MDxHealth (MDXH) Q2 2026 Earnings Call: Umsatz erholt sich, Prognose bestätigt

Wichtigste Erkenntnisse

• Der Umsatz aus fortgeführten Geschäftsbereichen stieg im zweiten Quartal 2026 im Jahresvergleich um 16 % auf 27,2 Millionen US-Dollar und legte im Vergleich zum Vorquartal um 14 % bzw. 3,3 Millionen US-Dollar zu, was den größten Umsatzanstieg des Unternehmens von Quartal zu Quartal darstellt.
• Das Volumen der gewebebasierten Tests stieg im Vergleich zum ersten Quartal um mehr als 1.400 Tests, da sich die Vertriebsorganisation von der Gebietsumstrukturierung, der Kundenneuzuordnung und den ExoDx-Integrationsarbeiten erholte.
• Der Bruttogewinn stieg um 11 % auf 17,9 Millionen US-Dollar, während die Bruttomarge hauptsächlich aufgrund des Mixes aus gewebebasierten und Flüssigbiopsie-Tests um 2,9 Prozentpunkte auf 65,7 % sank.
• Das bereinigte EBITDA lag bei minus 2,3 Millionen US-Dollar gegenüber plus 1,1 Millionen US-Dollar im Vorjahreszeitraum. Das Management erwartet, dass Umsatzwachstum und operative Disziplin die Rückkehr zu einem positiven bereinigten EBITDA zum Jahresende 2026 unterstützen werden.
• MDxHealth bekräftigte seine Umsatzprognose für das Gesamtjahr 2026 von 110 Millionen bis 115 Millionen US-Dollar, was der vom Management angegebenen Spanne für das Wachstum von 20 % bis 26 % entspricht.
• Das Unternehmen schloss die Abwicklung der Resolve-UTI-Tests ab, schloss sein Labor in Plano, Texas, und eliminierte eine Eventualverbindlichkeit in Höhe von 10,4 Millionen US-Dollar gegenüber Novitas. Eine Finanzierung im August brachte einen Bruttoerlös von 20 Millionen US-Dollar ein.

Wichtigste Finanzergebnisse

Die ausgewiesenen Zahlen enthalten nicht die historischen Ergebnisse von Resolve UTI, die nun als aufgegebene Geschäftsbereiche klassifiziert werden.

Geschäfts- und operative Entwicklung

Das Kerngeschäft mit Diagnostika für Prostatakrebs erholte sich, nachdem die Umstrukturierung des Vertriebs und die ExoDx-Integration das vierte Quartal 2025 und das erste Quartal 2026 beeinträchtigt hatten. Das Management erklärte, die vorherige Schwäche sei operativ bedingt gewesen und nicht das Ergebnis einer Verschlechterung der Wettbewerbsposition des Unternehmens.

Die Vertriebs- und Kundendienstteams haben bis zum Ende des zweiten Quartals zudem alle Resolve-Kunden übertragen. Das Management merkte an, dass dies Hunderte von Kunden und Tausende von Urologen betraf, von denen viele auch die Prostatakrebs-Produkte von MDxHealth nutzen.

Bei den gewebebasierten Tests erwartet das Management, dass das Wachstum sowohl durch Marktkonvertierung als auch durch Marktanteilsgewinne gestützt wird. Das Unternehmen hob die Akzeptanz von GPS in der Population der aktiven Überwachung, die Relevanz von Confirm für Pathologiepartner und den geringeren Gewebebedarf von GPS im Vergleich zu Konkurrenztests hervor.

Das Management verwies zudem auf die von Experten begutachteten PROMPT-Daten als grundlegende Unterstützung für die Oxford-PROTECT-Studie. Das erklärte Ziel von MDxHealth ist es, GPS als einzigen diagnostischen Test mit NCCN-Level-1-Evidenz in der Population der aktiven Überwachung zu etablieren, obwohl der Zeitplan für die Veröffentlichung der PROTECT-Ergebnisse weiterhin ungewiss ist.

Das Unternehmen erwartet, dass seine KI-Initiativen einen Mehrwert für Urologie- und Pathologiekunden schaffen und potenziell ab 2027 zum Wachstum beitragen werden. Ein quantifizierter Umsatzbeitrag wurde nicht genannt.

