6-K
MDxHealth SA (MDXH)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington,D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDERTHE SECURITIES EXCHANGE ACT OF 1934
Forthe month of May 2025
CommissionFile Number 001-40996
MDXHEALTHSA
(Translation of registrant’s name into English)
CAP Business Center
Zone Industrielle des Hauts-Sarts
4040 Herstal, Belgium
+32 4 257 70 21
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
MDXHEALTHSA
INCORPORATIONBY REFERENCE
Exhibit 99.1 of this report on Form 6-K shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration Statements No. 333-268885 and 333-280606) of MDxHealth SA (the “Company,” “we,” “us” and “our”) (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
On May 14, 2025, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.2.
Theinformation in the attached Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of thatSection, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended,or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
| Exhibit No. | Description of Exhibit |
|---|---|
| 99.1 | Financial Results for the First Quarter and the Three-Month Period Ended March 31, 2025 |
| 99.2 | Press Release, dated May 14, 2025 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MDXHEALTH SA | |||
|---|---|---|---|
| Date: May 14, 2025 | By: | /s/<br> Michael McGarrity | |
| Name: | Michael McGarrity | ||
| Title: | Chief Executive Officer |
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Exhibit 99.1
| MDxHealth<br> SA and Subsidiaries |
|---|
UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Three Months Ended <br> March 31, | ||||||
|---|---|---|---|---|---|---|
| In thousands of $ (except per share amounts) | 2025 | 2024 | ||||
| Revenues | $ | 24,292 | $ | 19,834 | ||
| Cost of sales (exclusive of amortization of intangible assets) | (8,788 | ) | (7,771 | ) | ||
| Gross profit | 15,504 | 12,063 | ||||
| Research and development expenses | (2,499 | ) | (2,164 | ) | ||
| Selling and marketing expenses | (9,821 | ) | (10,028 | ) | ||
| General and administrative expenses | (5,842 | ) | (5,359 | ) | ||
| Amortization of intangible assets | (1,322 | ) | (1,125 | ) | ||
| Other operating (expense) income, net | (608 | ) | 9 | |||
| Operating loss | (4,588 | ) | (6,604 | ) | ||
| Financial income | 692 | 1,371 | ||||
| Financial expenses | (5,176 | ) | (3,278 | ) | ||
| Loss before income tax | (9,072 | ) | (8,511 | ) | ||
| Income tax | (137 | ) | – | |||
| Loss for the period | $ | (9,209 | ) | $ | (8,511 | ) |
| Loss per share attributable to parent | ||||||
| Basic and diluted | $ | (0.19 | ) | $ | (0.31 | ) |
UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Thousandsof $ | March 31, <br> 2025 | December 31,<br> 2024 | ||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Non-current assets | ||||||
| Goodwill | $ | 35,926 | $ | 35,926 | ||
| Intangible assets | 39,270 | 40,592 | ||||
| Property, plant and equipment | 4,328 | 4,363 | ||||
| Right-of-use assets | 8,199 | 8,617 | ||||
| Financial assets | 777 | 936 | ||||
| Total non-current assets | 88,500 | 90,434 | ||||
| Current assets | ||||||
| Inventories | 3,326 | 3,869 | ||||
| Trade receivables | 15,542 | 14,440 | ||||
| Prepaid expenses and other current assets | 1,793 | 1,788 | ||||
| Cash and cash equivalents | 65,672 | 46,798 | ||||
| Total current assets | 86,333 | 66,895 | ||||
| TOTAL ASSETS | $ | 174,833 | $ | 157,329 | ||
| EQUITY | ||||||
| Share capital | $ | 214,670 | $ | 214,670 | ||
| Issuance premium | 153,177 | 153,177 | ||||
| Accumulated deficit | (378,724 | ) | (369,515 | ) | ||
| Share-based compensation | 17,515 | 17,124 | ||||
| Translation reserve | (670 | ) | (615 | ) | ||
| Total equity | 5,968 | 14,841 | ||||
| LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Loans and borrowings | 75,368 | 50,967 | ||||
| Lease liabilities | 7,056 | 7,413 | ||||
| Other non-current financial liabilities | 43,281 | 41,445 | ||||
| Total non-current liabilities | 125,705 | 99,825 | ||||
| Current liabilities | ||||||
| Loans and borrowings | 162 | 324 | ||||
| Lease liabilities | 1,392 | 1,360 | ||||
| Trade payables | 7,552 | 8,001 | ||||
| Other current liabilities | 6,474 | 6,567 | ||||
| Other current financial liabilities | 27,580 | 26,411 | ||||
| Total current liabilities | 43,160 | 42,663 | ||||
| Total liabilities | 168,865 | 142,488 | ||||
| TOTAL EQUITY AND LIABILITIES | $ | 174,833 | $ | 157,329 |
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UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| Thousands of $ | Three Months Ended<br><br> March 31, | |||||
