MDxHealth (MDXH) AI Stock Analysis

• Market Cap: $165.82M
• Dividend Yield: N/A
• Average Volume (3M): 119.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.59
• Revenue Growth: 21.68%
• EPS Growth: 58.30%
• Country: US
• Employees: 312
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.17
• Shares Outstanding: 49,497,334
• 10 Day Avg. Volume: 125,257
• 30 Day Avg. Volume: 119,176
• PEG Ratio: 0.38
• Price to Book (P/B): -14.77
• Price to Sales (P/S): 1.66
• P/FCF Ratio: -15.43
• Enterprise Value/Market Cap: 1.46
• Enterprise Value/Revenue: 2.25
• Enterprise Value/Gross Profit: 3.77
• Enterprise Value/Ebitda: -39.20
• 1Y Price Target: $7.67
• Price Target Upside: 124.17% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.35
• Revenue Forecast (FY): $137.80M

• Rating: 46 Neutral
• Price Target: $3.50 ▲(2.34% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by weak financial quality (ongoing losses, negative cash flow, rising leverage and negative equity) and soft technical momentum. This is partially offset by constructive earnings-call signals, including reiterated strong 2026 growth guidance, improving operational execution, and earnout-related cash flexibility.

Positive Factors

High gross margins & revenue scaling

Sustained multi-year revenue scaling and ~60% gross margins signal robust unit economics for a test-volume business. Durable high gross margins support operating leverage as volumes grow, enabling potential path to profitability without requiring structural price increases.

Rapid unit growth and liquid-test expansion

Large, sustained unit growth—especially a 128% rise in liquid tests—reflects meaningful adoption and a broadened addressable market from the ExoDx integration. Higher recurring test volumes materially reinforce revenue predictability and long-term scale economics for the diagnostics platform.

Acquisition integration and earnout cash flexibility

Restructuring contingent payments and completing the ExoDx acquisition are structural moves that expand the company’s product menu and ease near-term cash obligations. The earnout amendment materially improves liquidity timing, lowering short-term financing pressure while enabling integration and cross-sell.

Negative Factors

Elevated leverage and negative equity

Material debt accumulation and negative shareholders' equity represent lasting balance-sheet strain that elevates financing and dilution risk. This structural leverage reduces optionality, increases interest and covenant sensitivity, and constrains strategic investments until equity or cash flow improves.

Negative operating and free cash flow

Persistent cash burn, despite improvement, means the business remains reliant on external capital or payment restructuring to fund operations and integration. Continued negative free cash flow threatens sustainable self-funding of growth and raises the need for dilution or debt refinancing over the medium term.

Ongoing net losses and negative margins

Sizable operating and net losses are a structural headwind until the firm consistently reaches positive adjusted EBITDA and net margins. Integration and acquisition-related OpEx have pressured near-term profitability, and sustained positive margins are required to eliminate recurring funding risk.

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 testing solutions are SelectMDx, a non-invasive urine test; and ConfirmMDx, an epigenetic test, which provide physicians with a clinical pathway to identify clinically prostate cancer while minimizing the use of invasive procedures that are prone to complications. The company was formerly known as OncoMethylome Sciences SA and changed its name to MDxHealth SA in October 2010. MDxHealth SA was incorporated in 2003 and is headquartered in Herstal, Belgium.

How the Company Makes Money

MDxHealth generates revenue primarily through the sale of its diagnostic tests to healthcare providers, hospitals, and laboratories. The company operates on a fee-for-service model, where it charges for each test performed. Additionally, MDxHealth may enter into partnerships with pharmaceutical companies for the development of companion diagnostics, which can create additional revenue streams. The company also benefits from reimbursement from insurance providers for its testing services, enhancing its financial stability. Key partnerships and collaborations in the healthcare space further bolster its market presence and revenue potential.

MDxHealth Financial Statement Overview

Summary

Strong multi-year revenue scaling and healthy ~60% gross margins are positives, but the company remains unprofitable with sizable net losses and negative operating/free cash flow. Balance-sheet risk is elevated with materially higher debt and stockholders’ equity turning negative in 2025, implying continued funding risk until profitability and cash flow improve.

Income Statement

Revenue has scaled materially over the last several years (2025: ~$107.9M vs. 2020: ~$18.5M), with 2025 revenue growth still positive (~6.5%). Gross margin remains healthy around ~60%, indicating solid unit economics. However, profitability is still weak: 2025 operating loss persists (EBIT margin ~-14%) and net losses remain sizeable (net margin ~-31%), even though margins have improved meaningfully versus 2021–2022. Overall: strong top-line progress and improving cost structure, but the company is not yet profitable.

Balance Sheet

Leverage has increased substantially as total debt rose to ~$95.1M in 2025 (from ~$15.9M in 2020). A key concern is the deterioration in capital structure: stockholders’ equity turned negative in 2025 (about -$12.1M), which makes the debt-to-equity relationship unfavorable and signals balance-sheet strain. While total assets remain sizable (~$148.0M), the negative equity position and rising debt load elevate financing and dilution risk.

