MDxHealth (MDXH) 6-K MDxHealth Reports Q1-2023 Results

Exhibit 99.2

MDxHealth SA and Subsidiaries

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

	Three Months Ended March 31,
In thousands of $ (except per share amounts)	2023			2022
Services		14,607			6,092
Royalties and other revenues		93			14
Revenues		14,700			6,106
Cost of goods & services sold		(5,985	)		(3,263	)
Gross profit		8,715			2,843
Research and development expenses		(2,106	)		(1,784	)
Selling and marketing expenses		(9,428	)		(4,422	)
General and administrative expenses		(5,174	)		(4,492	)
Other operating income (expense), net		(724	)		3
Operating loss		(8,717	)		(7,852	)
Financial expenses, net		(2,992	)		(418	)
Loss before income tax		(11,709	)		(8,270	)
Income tax		0			0
Loss for the period		(11,709	)		(8,270	)
Loss per share attributable to parent
Basic and diluted, $		(0.05	)		(0.05	)
Unaudited condensed consolidated statement of comprehensive income
Loss for the period		(11,709	)		(8,270	)
Other comprehensive income (loss)
Items that will be reclassified to profit or loss:
Exchange differences arising from translation of foreign operations		287			331
Total other comprehensive income (loss)		287			331
Total comprehensive loss for the period (net of tax)		(11,422	)		(7,939	)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In thousands of $	March 31, 2023		December 31, 2022
ASSETS
Goodwill		35,926		35,926
Intangible assets		45,504		46,166
Property, plant and equipment		4,331		3,791
Right-of-use assets		3,774		4,103
Non-current assets		89,536		89,986
Inventories		2,030		2,327
Trade receivables		9,002		9,357
Prepaid expenses and other current assets		1,971		1,962
Cash and cash equivalents		48,254		15,503
Current assets		61,257		29,149
TOTAL ASSETS		150,793		119,135

EQUITY
Share capital	173,053		133,454
Issuance premium	153,177		153,177
Accumulated deficit	(300,055	)	(288,346	)
Share-based compensation	11,632		11,474
Translation reserve	(157	)	(444	)
Total equity	37,650		9,315
LIABILITIES
Loans and borrowings	35,015		34,914
Lease liabilities	2,813		3,091
Other non-current financial liabilities	56,590		53,537
Non-current liabilities	94,418		91,542
Loans and borrowings	618		616
Lease liabilities	1,137		1,172
Trade payables	11,277		10,178
Other current liabilities	4,104		3,985
Other current financial liabilities	1,589		2,327
Current liabilities	18,725		18,278
Total liabilities	113,143		109,820
TOTAL EQUITY AND LIABILITIES	150,793		119,135

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to owners of MDxHealth SA

In thousands of $, except number of shares	Number of shares		Share capital and issuance premium		Accumulated Deficit			Share-based compensation		Foreign Currency Trans-lation reserves			Total equity
Balance at January 1, 2022		155,969,226		281,631		(244,302	)		10,607		(1,037	)		46,899
Loss for the period						(8,270	)							(8,270	)
Other comprehensive income											331			331
Total comprehensive income for the period						(8,270	)				331			(7,939	)
Transactions with owners in their capacity as owners:
Issuance of shares, net of transaction costs
Share-based compensation									132					132
Balance at March 31, 2022		155,969,226		281,631		(252,572	)		10,739		(706	)		39,092
Balance at January 1, 2023		162,880,936		286,631		(288,346	)		11,474		(444	)		9,315
Loss for the period						(11,709	)							(11,709	)
Other comprehensive income											287			287
Total comprehensive income for the period						(11,709	)				287			(11,422	)
Transactions with owners in their capacity as owners:
Issuance of shares, net of transaction costs		107,500,000		39,599										39,599
Share-based compensation									158					158
Balance at March 31, 2023		270,380,936		326,230		(300,055	)		11,632		(157	)		37,650

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Three months ended March 31,
In thousands of $	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES
Operating loss		(8,717	)		(7,852	)
Depreciation and amortization		1,636			787
Share-based compensation		158			132
Other non-cash transactions		815			0
Cash used in operations before working capital changes		(6,108	)		(6,933	)
Decrease in inventories		297			137
Decrease / (increase) in receivables		346			(479	)
Increase / (decrease) in payables		1,197			(1,374	)
Net cash outflow from operating activities		(4,268	)		(8,649	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment		(787	)		(568	)
Acquisition and generation of intangible assets		(455	)		(350	)
Net cash outflow from investing activities		(1,242	)		(918	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares, net of transaction costs		39,599			0
Repayment of loan obligation and debt extinguishment costs		(158	)		(253	)
Payment of lease liability		(348	)		(332	)
Payment of interest		(831	)		(240	)
Interests received		4			11
Net cash inflow from financing activities		38,266			(814	)
Net increase / (decrease) in cash and cash equivalents		32,756			(10,381	)
Cash and cash equivalents at beginning of the period		15,503			58,498
Effect of exchange rates		(5	)		(119	)
Cash and cash equivalents at end of the period		48,254			47,998

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