Prognose des Managements

MDxHealth behielt seine Umsatzprognose für das Gesamtjahr 2026 von 110 Millionen bis 115 Millionen US-Dollar bei. Das Management erklärte, diese Spanne impliziere ein Wachstum von 20 % bis 26 % und setze voraus, dass gewebebasierte Tests in der zweiten Jahreshälfte wieder zu einem Wachstum im Jahresvergleich zurückkehren.

Das Unternehmen erwartet, dass sich der Umsatz im dritten und vierten Quartal weitgehend linear beschleunigen wird. Das Management gab zu bedenken, dass das dritte Quartal durch saisonale Schwankungen in der Aktivität von Patienten und Ärzten beeinflusst werden kann.

MDxHealth konzentriert sich weiterhin darauf, zum Jahresende 2026 wieder ein positives bereinigtes EBITDA zu erzielen. Das Management erwartet, dass anhaltendes Umsatzwachstum und relativ stabile Betriebsausgaben den operativen Hebel verstärken und es dem Unternehmen ermöglichen werden, seinen Kapitalbedarf stärker intern zu decken.

Risiken und Beobachtungspunkte

• Die Umsatzentwicklung im dritten Quartal kann durch saisonale Schwankungen in der Aktivität von Patienten und Ärzten beeinflusst werden.
• Das Volumen der gewebebasierten Tests verbesserte sich im Vergleich zum Vorquartal, war im zweiten Quartal jedoch noch nicht auf den vom Management angestrebten Wachstumspfad im Jahresvergleich zurückgekehrt.
• Die operativen Verluste und der Nettoverlust stiegen vor allem aufgrund des Personalaufwands und anderer Ausgaben im Zusammenhang mit der ExoDx-Übernahme.
• Die Bruttomarge ging aufgrund des Mixes aus gewebebasierten und Flüssigtests zurück.
• Der Zeitplan für die Veröffentlichung der Ergebnisse der Oxford-PROTECT-Studie und die anschließende Überarbeitung der Leitlinien bleibt schwer einzuschätzen.
• Das Management bezeichnete das Erstattungsproblem bei Resolve als einen Rückschlag von zwei bis drei Quartalen gegenüber dem bisherigen Wachstumspfad des Unternehmens.

Highlights der Analysten-Fragerunde

Erholung bei gewebebasierten Tests: Das Management führte die früheren Volumeneinbußen auf die Reorganisation der Vertriebsgebiete, Schulungen und Kundenneuzuordnungen und nicht auf Wettbewerbsdruck zurück. Es erwartet, dass das zweite Quartal den Beginn einer normalisierten Vertriebsleistung markiert.

Umsatzverlauf in der zweiten Jahreshälfte: Das Unternehmen erwartet im dritten und vierten Quartal jeweils eine sequenzielle Beschleunigung, obwohl die Saisonalität im dritten Quartal zu gewissen Schwankungen führen könnte.

Bilanz und Finanzierung: Nach der Finanzierung über 20 Millionen US-Dollar verfügt das Unternehmen laut Management über eine ausreichende Liquiditätsreichweite für den aktuellen Betriebszeitraum. Es erwartet, dass Umsatzwachstum und operativer Hebel die interne Cash-Generierung steigern, während gleichzeitig die Flexibilität in Bezug auf strategische Partner und andere Finanzierungsoptionen gewahrt bleibt.

ExoDx-Wachstum: MDxHealth nannte keine Pro-forma-Wachstumsrate für ExoDx im Jahresvergleich. Das Management erklärte, das vierte Quartal 2026 werde das erste Quartal mit einem direkten Vorjahresvergleich für die ExoDx-Volumina unter der Eigentümerschaft von MDxHealth sein.

Ausblick auf 2027: Das Management gab keine Prognose für 2027 ab, identifizierte jedoch ExoDx, gewebebasierte KI-Initiativen und die PROMPT/PROTECT-Daten als potenzielle Wachstumstreiber. Das Unternehmen gab an, dass KI im Laufe des Jahres 2027 erste Beiträge liefern könnte.

Preise und Zahlungseingänge: Die aktuellen Prognosen basieren in erster Linie auf dem Mengenwachstum. Das Management beschrieb die durchschnittlichen Verkaufspreise als stabil und erklärte, dass Initiativen zum Marktzugang und zum Revenue-Cycle-Management die Produktivität unterstützen könnten, quantifizierte das potenzielle Aufwärtspotenzial jedoch nicht.

