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MDxHealth (MDXH)
NASDAQ:MDXH
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MDxHealth
(NASDAQ:MDXH)
47Neutral
Positive Factors
Earnings Guidance
The Company increased 2024 revenue guidance, reflecting confidence in future revenue growth.
Financial Performance
MDxHealth reported revenues above estimates, showing strong testing volume growth across both tissue- and liquid-based assays.
Growth Potential
MDXH's largest highest margin product, grew 43% in '24 after a 46% growth in 4Q, & broadly MDXH's prostate Dx portfolio continues to have ample growth ahead.
Negative Factors
Gross Margin
Gross margin of 62.7% declined Y/Y due to timing and test mix, and expanded ~150bp Q/Q.
Market Sentiment
Shares remain depressed, representing an entry point for investors seeking growth with near-term bottom line improvement.
Stock Performance
Shares are down 48% year-to-date, driven down by financing overhang, limited market liquidity, and a somewhat negative sentiment toward the broader diagnostics space.
MDxHealth (MDXH) vs. S&P 500 (SPY)
Market Cap
$72.02M
Dividend YieldN/A
Average Volume (3M)98.01K
Price to Earnings (P/E)―
Beta (1Y)-1832.63
Revenue Growth28.29%
EPS Growth23.11%
CountryUS
Employees300
SectorHealthcare
Sector Strength78
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-1.27
Shares Outstanding49,497,334
10 Day Avg. Volume36,134
30 Day Avg. Volume98,008
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.25
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.50Price Target Upside333.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
MDxHealth Business Overview & Revenue Model
Company DescriptionMDxHealth (MDXH) is a healthcare company specializing in the development and commercialization of advanced epigenetic and molecular diagnostic tests for cancer. The company operates in the biotechnology and medical diagnostics sectors, focusing on providing actionable information to physicians for diagnosing and treating cancer patients. Its core products include diagnostic tests for prostate and bladder cancers, which utilize proprietary technology to assess the presence and aggressiveness of cancerous cells.
How the Company Makes MoneyMDxHealth generates revenue primarily through the sale of its proprietary diagnostic tests to healthcare providers and laboratories. The company offers tests such as ConfirmMDx for prostate cancer and SelectMDx, which help in identifying and assessing risks associated with cancer. Revenue is earned from test processing fees and agreements with healthcare institutions. MDxHealth may also engage in partnerships or collaborations with pharmaceutical companies and research institutions, contributing to its earnings through joint development projects and potential licensing agreements.
MDxHealth Financial Statement Overview
Summary
MDxHealth shows strong revenue growth but struggles with profitability and financial stability. High leverage and negative equity trends raise financial risk concerns, while persistent negative cash flow highlights a need for improved operational efficiency. Reliance on financing activities to sustain operations poses a risk if external funding diminishes.Income Statement
MDxHealth has shown significant revenue growth over the years, particularly between 2020 and 2024, with revenue increasing from $18.37 million to $90.05 million. However, the company remains unprofitable, with negative net income and EBIT margins consistently over the years. This indicates that while the top line is improving, the company struggles with cost management and profitability.45
Neutral
Balance Sheet
The balance sheet reflects high leverage, with a debt-to-equity ratio that has increased over the years, indicating higher financial risk. The equity ratio has decreased considerably, and return on equity is negative due to persistent net losses. Despite an increase in total assets, the company's financial health is weakened by significant debt levels and low equity.35
Negative
Cash Flow
Cash flow statements show consistent negative free cash flow, although there is an improvement in operating cash flow in 2024 compared to previous years. The company relies heavily on financing activities to support operations due to negative cash flows from operations, pointing to potential sustainability issues if external financing becomes unavailable.40
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 84.71M | 90.05M | 70.19M | 37.05M | 22.24M | 18.37M | Gross Profit |
| 50.04M | 55.14M | 43.93M | 19.22M | 10.41M | 7.85M | EBIT |
| -26.62M | -24.72M | -27.33M | -37.90M | -26.84M | -27.12M | EBITDA |
| -19.44M | -16.68M | -30.47M | -36.39M | -23.99M | -23.79M | Net Income Common Stockholders |
| -41.95M | -38.07M | -43.10M | -50.19M | -30.88M | -30.01M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 3.52M | 46.80M | 22.38M | 15.50M | 58.50M | 15.95M | Total Assets |
| 4.79M | 157.33M | 129.13M | 119.14M | 75.07M | 31.86M | Total Debt |
| ― | 60.06M | 41.27M | 39.79M | 15.56M | 15.87M | Net Debt |
| ― | 13.27M | 18.89M | 24.29M | -42.94M | -82.00K | Total Liabilities |
| 1.23M | 142.49M | 121.92M | 109.82M | 28.17M | 26.01M | Stockholders Equity |
| 3.57M | 14.84M | 7.21M | 9.31M | 46.90M | 5.85M |
| Cash Flow | Free Cash Flow | ||||
| -26.89M | -19.72M | -26.52M | -38.28M | -23.44M | -20.78M | Operating Cash Flow |
| -23.96M | -18.53M | -21.50M | -34.12M | -22.55M | -20.24M | Investing Cash Flow |
| -2.51M | -1.64M | -3.93M | -29.16M | -885.00K | -537.00K | Financing Cash Flow |
| 42.37M | 44.60M | 32.28M | 20.84M | 66.50M | 14.29M |
MDxHealth Technical Analysis
Negative
1.50
Price Trends
1.71
Negative
1.89
Negative
2.20
Negative
Market Momentum
-0.07
Negative
37.00
Neutral
12.90
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDXH, the sentiment is Negative. The current price of 1.5 is below the 20-day moving average (MA) of 1.52, below the 50-day MA of 1.71, and below the 200-day MA of 2.20, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 37.00 is Neutral, neither overbought nor oversold. The STOCH value of 12.90 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MDXH.
