MDxHealth (MDXH)
NASDAQ:MDXH
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MDxHealth
(NASDAQ:MDXH)
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Rating:43Neutral
Price Target:
$2.00
▼(-13.42% Downside)
Action:ReiteratedDate:03/25/26
The score is held down primarily by weak financial durability (negative equity, higher debt, and ongoing cash burn) and bearish technical momentum (price below key moving averages with negative MACD). These risks are partially offset by a more optimistic earnings outlook, with management reiterating strong 2026 growth guidance and targeting improved profitability as ExoDx integration progresses.
Positive Factors
Revenue scaling & healthy gross margins
Multi-year revenue expansion (2020 to 2025) combined with ~60% gross margins indicates robust per-test economics. This durable mix supports operating leverage as volumes grow, making future margin improvement and sustained cash generation more achievable as adoption broadens.
Negative Factors
Elevated leverage and negative equity
Substantially higher debt and negative shareholders' equity materially weaken the capital structure. This durable balance-sheet strain raises refinancing and covenant risk, limits strategic flexibility, and heightens dilution or costly financing needs if cash generation doesn't improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scaling & healthy gross margins
Multi-year revenue expansion (2020 to 2025) combined with ~60% gross margins indicates robust per-test economics. This durable mix supports operating leverage as volumes grow, making future margin improvement and sustained cash generation more achievable as adoption broadens.
Read all positive factors
MDxHealth (MDXH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$106.84M
Dividend YieldN/A
Average Volume (3M)194.90K
Price to Earnings (P/E)―
Beta (1Y)1.53
Revenue Growth21.68%
EPS Growth58.30%
CountryUS
Employees312
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.17
Shares Outstanding51,364,520
10 Day Avg. Volume253,010
30 Day Avg. Volume194,899
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)-14.77
Price to Sales (P/S)1.66
P/FCF Ratio-15.43
Enterprise Value/Market Cap1.62
Enterprise Value/Revenue1.60
Enterprise Value/Gross Profit2.68
Enterprise Value/Ebitda-27.92
Forecast
1Y Price Target
$7.67Price Target Upside231.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.39
Revenue Forecast (FY)$138.30M
MDxHealth Business Overview & Revenue Model
Company Description
MDxHealth SA, a commercial-stage precision diagnostics company, provides urologic solutions in the United States, the Netherlands, Belgium, Spain, Poland, Italy, rest of European Union, and internationally. Its novel prostate cancer genomic testin...
How the Company Makes Money
MDxHealth generates revenue primarily by selling its proprietary diagnostic tests to the healthcare market. The core revenue model is test-volume driven: when physicians order MDxHealth tests for patients, the company performs the analysis (typica...
MDxHealth Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Positive
The call portrayed a company in growth and transition: strong top-line and unit growth (notably a 62% unit increase and 128% rise in liquid volumes), successful integration steps with ExoDx and a clearer path to cross-selling and clinical validation, offset by near-term profitability pressure from integration costs, higher operating and financial expenses, and a modest downward adjustment to reported revenue. Management provided optimistic 2026 guidance (approx. 28% revenue growth and a target of 10% adjusted EBITDA exiting the year) and secured earnout amendment relief (~$20M), signaling confidence in returning to operating leverage despite short-term headwinds.Positive Updates
Strong Unit Growth and Mix Expansion
Q4 total billable volume ~38,000 tests (11,000 tissue; 27,000 liquid), representing unit growth of 62% year-over-year; liquid-based test volumes increased 128% YoY, driven by ExoDx and conversion of SelectMDx customers.
Negative Updates
Worsening Operating and Net Losses
Q4 operating loss increased 14% to $5.3 million (from $4.6M) and net loss increased 31% to $8.9 million (from $6.8M), driven in part by acquisition-related expenses and higher net financial expenses (+$3.1M), partially offset by a $1.6M tax gain.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Unit Growth and Mix Expansion
Q4 total billable volume ~38,000 tests (11,000 tissue; 27,000 liquid), representing unit growth of 62% year-over-year; liquid-based test volumes increased 128% YoY, driven by ExoDx and conversion of SelectMDx customers.