Vollständiges Transkript der Ergebnis-Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Operator

Hello, and welcome, everyone joining today's MDxHealth Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this call is being recorded, and we are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to John Fraunces with LifeSci Advisors. Please go ahead.

Fragen und Antworten

John Fraunces

Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F.

I'll now turn the call over to Michael McGarrity, Chief Executive Officer.

Michael McGarrity

Thanks, John, and thank you all for joining us for our second quarter 2026 earnings conference call. With me today is Ron Kalfus, Interim Chief Financial Officer. Q2 was a pivotal quarter for MDxHealth. Following in the unanticipated reimbursement developments related to our resolve test in April, our Q2 results reflect the strength of our core business, which was precisely what we committed to deliver with our sales force focused solely on this significant market opportunity.

More specifically, we communicated that we expected sequential revenue acceleration from Q1 to Q2. We generated a 14% sequential revenue increase for $3.3 million, representing the largest quarter-over-quarter revenue acceleration in our company's history. We also anticipated a recovery in our tissue-based business following the expected impact in Q4 and Q1, post integration and sales force restructuring from the ExoDx acquisition. We delivered that recovery with the sequential increase of greater than 1,400 tissue-based tests.

We aggressively set a goal to transition all of our resolve customers by the end of Q2, an objective that we achieved while also building deep credibility with our customer base through the unwavering dedication and support of our sales and client services teams. Based on our revenue growth expectations, coupled with exceptional operating discipline, we are now firmly on track to return to positive adjusted EBITDA as we exit 2026.

Following the discontinuation of Resolve UTI testing, we completed the cessation of our Plano, Texas lab operations and eliminated the $10.4 million contingent liability to Novitas from our corporate structure as a discontinued operation through an organized wind down of that independently operated entity.

And finally, we strengthened our balance sheet and cash position through a registered direct financing that generated $20 million in proceeds priced at the market with no discount or warrant structure. I want to express my sincere gratitude to our entire organization for their professionalism and perseverance over these challenging 90 days. In my experience, you were defined not by what happens to you, but by how you respond. Our entire team from sales and client services, the revenue cycle management and laboratory operations, demonstrated incredible character professionalism and commitment to our customers and to each other.

I am immensely proud to stand alongside such a resilient group of professionals who stepped up when it mattered most. I would also like to specifically thank our Plano, Texas team for their unwavering commitment to serving our customers through their final day of operations on June 30. Their professionalism and dedication to our patients was extraordinary, and our entire organization owes them a debt of gratitude for their integrity and service. This company did not suddenly forget how to operate and execute. While our operational strength was clearly on display in Q2, we are confident that our growth trajectory will return to the performance we have consistently delivered over the last number of years. as we move through the remainder of 2026 and beyond.

This confidence is rooted in our high-growth market opportunity, our strong competitive position and our unparalleled suite of clinically actionable diagnostics, supporting clinicians and patients across the entire prostate cancer continuum. Our foundational commitment to focus execution and growth has never been more evident than during our navigation of Q2, and we look forward to continuing that momentum.

Before turning the call over to Ron, I want to thank our shareholders who stepped up to support our mission as well as our customers and stakeholders for their continued trust and confidence in MDxHealth. We are incredibly proud of our team's commitment, not only to our operational and financial performance, but to what matters most, the patient and family on the other side of every single sample we receive. I will follow up with some closing comments and view forward. But first, let me turn the call over to Ron to walk through our second quarter financial results. Ron?

Ron Kalfus

Thank you, Mike. Before I dive into the financial results, I want to briefly frame our Q2 presentation. As detailed in our press release, we have successfully completed the wind down of our Resolve UTI business in Q2 with the permanent cessation of operations of our Delta Laboratory subsidiary and its Plano, Texas laboratory prior to June 30, 2026. Having met the requisite accounting criteria, the Resolve business is now formally classified as a discontinued operation.

As such, all current and prior year financial metrics reflect only our continuing core operations with the historical results of the result business fully excluded. Our revenue for the second quarter ended June 30, 2026 was $27.2 million, an increase of 16% over the second quarter of 2025. Revenue in the second quarter of 2026 was comprised of 73% from tissue-based tests compared to 96% for the same period last year.