MDxHealth Risk Analysis
MDxHealth disclosed 57 risk factors in its most recent earnings report. MDxHealth reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MDxHealth Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $19.01B | ― | -19.42% | ― | 56.75% | 59.77% | |
66 Neutral | $8.72B | 108.67 | 2.27% | ― | 0.66% | -75.89% | |
53 Neutral | $8.07B | ― | -37.09% | ― | 10.37% | -389.98% | |
49 Neutral | $12.42B | ― | -30.11% | ― | -2.93% | -4.69% | |
49 Neutral | $5.24B | ― | -4584.47% | ― | 31.04% | 16.91% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
47 Neutral | $72.02M | ― | -345.31% | ― | 28.29% | 23.11% |
* Healthcare Sector Average
Performance Comparison
MDXH
MDxHealth
1.50
-1.11
-42.53%
EXAS
Exact Sciences
44.28
-25.95
-36.95%
ILMN
Illumina
76.42
-47.73
-38.45%
QGEN
Qiagen
40.37
-0.79
-1.92%
NTRA
Natera
138.71
41.96
43.37%
GH
Guardant Health
42.02
24.39
138.34%
MDxHealth Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: -18.03% | Next Earnings Date: May 14, 2025
Earnings Call Sentiment Positive
The earnings call reflected strong revenue growth and improved financial performance, despite a decline in gross margins and increased operating expenses. The company expressed confidence in achieving its revenue and adjusted EBITDA goals for 2025, driven by increased test volumes and strategic execution.Highlights
Strong Revenue Growth
Achieved Q4 and full-year revenue growth of 28%, reaching $24.7 million for Q4 2024, compared to $19.4 million in Q4 2023.
Increased Test Volumes
Q4 total billable volume was approximately 24,000 tests, representing a total test unit growth of 26%. Tissue-based tests grew 50% in Q4 and 31% for the full year.
Improved Financial Performance
Operating loss for Q4 declined 27% to $4.6 million, and net loss decreased 36% to $6.8 million, driven by increased gross profit and decreased financial expenses.
Positive Outlook for 2025
Confirmed revenue guidance of $108 million to $110 million for 2025 with a goal of delivering 20% revenue growth and achieving positive adjusted EBITDA in the first half of the year.
Lowlights
Decline in Gross Margins
Gross margins were 62.7% for Q4 2024, compared to 65.3% for Q4 2023, primarily attributed to the test mix and timing of payments.
Operating Expense Growth
Operating expenses grew by 6% due to an increase in clinical studies, which impacted overall profitability.
Company Guidance
During the MDxHealth Fourth Quarter and Full Year 2024 Earnings Call, the company provided guidance for 2025, projecting revenue in the range of $108 million to $110 million, targeting a 20% revenue growth. The company announced a Q4 2024 revenue of $24.7 million, a 28% increase from the previous year, and a full-year revenue growth of 28%. Total billable test volume for Q4 was approximately 24,000, with tissue-based tests like Confirm mdx and GPS showing a 50% increase in volume compared to the prior year. The liquid-based tests, including Select mdx, Resolve mdx, and Germline, exhibited a 10% year-over-year increase. MDxHealth aims to achieve a positive adjusted EBITDA in the first half of 2025 and highlighted a gross margin of 62.7% for Q4 2024. Cash and cash equivalents were reported at $46.8 million as of December 31, 2024. The company remains confident in its growth strategy without expanding its sales organization and emphasizes the sustainable adoption of its test menu.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.