Piper Sandler raised the firm’s price target on MDxHealth to $7 from $6 and keeps an Overweight rating on the shares following quarterly results. Management also stood behind its $79M-$81M revenue guidance for 2024 and commitment to reach positive adjusted EBITDA by the first half of 2025, each of which look achievable to the firm as it considers recent commercial momentum and an opex profile that shouldn’t need to rise meaningfully looking ahead. From a stock perspective, Piper continues to be highly supportive as the fundamental improvements and growth outlook for MDxHealth aren’t accurately reflected in the stock’s current valuation.
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