|---|---|---|---|---|---|---|
| For the years ended December 31 | 2025 | 2024 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Operating loss | $ | (4,588 | ) | $ | (6,604 | ) |
| Depreciation | 925 | 775 | ||||
| Amortization of intangible assets | 1,322 | 1,125 | ||||
| Share-based compensation | 391 | 168 | ||||
| Other non-cash transactions | 619 | (1 | ) | |||
| Cash used in operations before working capital changes | (1,331 | ) | (4,537 | ) | ||
| Decrease (+) / increase (-) in inventories | 543 | (265 | ) | |||
| Increase (-) in receivables | (1,107 | ) | (1,392 | ) | ||
| Decrease (-) / increase (+) in payables | (737 | ) | 679 | |||
| Net cash outflow from operating activities | (2,632 | ) | (5,515 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Purchase of property, plant and equipment | (476 | ) | (220 | ) | ||
| Acquisition and generation of intangible assets | – | (544 | ) | |||
| Interests received | 489 | 146 | ||||
| Net cash outflow from investing activities | 13 | (618 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds from loan obligation, net of fees | 24,250 | – | ||||
| Repayment of loan obligation | (162 | ) | (160 | ) | ||
| Payment of lease liability | (516 | ) | (475 | ) | ||
| Payment of interest | (1,959 | ) | (947 | ) | ||
| Other financial expenses | (127 | ) | (170 | ) | ||
| Net cash (outflow) / inflow from financing activities | 21,486 | (1,752 | ) | |||
| Net increase (+) / decrease (-) in cash and cash equivalents | 18,867 | (7,885 | ) | |||
| Cash and cash equivalents at beginning of period | 46,798 | 22,380 | ||||
| Effect on exchange rate changes | 7 | (1 | ) | |||
| Cash and cash equivalents at end of period | $ | 65,672 | $ | 14,494 |
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Exhibit99.2
MDxHealthReports Q1-2025 Results
Year-over-yearQ1 revenues increase by 22% to $24.3 million
71%year-over-year improvement in adjusted EBITDA in first quarter
Conferencecall with Q&A today at 4:30 PM ET / 22:30 CET
IRVINE,CA, and HERSTAL, BELGIUM – May 14, 2025 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the “Company” or “mdxhealth”), a leading precision diagnostics company, today announced its financial results for the first quarter ended March 31, 2025.
MichaelK. McGarrity, CEO of mdxhealth, commented: “mdxhealth delivered a strong first quarter, marked by our 16^th^ consecutive quarter of 20% or greater revenue growth, fueled by continued execution by our team and strong demand for our precision diagnostics. Our expanded test menu continues to gain traction, and our commercial team is successfully increasing penetration in the urology market we serve. Based on the strength of our business and our solid execution, we are reiterating our 2025 revenue guidance of $108-110 million, and expect to reach adjusted EBITDA profitability in the second quarter of 2025.”
Keyhighlights for the first quarter of 2025:
| ● | Revenue<br> of $24.3 million, an increase of 22% over prior year period |
|---|---|
| ● | Adjusted<br> EBITDA of ($1.3) million, a 71% improvement over prior year period |
| --- | --- |
| ● | Tissue-based<br> (Confirm mdx and GPS) test volume of 12,677, an increase of 41% over prior year period |
| --- | --- |
| ● | Liquid-based<br> (Select mdx, Resolve mdx, Germline) test volume of 11,530, an increase of 9% over prior year<br> period |
| --- | --- |
| ● | Quarter-end<br> cash and cash equivalents balance of $65.7 million |
| --- | --- |
Financialreview for the quarter ended March 31, 2025
| Quarter Ended March 31 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| USD in thousands (except per share data) Unaudited | 2025 | 2024 | % Change | ||||||
| Revenue | 24,292 | 19,834 | 22 | % | |||||
| Cost of goods | (8,788 | ) | (7,771 | ) | 13 | % | |||
| Gross Profit | 15,504 | 12,063 | 29 | % | |||||
| Operating expenses | (20,092 | ) | (18,667 | ) | 8 | % | |||
| Operating loss | (4,588 | ) | (6,604 | ) | (31 | )% | |||
| Net loss | (9,209 | ) | (8,511 | ) | 8 | % | |||
| Adjusted EBITDA* | (1,331 | ) | (4,537 | ) | (71 | )% | |||
| Basic and diluted loss per share | (0.19 | ) | (0.31 | ) | (39 | )% |
| * | A<br>reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation<br>of these measures is also included below under the heading “Non-IFRS Disclosure” |
|---|
Revenue increased 22% to $24.3 million compared to $19.8 million for the prior year period. Tissue-based tests accounted for 85% and 79% of total first quarter 2025 and 2024 revenue, respectively.