Moving below the revenue line, our gross profit for the quarter was $17.9 million, an increase of 11% as compared to $16.1 million for the second quarter of 2025. Gross margins were 65.7% compared to 68.6% for Q2 '25, a decrease of 2.9 percentage points, primarily attributed to tissue versus liquid mix. Our operating loss for the quarter increased to $5.1 million compared to $1.5 million for the second quarter of 2025, primarily driven by increases in head count and other operating expenses related to the ExoDx acquisition, which were not present at this time last year.

Our net loss increased 36% to $9.5 million compared to $7 million for the prior year, primarily driven by operating expenses related to the ExoDX acquisition. We are confident that our guidance and associated revenue growth will absorb this increase in acquired operating expenses and return to our trend of adjusted EBITDA profitability as we exit this year. Adjusted EBITDA for the second quarter was a negative $2.3 million compared to a positive $1.1 million for the second quarter of 2025.

Note that a reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. Finally, cash and cash equivalents as of June 30, 2026, totaled $19.2 million. In addition, on August 11, we executed a $20 million registered direct placement with existing shareholders. After taking this transaction into account, our pro forma cash balance as of June 30, 2026, would have been $39.2 million.

This concludes my overview of the financial results, and I will now turn the call back to Mike.

Michael McGarrity

Thanks, Ron. When speaking with stakeholders following our Q1 results, I noted that while the decision to discontinue Resolve was unfortunate, I believe it would likely end up being a blessing in disguise, one that would manifest as an absolute singular focus on the vertical we have built in the urology market in our prostate cancer franchise, in particular. Our Q2 performance represents the first clear evidence of that promise and potential being realized.

From a focus perspective, the peer-reviewed publication of data from our Oxford Pro study is already being recognized and embraced by our urology customers. Furthermore, we see clear visibility into the potential of our landmark Oxford PROTECT study to transform the market landscape, particularly for patients in the active surveillance setting. Our vision is to establish GPS as the only diagnostic test with NCCN Level 1 evidence in this critical patient population, which represents the majority of patients in the prostate cancer diagnostic pathway.

Additionally, we continue to advance our AI initiatives, which will deliver meaningful incremental value to both new and existing customers across our urology and pathology stakeholders. Over the past 2 years, our efforts to establish and expand our reach with pathology partners alongside the urologists they serve have paid significant dividends. We are confident that both confirmed and GPS will continue to resonate strongly with this key constituency through their unique clinical features, benefits and supporting data.

All of this progress in Q2 reinforces our commitment to and confidence in meeting or exceeding our full year guidance of $110 million to $115 million in revenue while returning to adjusted EBITDA profitability as we exit this year. Our culture of quality first and customers always continues to drive our growing reputation for excellence across the urology market. We remain steadfast in our commitment to delivering growth and value, cementing MDxHealth position as the leading precision diagnostics company focused exclusively on our high-growth urology market opportunity.

As always, we carry a profound responsibility to create long-term value for all of our stakeholders, including patients, clinicians, payers and shareholders. Thank you for your continued interest in and support of MDxHealth.

I will now turn the call back over to the operator to open the line for questions.

Operator

[Operator Instructions]

And we'll take our first question from Thomas Flaten with Lake Street.

Thomas Flaten

Mike and Ron, congrats on a nice rebound quarter. Two questions from me. Given the sequential increase on the tissue side, do you think we can conclude that the challenges were internal rather than there being any competitive dynamics that were impacting volumes previously?

Michael McGarrity

Yes, Thomas. I think we we were ahead of that a little bit. I kind of signaled we expected Q4 and Q1 to be a little choppy, really a function of the restructuring of the sales organization, right? We had a territory reorganization and then cross training of the new reps, remapping of the customer base of the combined businesses and that's really what we saw. So we didn't see it and hopefully, Q2 is the beginning of evidence of that, that it would disrupt our position in the market, just more create a little diversion of the focus for that quarter or 2, and we're confident the Q2 signals that we're back to the full sales force focused on our core menu.

Thomas Flaten

Excellent. And then as we kind of go from first half to second half towards your guidance range, do you expect the revenue progression to be pretty linear? Or should we expect some type of fluctuation between Q3 and Q4?

Michael McGarrity

Yes. Thomas, I would say, generally linear, Q3 is always a little bit of a wildcard with some seasonality just based on patients and clinicians flow through our urology customer base. So that being the only potential factor to affect we would expect acceleration in Q3 and Q4 in linear-ish.

Operator

We'll take our next question from Dan Brennan with TD Cowen.