Read all positive updates
Company Guidance
The company reiterated 2026 guidance calling for revenue of $137–$140 million (midpoint implying ~28% YoY growth), driven by unit growth (not price), with management expecting >$20 million contribution from the ExoDx acquisition and to exit 2026 at ~10% adjusted EBITDA margin; they plan to complete sales integration/cross‑training by end of Q1 and noted the Exact Sciences earnout amendment reduces the upcoming payment by ~$20 million and defers the remainder by one year. For context, FY2025 reported revenue was $107.9 million (Q4 revenue $29.5M), Q4 billable volume was ~38,000 tests (11,000 tissue; 27,000 liquid; Q4 unit growth +62% YoY; tissue -5% YoY; liquid +128% YoY), Q4 gross profit $18.7M (gross margin 63.2%), operating loss $5.3M, net loss $8.9M, adjusted EBITDA Q4 -$2.1M, and cash was $29M as of 12/31/2025; management also cited a ~$100 QoQ tissue ASP decline reflecting mix (Medicare-based ASPs: Confirm ~$2,000; GPS ~$3,850) and a best‑in‑class ≤5‑day turnaround time.MDxHealth Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 107.88M | 90.05M | 70.19M | 37.05M | 22.24M |
| Gross Profit | 64.44M | 55.14M | 43.93M | 19.22M | 10.56M |
| EBITDA | -6.19M | -22.02M | -30.47M | -36.39M | -24.09M |
| Net Income | -33.52M | -38.07M | -43.10M | -44.04M | -29.00M |
Balance Sheet | |||||
| Total Assets | 147.95M | 157.33M | 129.13M | 119.14M | 75.07M |
| Cash, Cash Equivalents and Short-Term Investments | 29.03M | 46.80M | 22.38M | 15.60M | 58.59M |
| Total Debt | 95.11M | 60.06M | 41.27M | 39.79M | 15.56M |
| Total Liabilities | 160.05M | 142.49M | 121.92M | 109.82M | 28.17M |
| Stockholders Equity | -12.09M | 14.84M | 7.21M | 9.31M | 46.90M |
Cash Flow | |||||
| Free Cash Flow | -11.57M | -20.69M | -26.52M | -38.28M | -23.44M |
| Operating Cash Flow | -10.42M | -18.53M | -21.50M | -34.12M | -22.55M |
| Investing Cash Flow | -20.06M | -1.64M | -3.93M | -29.04M | -885.00K |
| Financing Cash Flow | 12.70M | 44.60M | 32.28M | 20.72M | 66.50M |
MDxHealth Technical Analysis
Negative
2.31
Price Trends
3.02
Negative
3.26
Negative
3.40
Negative
Market Momentum
-0.25
Negative
39.30
Neutral
78.33
Neutral
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 2.31 is below the 20-day moving average (MA) of 2.39, below the 50-day MA of 3.02, and below the 200-day MA of 3.40, indicating a bearish trend. The MACD of -0.25 indicates Negative momentum. The RSI at 39.30 is Neutral, neither overbought nor oversold. The STOCH value of 78.33 is Neutral, 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 3 New Risks
1.
Our operating results could be subject to significant fluctuation, which could increase the volatility of our stock price and cause losses to our shareholders. Q4, 2023
2.
We may not be able to continue as a going concern. Q4, 2023
3.
If patent regulations or standards are modified, such changes could have a negative impact on our business. Q4, 2023
MDxHealth Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $308.47M | -3.79 | -36.02% | ― | 159.45% | 8.59% | |
57 Neutral | $222.76M | -2.82 | -9.93% | ― | 5.44% | 72.17% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $78.68M | -4.40 | -47.69% | ― | 1.06% | 22.41% | |
46 Neutral | $107.54M | -1.46 | -1760.83% | ― | 22.29% | 31.93% | |
44 Neutral | $64.94M | -6.57 | -126.62% | ― | 14.08% | 1.34% | |
43 Neutral | $106.84M | -5.33 | 516.59% | ― | 21.68% | 58.30% |
* Healthcare Sector Average
MDXH
MDxHealth
2.08
0.28
15.56%
XGN
Exagen
2.70
-3.95
-59.40%
BNR
Burning Rock Biotech
20.69
17.81
618.40%
BDSX
Biodesix
10.64
-0.81
-7.07%
PRE
Prenetics Group
18.33
13.20
257.31%
SERA
Sera Prognostics
2.01
-0.99
-33.00%
MDxHealth Corporate Events
MDxHealth Delivers 20% 2025 Revenue Growth and Names Interim CFO Ron Kalfus
Feb 26, 2026
MDxHealth SA is a urology-focused precision diagnostics company that provides molecular tests to guide the diagnosis and prognosis of prostate cancer and other urologic diseases. Its portfolio, built on proprietary genomic, epigenomic, exosomal an...
MDxHealth Details Exosome Diagnostics Deal and Restructured GPS Earnout Obligations
Feb 11, 2026
On August 5, 2025, MDxHealth agreed to acquire Exosome Diagnostics, Inc. from Bio-Techne, and the deal closed on September 15, 2025, for up to $15 million, combining stock at closing with contingent annual payments over four years, thereby adding ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.