MDxHealth SA and Subsidiaries

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Three Months Ended

March 31,

In thousands of $ (except per share amounts)

2024

2023

Revenues

$

19,834

$

14,700

Cost of sales (exclusive of amortization of intangible assets)

(7,771)

(5,985)

Gross profit

12,063

8,715

Research and development expenses

(2,164)

(1,316)

Selling and marketing expenses

(10,028)

(9,099)

General and administrative expenses

(5,359)

(5,169)

Amortization of intangible assets

(1,125)

(1,124)

Other operating income (expense), net

9

(724)

Operating loss

(6,604)

(8,717)

Financial expenses, net

(1,907)

(2,992)

Loss before income tax

(8,511)

(11,709)

Income tax

-

-

Loss for the period

$

(8,511)

$

(11,709)

Loss per share attributable to parent*

Basic and diluted

$

(0.31)

$

(0.53)

  • The company completed a share consolidation with respect to all its outstanding shares by means of a 1-for-10 reverse stock split as of November 13, 2023. All share amounts and the EPS were adjusted retroactively to reflect the reverse stock-split.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

THOUSANDS OF $

March 31,

December 31,

2024

2023

ASSETS

Non-current assets

Goodwill

$

35,926

$

35,926

Intangible assets

43,757

44,337

Property, plant and equipment

4,758

4,956

Right-of-use assets

4,625

4,989

Financial assets

693

763

Total non-current assets

89,759

90,971

Current assets

Inventories

3,044

2,779

Trade receivables

12,669

11,088

Prepaid expenses and other current assets

1,779

1,914

Cash and cash equivalents

14,494

22,380

Total current assets

31,986

38,161

TOTAL ASSETS

$

121,745

$

129,132

EQUITY

Share capital

$

173,931

$

173,931

Issuance premium

153,177

153,177

Accumulated deficit

(339,957)

(331,446)

Share-based compensation

12,307

12,139

Translation reserve

(431)

(593)

Total equity

(973)

7,208

LIABILITIES

Non-current liabilities

Loans and borrowings

35,775

35,564

Lease liabilities

3,115

3,578

Other non-current financial liabilities

64,878

63,259

Total non-current liabilities

103,768

102,401

Current liabilities

Loans and borrowings

645

643

Lease liabilities

1,564

1,480

Trade payables

8,759

8,811

Other current liabilities

6,258

5,694

Other current financial liabilities

1,724

2,895

Total current liabilities

18,950

19,523

Total liabilities

122,718

121,924

TOTAL EQUITY AND LIABILITIES

$

121,745

$

129,132

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Three Months Ended March 31,

THOUSANDS OF $

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Operating loss

$

(6,604)

$

(8,717)

Depreciation

775

512

Amortization of intangible assets

1,125

1,124

Share-based compensation

168

158

Other non-cash transactions

(1)

815

Cash used in operations before working capital changes

(4,537)

(6,108)

Increase (-) / decrease (+) in inventories

(265)

297

Increase (-) / decrease (+) in receivables

(1,392)

346

Increase (+) in payables

679

1,197

Net cash outflow from operating activities

(5,515)

(4,268)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

(220)

(787)

Acquisition and generation of intangible assets

(544)

(455)

Interests received

146

4

Net cash outflow from investing activities

(618)

(1,238)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of shares, net of transaction costs

-

39,599

Repayment of loan obligation

(160)

(158)

Payment of lease liability

(475)

(348)

Payment of interest

(947)

(831)

Other financial expenses

(170)

-

Net cash (outflow) / inflow from financing activities

(1,752)

38,262

Net decrease (-) / increase (+) in cash and cash equivalents

(7,885)

32,756

Cash and cash equivalents at beginning of period

22,380

15,503

Effect on exchange rate changes

(1)

(5)

Cash and cash equivalents at end of period

$

14,494

$

48,254

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

MDxHealth SA published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 21:39:54 UTC.