Daniel Brennan

Maybe just the first one, so that it's nice to hear that liability. I think that was there from the Texas Medicare case is kind of off the books now, I guess, because you closed the lab. Just wanted to confirm, I guess, could you guys discuss that at 1Q, like this ability to kind of remove that given these actions? Because it sounds like it's a nice -- kind of a nice removal on your part.

Michael McGarrity

Yes, Dan, thanks. I didn't want to get ahead of that. There was obviously a lot of work to occur with all of our outside counsels and advisers on setting that up and consent from our our lending partner, but it came together as we anticipated. We believe the structure, the way we set that entity up allowed for that. We just wanted to make sure that we had it all tight, and we're able to close that up here for this communication. So we believe that is a significant derisking element to our business as we go forward.

Daniel Brennan

Good enough. And then the raise, obviously, getting it done kind of at the market was attractive. Just wondering, can you speak to a little bit how that sets you up? Obviously, your EBITDA positive exiting the year, which is nice to hear. You have this $20 million of additional capital. As we look ahead, I know you've got the debt and you have some payments from Exact still out in the next couple of years. Just how do we think about the need for further capital versus kind of internally generated cash flow?

Michael McGarrity

Yes. I think it's -- I think your last statement is key, right? So we anticipate that based on the scale of our business and leverage we have in the P&L. One of the key execution items we focused on is significant and consistent top line growth while holding our OpEx really straight away for the past 3 years. We expect both of those to continue. And that leverage generates meaningful progress in the business beginning to fund itself from an operating basis. So we're confident that, that gives us pretty strong leverage as we go forward.

This capital, our balance sheet position, obviously provides significant runway for the business. And we've demonstrated, I think, with our partner, Exact, Abbott, flexibility on that. So all those options remain in front of us. But the 2 key points and also the equity option on that, they are stakeholders in the company as well. So we're really counting on the business progress growth continuing to really begins to fund some of those applications. But we have clear runway through that period right now.

Operator

We'll take our next question from Bill Bonello with Craig-Hallum.

William Bonello

I want to circle back on a couple of the topics that have been talked about, I guess, first, again, on issue. So it's great to see the sequential increase, but it looks like volume is still down year-over-year basis, competitors still growing in the mid-teens. You did have 1 competitor talk about weakness in the low-risk segment of the market. However, I guess I'm just trying to get a sense of if things are sort of back to functioning on the sales force front without sort of distraction, why wouldn't we think of that being a business that should be growing faster year-over-year. And I know you talked about acceleration, but maybe give us some sense of what do you think the potential is for that business and a more normalized year-over-year growth?

Michael McGarrity

Yes, Bill, I absolutely get the question. I think the risk of pointing to a comp, Q2 of last year was our highest tissue-based quarter. But I don't want to lean too much on that. I think one other note of Q2 when I commented with Thomas on tissue in Q4 and Q1. Q2, one of the things that I was -- I don't want to say concerned about, but required a lot of focus was our sales organization, also in a 6-week period on the back half -- in the back half of the quarter tend to focus on transitioning all of our resolve customers.

And while we didn't disclose the number that -- there was hundreds of customers and thousands of urologists that were using that test. So that lift was significant, probably equal to or more than the restructuring of the sales organization based on the time, and they completed that with all of our customers being successfully transitioned to their acceptance while driving that sequential acceleration. And I get at the flat year-over-year. We're not celebrating that on a go-forward basis. But our guidance as it's set up requires a return to year-over-year growth that we were seeing prior to this.

Our current guide at $110 million to $115 million contemplates 20% to 26% growth, which would suggest that if you look at our 2026 for tissue by quarters, we'd be down 12%, flat and then up accelerated, up accelerated. So I guess, hopefully, that's a fair answer that we expect as we post and discuss Q3 and post and discuss Q4. We would agree, we do think our position in that lower risk category, the active surveillance population we referenced is really gaining strength, and we'll continue to count on that. That's what our sales force will be focused on.

But I give a lot of credit to the team for doing 2 things at once, right, driving the recovery in the business and taking care of all those customers. And it's important to note, virtually all of those resolve customers are prostate cancer customers, so it requires a real focus and goodwill working with our customers to obviously not upset our base, and we think we successfully achieved that.

William Bonello

That's helpful. And just to be crystal clear, were you -- because as we thought through the implications for you and low risk, we sort of could have envisioned 1 of 2 scenarios. One, you're seeing similar, maybe macro level decline in utilization or two, you're taking share. It sounds like from your answer, you're not necessarily seeing any kind of headwind in terms of the utilization? Is that fair? Or I'm putting words in your mouth?