Cash Flow

Cash generation remains a challenge: 2025 operating cash flow is negative (~-$10.4M) and free cash flow is also negative (~-$11.6M). The magnitude of cash burn has improved versus prior years (e.g., 2022–2024), which is a positive trajectory, but the business is still not self-funding. Free cash flow is negative despite improved operating performance, implying continued reliance on external capital until cash flow turns sustainably positive.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 3.42
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDXH, the sentiment is Neutral. The current price of 3.42 is below the 20-day moving average (MA) of 3.52, below the 50-day MA of 3.53, and above the 200-day MA of 3.31, indicating a neutral trend. The MACD of -0.04 indicates Positive momentum. The RSI at 44.87 is Neutral, neither overbought nor oversold. The STOCH value of 17.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MDXH.

MDxHealth Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNR	57 Neutral	$236.65M	-0.99	-19.87%	―	5.44%	72.17%
BDSX	56 Neutral	$150.83M	-1.46	-302.55%	―	22.29%	31.93%
PRE	53 Neutral	$258.82M	-2.25	-23.93%	―	159.45%	8.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SERA	48 Neutral	$81.44M	-4.85	-47.69%	―	1.06%	22.41%
MDXH	46 Neutral	$165.82M	-5.33	-2440.41%	―	21.68%	58.30%
XGN	44 Neutral	$77.73M	-8.86	-122.81%	―	14.08%	1.34%

MDxHealth Corporate Events

MDxHealth Delivers 20% 2025 Revenue Growth and Names Interim CFO Ron Kalfus

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 and other molecular technologies, targets urologists and patients navigating complex prostate cancer diagnostic pathways.

Headquartered in Belgium with U.S. operations, mdxhealth has expanded into both tissue-based assays such as Confirm mdx and GPS and liquid-based tests including ExoDx, Select mdx, Resolve mdx and germline assays. This diversified test menu positions the company in the growing market for personalized oncology diagnostics.

On February 26, 2026, MDxHealth reported fourth-quarter and full-year 2025 results showing revenue growth of 19% in the quarter and 20% for the year, to $29.5 million and $107.9 million respectively. The company also announced that Ron Kalfus was appointed interim chief financial officer effective the same day, signaling a leadership transition in its finance function.

The 2025 performance reflected stronger gross margins of 64.5% and a sharp improvement in adjusted EBITDA, with the full-year loss on that basis narrowing to $1.1 million despite a continued net loss of $33.5 million. Management attributed higher operating costs to headcount and expenses tied to the ExoDx acquisition, even as liquid-based test volumes surged 128% in the fourth quarter.

MDxHealth ended 2025 with $29.0 million in cash and cash equivalents and reiterated its 2026 revenue outlook of $137 million to $140 million, implying 27% to 30% growth over 2025. The company also reaffirmed its goal of exiting 2026 with an adjusted EBITDA margin of about 10%, underscoring expectations of increased operating leverage and scalability in its diagnostics platform.

The most recent analyst rating on (MDXH) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on MDxHealth stock, see the MDXH Stock Forecast page.

MDxHealth Details Exosome Diagnostics Deal and Restructured GPS Earnout Obligations

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 the ExoDx test, a CLIA-certified lab and related assets to its platform. On January 9, 2026, the company also amended its GPS acquisition earnout with Exact Sciences, deferring remaining payments into 2026–2028 while issuing warrants for 3 million MDxHealth shares, moves that reshape its balance sheet and solidify its positioning in prostate cancer diagnostics despite Exosome Diagnostics’ historically loss-making profile.

Filed financial statements for Exosome Diagnostics for the year ended June 30, 2025, along with pro forma combined financial information, highlight the scale of Exosome’s operations and integration effects on MDxHealth’s results. Together, the acquisition and the revised GPS earnout schedule indicate a strategic push by MDxHealth to consolidate key prostate cancer testing assets while managing near-term cash obligations through a mix of stock consideration, structured earnouts and equity-linked instruments.

The most recent analyst rating on (MDXH) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on MDxHealth stock, see the MDXH Stock Forecast page.

MDxHealth Posts Strong 2025 Revenue Growth, Sets 2026 Outlook and Revises Exact Sciences Earnout

On January 12, 2026, MDxHealth reported preliminary, unaudited fourth-quarter 2025 revenue of about $30.5 million and full-year 2025 revenue of roughly $109 million, marking year-on-year growth of 23% and 21% respectively, with strong expansion in liquid-based testing volumes following the integration of the Exosome Diagnostics business and conversion of Select mdx customers to the ExoDx platform. The company ended 2025 with $29 million in cash and issued 2026 revenue guidance of $137–140 million, implying 26–28% growth, while also amending the earnout terms tied to its 2022 GPS acquisition by spreading remaining payments to Exact Sciences over 2026–2028 and granting warrants for 3 million shares, a move that aims to ease near-term cash obligations as MDxHealth pursues scale and improved profitability in a competitive diagnostics market.

The most recent analyst rating on (MDXH) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on MDxHealth stock, see the MDXH Stock Forecast page.