Gross profit increased 29% to $15.5 million compared to $12.1 million for the prior year period. Gross margins were 63.8% compared to 60.8% for the prior year period, an improvement of 3.0 percentage points primarily attributed to our test mix.
Operating expenses increased 8% to $20.1 million compared to $18.7 million for the prior year period, primarily driven by increases in clinical trials expenses, stock-based compensation, and overall scale.
Net loss increased 8% to $9.2 million compared to $8.5 million for the year period, primarily driven by non-cash fair value adjustments of $2.5 million. Excluding these non-cash fair value adjustments, our net loss would have decreased 17% to $6.7 million.
Adjusted EBITDA was ($1.3) million, an improvement of 71% compared to ($4.5) million for the same period last year.
A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure.”
Cash and cash equivalents as of March 31, 2025, were $65.7 million.
SubsequentEvents
On April 29, 2025, mdxhealth made its 2024 earnout payment to Exact Sciences in the amount of $28.0 million. After taking into account this earnout payment, our pro-forma cash balance as of March 31, 2025, would have been $37.7 million.
ConferenceCall
Michael K. McGarrity, Chief Executive Officer and Ron Kalfus, Chief Financial Officer, will host a conference call and Q&A session today at 4:30 PM EST / 22:30 CET. The call will be conducted in English and a replay will be available for 30 days.
To participate in the conference call, please select your phone number below:
United States: 1- 844-825-9789
Belgium: 0800 38 961
The Netherlands: 0800 94 94 506
United Kingdom: 0808 238 9064
Conference ID: 10199102
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1716341&tp_key=092e4b795e
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled start time.
Aboutmdxhealth
Mdxhealth is a leading precision diagnostics company that provides actionable molecular information to personalize patient diagnosis and treatment. The Company’s tests are based on proprietary genomic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis and prognosis of urologic cancers and other urologic diseases. The Company’s U.S. headquarters and laboratory operations are in Irvine, California, with additional laboratory operations in Plano, Texas. European headquarters are in Herstal, Belgium. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.
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Non-IFRSDisclosure
In addition to the Company’s financial results determined in accordance with IFRS, the Company provides adjusted EBITDA, a non-IFRS measure that the Company determines to be useful in evaluating its operating performance. The Company defines adjusted EBITDA as net loss less interest expense, depreciation and amortization of intangible assets, share-based compensation, fair-value adjustments, debt extinguishment costs, amendments related to the Exact Sciences earnout, income tax benefit (expense), and other financial and non-cash expenses. Management believes that presentation of non-IFRS financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. The Company uses this non-IFRS financial information to establish budgets, manage the Company’s business, and set incentive and compensation arrangements. However, non-IFRS financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. For example, non-IFRS adjusted EBITDA excludes a number of expense items that are included in net loss. As a result, positive adjusted EBITDA may be achieved while a significant net loss persists. The Company’s presentation of expected non-IFRS adjusted EBITDA is a forward-looking statement about the Company’s future financial performance. This non-IFRS measure includes adjustments like share-based compensation, debt extinguishment costs, fair-value adjustments related to contingent considerations that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-IFRS measures to IFRS measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from IFRS to calculate non-IFRS could significantly impact the Company’s IFRS results.