Michael McGarrity

No, I think that's fair. When we refer to our growth on the tissue side, particularly with GPS, I often reference 2 drivers of growth. One is market conversion. In other words, still build, as you know, a significant part of that market opportunity is there for urologists that do not currently use biomarker testing in the active surveillance population and share. I think our growth trajectory over the past couple of years has been driven by both, and we expect that to continue. So it's kind of to -- comparing to the 2 competitors in that space and how they report. It's a combination of are we taking share from them or are we converting the market. And I think the PROMPT data today and the PROTECT data ultimately really help with both, but particularly on the conversion side, hopefully, that holds together for you. But that's an important point that we see is the opportunity.

William Bonello

That's super helpful. And then just one last one. Is it possible to give us any sense of what the liquid volume growth looks like on a pro forma basis that we have some sense of what the underlying because obviously, big boost from the acquisition, but so we have some sense of what the underlying growth is.

Michael McGarrity

I'm not sure -- yes, go ahead.

Ron Kalfus

Bill, I don't think we can because pro forma would be comparing Exo to Select, but we stopped selling Select. So we can't really compare one to the other. It's not like the...

William Bonello

I was trying to think of Exo last year versus Exo this year.

Michael McGarrity

I see. I see. Yes, I get it now. Yes, we're not doing that. It wasn't our as reported numbers, but we've seen -- we're confident that we'll be continuing to drive growth into the Exo product line. And really, we're -- again, with the integration, we're a couple of quarters in, the majority of the Exo business that began to be covered by us, was covered by legacy MDxHealth reps. And so we're confident that this is really the quarter where we begin to see that in Q4 will be the first where we have actual year-over-year comps for a quarter on Exo volume.

Operator

We will take our next question from Mark Massaro with BTIG U.S. Bank.

Mark Massaro

Since we are in the month of August, and we're tidying up our model. I was wondering if you could react to your confidence in perhaps growing 20% in 2027. And if you could just walk us through some of the puts and takes as to how you're thinking about the next full year.

Michael McGarrity

Sure, Mark. Probably premature to provide visibility to guidance for 2027. But I get the question. We would expect -- we think that there's significant opportunity for growth with the Exo business as we go forward. And then on the tissue side, I'll provide more detail around our AI initiative there as well, which obviously would drive largely GPS. But we're very, very confident that that can and will begin to contribute in 2027.

And then the third arm of that would be the PROMPT data in the active surveillance population. When you look at the data from that peer-reviewed publication, we expected to mirror what will come out of the Landmark PROTECT. So I think our urologists today are noting that. That, coupled with the AI initiatives we have gone that we would expect to be supportive as we come out of this year and the next. We think we'll have a basis to provide good growth trajectory, '27 and beyond.

Mark Massaro

That's super helpful. I know -- congrats on the [indiscernible], I guess, as Dan mentioned, you do have some puts and takes with the balance sheet. But I wanted to get a sense for -- in recent years, you've brought in some assets and now you've divested some assets. How are you thinking about the portfolio going forward? I know you're talking about some internal development with the $20 million of cash coming in, how are you thinking about exploring potential tuck-ins? I know in the past, you've been able to bolt on things that really rational and reasonable valuation. So I'm just curious how you're thinking about the potential for an organic growth from here.

Michael McGarrity

Yes. I guess I would answer that 2 ways. One, per your previous question and hopefully, my answer, we're very positive and confident on our current market opportunity. We believe it can support our growth for the foreseeable future based on our initiatives, our discipline on the operating side and our sales force execution. But that said, we're a growth company. And I think I've shared with you and everybody that we run a growth strategy process here. We were always looking out. I would say that, that flipped significantly where I think -- and please take this the right way. It's not meant to be self-serving, but anybody who's looking for partner or opportunity or channel or infrastructure into the urology vertical we're an obvious first stop.

So I want to be careful here. I think you and I discussed don't get too far ahead with the potential opportunities for growth, but we'll be very disciplined as we have in the past. And for right now, in the near term, for sure, we are focused on execution of the opportunity we have in front of us in clearing what I said this resolved development was, was probably a 2 to 3 quarter setback from our previous trajectory. We've got 1 quarter posted. We look forward to posting Q3 and Q4. And then I think 2027 and beyond comes more clear, and then we can revisit how we think about growth there. Definitely, opportunities there. We just want to be disciplined.

