MDxHealth (MDXH) 6-K MDxHealth Reports Financial Year 2021 Results

Exhibit 99.2

MDxHealth SA and Subsidiaries 2021 Financial Results as of December 31, 2021

Unaudited consolidated statement of profit and loss

Thousands of $ (except per share amounts) For the years ended December 31	2021			2020
Services		21,937			18,064
Licenses		250			250
Royalties and other revenues		52			146
Revenues		22,239			18,460
Cost of goods & services sold		(11,675	)		(10,416	)
Gross profit		10,564			8,044
Research and development expenses		(6,673	)		(4,543	)
Selling and marketing expenses		(17,744	)		(16,752	)
General and administrative expenses		(14,149	)		(13,990	)
Other operating income, net		1,161			118
Operating loss		(26,841	)		(27,123	)
Financial income		11			4
Financial expenses		(2,172	)		(1,543	)
Loss before income tax		(29,002	)		(28,662	)
Income tax		0			0
Loss for the year		(29,002	)		(28,662	)
Earnings per share attributable to parent (EPS)
Basic and diluted, $		(0.24	)		(0.34	)

Unaudited consolidated statement of comprehensive income

Thousands of $ For the years ended December 31	2021			2020
Loss for the year		(29,002	)		(28,662	)
Other comprehensive income
Items that will be reclassified to profit or loss:
Exchange differences arising from translation of foreign operations		264			(383	)
Total comprehensive loss for the year (net of tax)		(28,738	)		(29,045	)

MDxHealth SA and Subsidiaries 2021 Financial Results as of December 31, 2021

Unaudited consolidated statement of financial position

Thousands of $ For the years ended December 31	2021			2020
ASSETS
Non-current assets
Intangible assets		3,448			5,058
Property, plant and equipment		1,671			973
Right-of-use assets		3,347			2,734
Total non-current assets		8,466			8,765
Current assets
Inventories		1,911			2,324
Trade receivables		4,582			3,771
Prepaid expenses and other current assets		1,615			1,043
Cash and cash equivalents		58,498			15,953
Total current assets		66,606			23,091
TOTAL ASSETS		75,072			31,856
EQUITY
Share capital		128,454			76,716
Issuance premium		153,177			136,349
Retained earnings		(244,302	)		(215,300	)
Share-based compensation		10,607			9,385
Translation reserve		(1,037	)		(1,301	)
Total equity		46,899			5,849
LIABILITIES
Non-current liabilities
Loans and borrowings		7,651			10,279
Lease liabilities		2,624			2,017
Other non-current financial liabilities		1,466			690
Total non-current liabilities		11,741			12,986
Current liabilities
Loans and borrowings		4,441			2,818
Lease liabilities		840			757
Trade payables		7,455			5,320
Other current liabilities		2,735			3,217
Other current financial liabilities		961			909
Total current liabilities		16,432			13,021
Total liabilities		28,173			26,007
TOTAL EQUITY AND LIABILITIES		75,072			31,856

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MDxHealth SA and Subsidiaries 2021 Financial Results as of December 31, 2021

Unaudited consolidated statement of cash flow

Thousands of $ For the years ended December 31	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Operating loss		(26,841	)		(27,123	)
Depreciation and amortization		3,036			3,332
Impairment		0			273
Share-based compensation		1,222			1,295
Other non-cash transactions		(325	)		26
Cash used in operations before working capital changes		(22,908	)		(22,197	)
Decrease / (increase) in inventories		413			(1,132	)
(Increase) / decrease in receivables		(1,383	)		2,851
Increase in payables		1,653			234
Net cash outflow from OPERATING ACTIVITIES		(22,225	)		(20,244	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(1,219	)		(537	)
Interests received		11			0
Net cash outflow from investing activities		(1,208	)		(537	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares (net of transaction costs)		68,566			13,875
Proceeds from the issuance of long-term debt		0			2,316
Payment of lease liability		(1,057	)		(831	)
Payment of interest		(1,011	)		(1,070	)
Net cash inflow from financing activities		66,498			14,290
Net increase / (decrease) in cash and cash equivalents		43,065			(6,491	)
Cash and cash equivalents at beginning of the financial year		15,953			22,050
Effect on exchange rate changes		(520	)		394
Cash and cash equivalents at end of the financial year		58,498			15,953

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MDxHealth SA and Subsidiaries 2021 Financial Results as of December 31, 2021

Unaudited consolidated statement of changes in equity

	Attributable to owners of mdxhealth sa
Thousands of $	Share capital & issuance premium			Retained earnings			Share-based compen-sation		Trans-lation reserve			Total equity
Balance at January 1, 2020		199,190			(186,638	)		8,090		(918	)		19,724
Loss for the year					(28,662	)							(28,662	)
Other comprehensive income										(383	)		(383	)
Total comprehensive income for the year					(28,662	)				(383	)		(29,045	)
Transactions with owners in their capacity as owners:
Issuance of shares		14,186											14,186
Deduction of transaction costs		(311	)										(311	)
Share-based compensation costs								1,295					1,295
Balance at December 31, 2020		213,065			(215,300	)		9,385		(1,301	)		5,849
Balance at January 1, 2021		213,065			(215,300	)		9,385		(1,301	)		5,849
Loss for the year					(29,002	)							(29,002	)
Other comprehensive income										264			264
Total comprehensive income for the year					(29,002	)				264			(28,738	)
Transactions with owners in their capacity as owners:
Issuance of shares		75,339											75,339
Deduction of transaction costs		(6,773	)										(6,773	)
Share-based compensation costs								1,222					1,222
Balance at December 31, 2021		281,631			(244,302	)		10,607		(1,037	)		46,899

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