Mdxhealth Announces Fourth Quarter and Full-Year 2023 Financial Results 2023 revenue grew by 89% to $70.2 million; excluding GPS, revenues up 42% 2023 gross margin expanded by 10.7 percentage points over prior year Confe

Mdxhealth Announces Fourth Quarter and Full-Year

2023 Financial Results

2023 revenue grew by

89% to $70.2 million; excluding GPS, revenues up 42%

2023 gross margin expanded

by 10.7 percentage points over prior year

Conference call with

Q&A today at 4:30 PM EST / 22:30 CET

IRVINE, CA, and HERSTAL, BELGIUM -

March 6, 2024 (GlobeNewswire) - MDxHealth SA (NASDAQ: MDXH) (the "Company" or

"mdxhealth"), a commercial-stage precision diagnostics company, today announced its financial results for the fourth

quarter and year ended December 31, 2023.

Michael K. McGarrity, CEO of mdxhealth, commented:

"Our fourth quarter and full year 2023 results reflect our continued commitment to commercial execution and operational discipline

that has driven significant gross margin expansion across our business. With each passing quarter, we continue to build on our position

as a leading precision diagnostics company rooted in our industry-leading technology, focus on the highest quality customer experience,

and our unwavering commitment towards improving patient outcomes. We remain well positioned to build upon this success as we actively

evaluate multiple, high-growth opportunities that could further strengthen and complement our existing menu. In 2024, we expect to deliver

continued topline growth and operating execution that will lead to adjusted EBITDA profitability in the first half of 2025."

review for the fourth quarter and year ended December 31, 2023

Fourth Quarter 2023 Financial Results

Revenue increased 50% to $19.4 million compared

to $12.9 million for the prior year. Revenue was comprised of $8.8 million from GPS, $5.9 million from Confirm mdx, $3.2 million from

Resolve mdx, and $1.3 million from Select mdx.

Gross margins were 65.3% compared to 56.0% for

the prior year, an improvement of 9.3 percentage points attributed to contribution from Select mdx reimbursement, coupled with cost management

and expanded coverage across our menu.

Operating expenses increased 17% to $19.0 million

compared to $16.2 million for the prior year, driven by increases in R&D expense, increased sales and marketing activity from the

GPS acquisition, as well as $1.7 million of non-recurring expenses, primarily attributed to the transition to a sole listing on NASDAQ.

Net loss decreased 14% to $10.7 million compared

to $12.4 million for the prior year, driven by the factors mentioned above, partially offset by an increase of $2.1 million in financial

expenses, of which $1.8 million was non-cash.

Full Year 2023 Financial Results

Revenue increased 89% to $70.2 million compared

to $37.1 million for the prior year. Excluding GPS, revenue increased 42% to $39.3 million compared to $27.7 million for the prior year.

Revenue was comprised of $30.9 million from GPS, $24.8 million from Confirm mdx, $9.7 million from Resolve mdx, and $4.5 million from

Gross margins were 62.6% compared to 51.9% for

the prior year, an improvement of 10.7 percentage points attributed to contribution from Select mdx reimbursement, cost management, expanded

coverage across our menu, and a higher contribution from GPS to total revenue.

Operating expenses increased 25% to $71.3 million

compared to $57.1 million for the prior year, primarily driven by the acquisition of the GPS test in August 2022, and includes $2.6 million

of non-recurring expenses, primarily attributed to the transition to a sole listing on NASDAQ.

Net loss decreased 2% to $43.1 million compared

to $44.0 million for the prior year, driven by the factors mentioned above, partially offset by an increase of $11.4 million in financial

expenses, of which $9.1 million was non-cash and primarily related to the GPS contingent consideration.

Cash and cash equivalents as of December 31, 2023

Update and Outlook for 2024

The Company is maintaining its previously issued

2024 revenue guidance of $79-81 million and confirms its view of expected adjusted EBITDA profitability in the first half of 2025.

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: 1-888-886-7786

The Netherlands: 0800 022 7908

United Kingdom: 1-800-652-2435

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655339&tp_key=a93e4440eb

To ensure a timely connection, it is recommended

that users register at least 10 minutes prior to the scheduled start time.

Mdxhealth is a commercial-stage 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

facebook.com/mdxhealth and linkedin.com/company/mdxhealth.

For more information:

LifeSci Advisors (IR & PR)

This press release contains forward-looking

statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates, all of which

involve certain risks and uncertainties. These statements are often, but are 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 limited to, statements regarding expected future operating results;

expectations for development of new or improved products and services and their impact on patients; our strategies, positioning, resources,

capabilities and expectations for future 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, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict,

may depend upon factors that are beyond the 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 events to differ materially from those indicated in the forward-looking statements include, among others, the following:

our ability to successfully and profitably market our products; the acceptance of our products and services by healthcare providers; our

ability to achieve and maintain adequate levels of coverage or reimbursement for our current and future solutions we commercialize or

may seek to commercialize; the willingness of health insurance companies and other payers to cover our products and services and adequately

reimburse us for such products and services; our ability to obtain and maintain regulatory approvals and comply with applicable regulations;

timing, progress and results of our research and development programs; the period over which we estimate our existing cash will be sufficient

to fund our future operating expenses and capital expenditure requirements; the possibility that the anticipated benefits from our business

acquisitions like our acquisition of the Oncotype DX GPS prostate cancer business will not be realized in full or at all or may take

longer to realize than expected; and the amount and nature of competition for our products and services. Other important risks and uncertainties

are described in the Risk Factors sections of our most recent Annual Report on Form 20-F and in our other reports filed with the Securities

and Exchange Commission. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to

reflect any change in its expectations with regard 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.

Non-IFRS Measures. The Company's

reference to adjusted EBITDA is a forward-looking statement about the Company's future financial performance, and is a non-IFRS

measure that excludes a number of expense items that are included in net loss, including adjustments for items like stock-based compensation,