Mark Massaro

That makes perfect sense. If I can squeeze one more in. I wanted to ask some of the other lab testing companies have seen benefits from revenue cycle management initiatives, collecting claims from prior periods. And other companies have been sort of winning some additional commercial payer coverage and the like. I know there's a lot of focus on volume growth, but I just wanted to get a sense for is there any juice to squeeze on the ASP side?

Michael McGarrity

Well, as I think you know, but just to be clear, our projections, the way we build our model is based on our expectation of unit growth. But we view our market access managed care team and our RCM team as productivity engines for the business as well. So while I'm not guiding to pick up there, I think we've seen stability in our ASPs. And I guess for -- based on some of the dynamics in the reimbursement landscape across the industry unrelated to Resolve, but just in general, we're confident that we've got good discipline there. And yes, I mean we consistently -- the data helps, Mark, as you know, right?

So I think when you look at some of the initiatives that we have even our AI initiatives. And there's some opportunity there from both the PROMPT, PROTECT as well as the way we'll end up positioning our AI to support that aspect of our business, but nothing to project to right now.

Operator

[Operator Instructions]

We'll move next to Matt [indiscernible] with William Blair.

Unknown Analyst

Mike, you referenced last quarter and this quarter, the notion is sort of uplifting in the skies. And you've also last quarter made quite a bit of progress on the Exo integration. Certainly, the sequential improvement in revenue maybe is the obvious KPI that would be a marked from that. But just curious, in terms of other internal KPIs, whether it's sales force productivity, account touch point, utilization, anything else that you're seeing kind of underneath the hood that suggest to you those things are moving in the right direction and perhaps that has given you additional confidence on the ramp at the back half of the year?

Michael McGarrity

Yes, Matt, I think I don't want to -- I think there's nothing we don't metric and measure here with regard to the way our business builds our opportunity, and I don't want to disclose all of those, but we look at everything from the way our physicians adopt our menu with the goal of selling our full pathway solution to the way they adopt within a large [indiscernible]. In other words, you get a few of them to buy into our pathway in a reliable way, where it's -- internally, we call it compliance to our pathway. And then the other component to it is what I noted in my prepared comments, which is the influence and impact of pathology, which really has made a difference.

There's -- I'll just be brief here. But there's a couple of features of GPS in particular that really resonate with pathology, right? It requires significantly less tissue than the 2 competing tests. And once pathology understands the value of confirmed that it's not proving the pathology read was wrong, it's the limitations of biopsies. So all those things work with what we track to say, yes, we're getting pickup here. It's sustainable, it's sticky, and it helps actually create the model for our sales organization, our medical science liaison team. We have pathology supporting our resources that all work together to give us the data that suggests it really helps us build our model and definitely our forecast as we go through this year.

Unknown Analyst

Okay. And then just on PROTECT, I -- just sort of the way you described it today, the notion of clear visibility into that. Just wondering if there's anything that you're seeing is giving you more confidence. And I think that is reading out early next year. But I guess maybe just confirm that, that's still the time line and kind of what you anticipate the response might be from the physician community once you get that out there?

Michael McGarrity

Yes. So I think I've hesitated to give time lines there. But what I would say is we are in our clinical scientific affairs team works directly with Oxford. I mean we have consistent regular updates with them. They're almost a project management team, coupled with our CSA and project management teams working in collaboration. So it gives us confidence every every month that we're making progress there. It's difficult to handicap the timing of the readout. And then the secondary benefit would be the guideline work that we'll do on the other side of that.

So based on our KOL network that, that group has established, are somewhat influencer reach into the NCCN and the reputation and say of Dr. [ Handy ] and the Oxford team here that gives us our confidence. Each quarter, I'll provide a better visibility as to how we think that comes timing-wise. But I think the last comment I'll make on that is that the PROMPT -- getting the PROMPT published in a peer-reviewed manner does provide really good foundational view of -- this is what we expected. This is what they somewhat mandated that we do the PROMPT first before they turn on the PROTECT cohort, which is the most valuable one in the world.

In hindsight, that was the right thing to do because it gives us confidence and confidence that GPS is what was and is the right test to prove that out.

Operator

And it does appear that there are no further questions at this time. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation, and you may now disconnect.