Forward-LookingStatement: This press release contains forward-looking statements and estimates with respect to the anticipated future performanceof MDxHealth and the market in which it operates, all of which involve certain risks and uncertainties. These statements are often, butare not always, made through the use of words or phrases such as “potential,” “expect,” “will,” “goal,”“next,” “potential,” “aim,” “explore,” “forward,” “future,” and“believes” as well as similar expressions. Forward-looking statements contained in this release include, but are not limitedto, statements regarding expected future operating results; our strategies, positioning, resources, capabilities and expectations forfuture events or performance; and the anticipated benefits of our acquisitions, including estimated synergies and other financial impacts.Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, whichwere deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyondthe company’s control, and may turn out to be materially different. Examples of forward-looking statements include, among others,statements we make regarding expected future operating results, product development efforts, our strategies, positioning, resources,capabilities and expectations for future events or performance. Important factors that could cause actual results, conditions and eventsto differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfullyand profitably market our products; the acceptance of our products and services by healthcare providers; our ability to achieve and maintainadequate levels of coverage or reimbursement for our current and future solutions we commercialize or may seek to commercialize; thewillingness of health insurance companies and other payers to cover our products and services and adequately reimburse us for such productsand services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; timing, progress and resultsof our research and development programs; the period over which we estimate our existing cash will be sufficient to fund our future operatingexpenses and capital expenditure requirements; our ability to remain in compliance with financial covenants made to and make scheduledpayments to our creditors; the possibility that the anticipated benefits from our business acquisitions like our acquisition of the OncotypeDX® GPS prostate cancer business will not be realized in full or at all or may take longer to realize than expected; and the amountand nature of competition for our products and services. Other important risks and uncertainties are described in the Risk Factors sectionsof our most recent Annual Report on Form 20-F and in our other reports filed with the Securities and Exchange Commission. MDxHealth expresslydisclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations withregard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation.This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction.No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933,as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.
***NOTE:***The mdxhealth logo, mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate Score, GPS and Monitor mdx are trademarks or registeredtrademarks of MDxHealth SA. The GPS test was formerly known as and is frequently referenced in guidelines, coverage policies, reimbursementdecisions, manuscripts and other literature as Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate Score, and OncotypeDx Prostate Cancer Assay, among others. The Oncotype DX trademark, and all other trademarks and service marks, are the property of theirrespective owners.
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| MDxHealth<br> SA and Subsidiaries |
|---|
UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Three Months Ended <br> March 31, | ||||||
|---|---|---|---|---|---|---|
| In thousands of $ (except per share amounts) | 2025 | 2024 | ||||
| Revenues | $ | 24,292 | $ | 19,834 | ||
| Cost of sales (exclusive of amortization of intangible assets) | (8,788 | ) | (7,771 | ) | ||
| Gross profit | 15,504 | 12,063 | ||||
| Research and development expenses | (2,499 | ) | (2,164 | ) | ||
| Selling and marketing expenses | (9,821 | ) | (10,028 | ) | ||
| General and administrative expenses | (5,842 | ) | (5,359 | ) | ||
| Amortization of intangible assets | (1,322 | ) | (1,125 | ) | ||
| Other operating (expense) income, net | (608 | ) | 9 | |||
| Operating loss | (4,588 | ) | (6,604 | ) | ||
| Financial income | 692 | 1,371 | ||||
| Financial expenses | (5,176 | ) | (3,278 | ) | ||
| Loss before income tax | (9,072 | ) | (8,511 | ) | ||
| Income tax | (137 | ) | – | |||
| Loss for the period | $ | (9,209 | ) | $ | (8,511 | ) |
| Loss per share attributable to parent | ||||||
| Basic and diluted | $ | (0.19 | ) | $ | (0.31 | ) |
