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 |
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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.