Chief Executive Michael McGarrity acknowledged that the departure of key personnel disrupted the disciplined forecasting process that had anchored the firm’s performance for three years. This unexpected vacuum in the sales division left the company unable to meet its original expectations for the period ending September 30.
In section Market Quotes
MDxHealth Forecasts Collapse After Sales Force Turnover
Aggressive poaching of its sales team has forced MDxHealth to abandon its annual revenue guidance. The diagnostic company reported preliminary third-quarter results of $22.7 million, failing to meet the $28.8 million target set by market analysts and triggering a sharp decline in investor confidence.
Investors responded swiftly to the announcement, sending shares down 8.9% to 55 cents during after-hours trading. With the previous full-year revenue guidance of $110 million to $115 million now officially suspended, the company intends to offer a clearer outlook when it releases finalized third-quarter earnings next month.
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