer.

The third quarter marked another period of solid performance for our Company as demonstrated by year-over-year revenue growth of 21% or when adjusted for Select revenue backlog in the third quarter of last year following our Medicare coverage an effective year-over-year revenue growth rate of 27%.

Based on consistent commercial execution and operating discipline, we believe that our growing leadership position in urology precision diagnostics will position us to generate strong and sustainable revenue growth of at least 20%. And, we are confident we will meet or exceed that growth rate for the full-year 2025.

Before I hand it over to Ron, for a review of our financial and operating results, a few comments on our focus and execution. We reported third quarter revenue of $23.3 million, an increase of 21% over the prior year period.

Once again, we are seeing consistently strong performance across our two main levers of revenue growth with our sales team driving unit adoption and our market access team continuing to drive coverage, which shows up in our ASP. Both levers are working.

For our sales team execution, for the quarter, our total billable volume was 22,795 tests, representing total unit growth of 30%. Test volumes for our tissue-based tests, which include confirm Confirm mdx and GPS came in over 10,000 for the quarter, an increase of 36% over the prior year period.