MDxHealth SA
NASDAQ:MDXH
MDxHealth SA
MDxHealth SA engages in the development and commercialization of molecular diagnostic products for personalized cancer treatment. The company is headquartered in Herstal, Liege. The company went IPO on 2006-06-26. The Company’s tests are based on proprietary genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, as well as prediction of response to a specific therapy. Its tests include ConfirmMDx for Prostate Cancer, SelectMDx for Prostate Cancer, PredictMDx for Glioblastoma and AssureMDx for Bladder Cancer. The firm's corporate operations are based in Herstal, Belgium, as well as Irvine, the United States, and its laboratory operations are based in Nijmegen, the Netherlands, as well as Irvine, the United States.
MDxHealth SA engages in the development and commercialization of molecular diagnostic products for personalized cancer treatment. The company is headquartered in Herstal, Liege. The company went IPO on 2006-06-26. The Company’s tests are based on proprietary genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, as well as prediction of response to a specific therapy. Its tests include ConfirmMDx for Prostate Cancer, SelectMDx for Prostate Cancer, PredictMDx for Glioblastoma and AssureMDx for Bladder Cancer. The firm's corporate operations are based in Herstal, Belgium, as well as Irvine, the United States, and its laboratory operations are based in Nijmegen, the Netherlands, as well as Irvine, the United States.
Revenue Growth: MDxHealth reported 2025 revenue of $107.9 million, up 20%, and Q4 revenue of $29.5 million, up 19% year-over-year.
Volume Surge: Total Q4 billable test volume grew 62% year-over-year, with liquid-based tests up 128% and tissue-based tests down 5%.
Gross Margin: Q4 gross margin improved slightly to 63.2%, up 0.5 points versus last year.
Profitability Path: Operating loss and net loss both increased due to the ExoDx acquisition, but management remains confident in achieving 10% EBITDA margin exiting 2026.
2026 Guidance: Revenue forecast for 2026 is $137–140 million, implying about 28% year-over-year growth, with balanced contributions expected from both tissue and liquid product lines.
Cost Discipline: OpEx as a percentage of revenue has been held flat despite growth; sales and marketing spend as a percent of revenue continues to decline.
ExoDx Integration: Integration of ExoDx and cross-training of the expanded sales team are on track, with SelectMDx customers transitioned to ExoDx.
Cash Position: Ended 2025 with $29 million in cash and cash equivalents.