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UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Thousands of $ | March 31, <br> 2025 | December 31,<br> 2024 | ||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Non-current assets | ||||||
| Goodwill | $ | 35,926 | $ | 35,926 | ||
| Intangible assets | 39,270 | 40,592 | ||||
| Property, plant and equipment | 4,328 | 4,363 | ||||
| Right-of-use assets | 8,199 | 8,617 | ||||
| Financial assets | 777 | 936 | ||||
| Total non-current assets | 88,500 | 90,434 | ||||
| Current assets | ||||||
| Inventories | 3,326 | 3,869 | ||||
| Trade receivables | 15,542 | 14,440 | ||||
| Prepaid expenses and other current assets | 1,793 | 1,788 | ||||
| Cash and cash equivalents | 65,672 | 46,798 | ||||
| Total current assets | 86,333 | 66,895 | ||||
| TOTAL ASSETS | $ | 174,833 | $ | 157,329 | ||
| EQUITY | ||||||
| Share capital | $ | 214,670 | $ | 214,670 | ||
| Issuance premium | 153,177 | 153,177 | ||||
| Accumulated deficit | (378,724 | ) | (369,515 | ) | ||
| Share-based compensation | 17,515 | 17,124 | ||||
| Translation reserve | (670 | ) | (615 | ) | ||
| Total equity | 5,968 | 14,841 | ||||
| LIABILITIES | ||||||
| Non-current liabilities | ||||||
| Loans and borrowings | 75,368 | 50,967 | ||||
| Lease liabilities | 7,056 | 7,413 | ||||
| Other non-current financial liabilities | 43,281 | 41,445 | ||||
| Total non-current liabilities | 125,705 | 99,825 | ||||
| Current liabilities | ||||||
| Loans and borrowings | 162 | 324 | ||||
| Lease liabilities | 1,392 | 1,360 | ||||
| Trade payables | 7,552 | 8,001 | ||||
| Other current liabilities | 6,474 | 6,567 | ||||
| Other current financial liabilities | 27,580 | 26,411 | ||||
| Total current liabilities | 43,160 | 42,663 | ||||
| Total liabilities | 168,865 | 142,488 | ||||
| TOTAL EQUITY AND LIABILITIES | $ | 174,833 | $ | 157,329 |
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UNAUDITEDCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| Thousands of $ | Three Months Ended<br><br> March 31, | |||||
|---|---|---|---|---|---|---|
| For the years ended<br>December 31 | 2025 | 2024 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Operating loss | $ | (4,588 | ) | $ | (6,604 | ) |
| Depreciation | 925 | 775 | ||||
| Amortization of intangible assets | 1,322 | 1,125 | ||||
| Share-based compensation | 391 | 168 | ||||
| Other non-cash transactions | 619 | (1 | ) | |||
| Cash used in operations before working capital changes | (1,331 | ) | (4,537 | ) | ||
| Decrease (+) / increase (-) in inventories | 543 | (265 | ) | |||
| Increase (-) in receivables | (1,107 | ) | (1,392 | ) | ||
| Decrease (-) / increase (+) in payables | (737 | ) | 679 | |||
| Net cash outflow from operating activities | (2,632 | ) | (5,515 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Purchase of property, plant and equipment | (476 | ) | (220 | ) | ||
| Acquisition and generation of intangible assets | – | (544 | ) | |||
| Interests received | 489 | 146 | ||||
| Net cash outflow from investing activities | 13 | (618 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds from loan obligation, net of fees | 24,250 | – | ||||
| Repayment of loan obligation | (162 | ) | (160 | ) | ||
| Payment of lease liability | (516 | ) | (475 | ) | ||
| Payment of interest | (1,959 | ) | (947 | ) | ||
| Other financial expenses | (127 | ) | (170 | ) | ||
| Net cash (outflow) / inflow from financing activities | 21,486 | (1,752 | ) | |||
| Net increase (+) / decrease (-) in cash and cash equivalents | 18,867 | (7,885 | ) | |||
| Cash and cash equivalents at beginning of period | 46,798 | 22,380 | ||||
| Effect on exchange rate changes | 7 | (1 | ) | |||
| Cash and cash equivalents at end of period | $ | 65,672 | $ | 14,494 |
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UNAUDITEDRECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES
| Three Months Ended <br> March 31, | ||||||
|---|---|---|---|---|---|---|
| In thousands of $ (except per share amounts) | 2025 | 2024 | ||||
| IFRS net loss | $ | (9,209 | ) | $ | (8,511 | ) |
| Amortization of intangible assets | 1,322 | 1,125 | ||||
| Depreciation expense | 925 | 775 | ||||
| Share-based compensation expense | 391 | 168 | ||||
| Interest expense, net | 1,859 | 1,218 | ||||
| Income tax expense | 137 | – | ||||
| Fair value adjustments (1) | 2,547 | 519 | ||||
| Other adjustments (2) | 697 | 169 | ||||
| Adjusted EBITDA | $ | (1,331 | ) | $ | (4,537 | ) |
| 1) | Primarily<br>related to GPS contingent consideration, Exact Sciences 5-year warrants, and option to pay Exact Sciences earnout in shares |
|---|---|
| 2) | Bank<br>fees and other non-cash expenses |
| --- | --- |
Formore information:
info@mdxhealth.com
LifeSciAdvisors (IR & PR)
JohnFraunces
ManagingDirector
Tel: +1 917 355 2395
Jfraunces@lifesciadvisors.com
ir@mdxhealth.com
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