MDxHealth (MDXH) AI Stock Analysis

• Market Cap: $169.78M
• Dividend Yield: N/A
• Average Volume (3M): 116.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.53
• Revenue Growth: 21.68%
• EPS Growth: 58.30%
• Country: US
• Employees: 312
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): -0.16
• Shares Outstanding: 49,497,334
• 10 Day Avg. Volume: 127,207
• 30 Day Avg. Volume: 116,138
• PEG Ratio: 0.06
• Price to Book (P/B): 7.77
• Price to Sales (P/S): 1.28
• P/FCF Ratio: -5.57
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 1.56
• Enterprise Value/Gross Profit: 2.44
• Enterprise Value/Ebitda: -28.98
• 1Y Price Target: $7.67
• Price Target Upside: 112.47% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $3.00 ▼(-16.90% Downside)

MDxHealth's overall stock score is primarily influenced by its financial performance challenges, including negative equity and cash flow issues. While the earnings call provided some positive insights into revenue growth and strategic acquisitions, the technical analysis and valuation metrics indicate bearish sentiment and financial instability. The company's efforts to improve profitability and strategic positioning are noted, but significant risks remain.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, enhancing long-term business sustainability.

Successful Acquisition

The acquisition of ExoDx strengthens MDxHealth’s market position and enhances cross-selling opportunities, supporting strategic growth.

Gross Margin Improvement

Improved gross margins reflect operational efficiencies and effective cost management, contributing to better profitability prospects.

Negative Factors

Financial Leverage

High leverage and negative equity indicate financial instability, posing risks to long-term solvency and financial health.

Cash Flow Challenges

Negative cash flows highlight liquidity issues, potentially limiting the company's ability to fund operations and growth initiatives.

Profitability Challenges

Ongoing profitability issues could hinder the company's ability to reinvest in growth and maintain competitive positioning.

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

MDxHealth shows revenue growth and a strong gross profit margin, but faces significant profitability and leverage challenges. The negative equity position and high debt levels raise concerns about financial stability. Cash flow issues further compound the company's financial difficulties, highlighting the need for strategic improvements to enhance profitability and reduce financial risk.

Income Statement

MDxHealth shows a consistent revenue growth trend, with a TTM growth rate of 4.16%. However, profitability remains a challenge, as evidenced by negative net profit margins and EBIT margins. The gross profit margin is relatively strong at 63.53% TTM, indicating efficient cost management. Despite revenue growth, the company struggles to convert sales into profits, impacting overall financial health.

Balance Sheet

The balance sheet reveals significant financial leverage, with a negative equity position in the TTM period, leading to a concerning debt-to-equity ratio. The negative return on equity highlights ongoing profitability challenges. The equity ratio is also negative, indicating potential solvency issues. These factors suggest financial instability and high risk.

Cash Flow

Cash flow analysis shows a negative operating cash flow and free cash flow, with a significant decline in free cash flow growth in the TTM period. The free cash flow to net income ratio is positive, suggesting some ability to cover net losses with cash flow, but overall cash flow remains weak, indicating liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	101.27M	90.05M	70.19M	37.05M	22.24M	18.46M
Gross Profit	64.93M	55.14M	43.93M	19.22M	10.56M	8.04M
EBITDA	-5.46M	-22.02M	-30.47M	-36.39M	-24.09M	-23.98M
Net Income	-32.77M	-38.07M	-43.10M	-44.04M	-29.00M	-28.66M
Balance Sheet
Total Assets	140.63M	157.33M	129.13M	119.14M	75.07M	31.86M
Cash, Cash Equivalents and Short-Term Investments	32.81M	46.80M	22.38M	15.60M	58.59M	15.95M
Total Debt	84.01M	60.06M	41.27M	39.79M	15.56M	15.87M
Total Liabilities	141.52M	142.49M	121.92M	109.82M	28.17M	26.01M
Stockholders Equity	-883.00K	14.84M	7.21M	9.31M	46.90M	5.85M
Cash Flow
Free Cash Flow	-11.10M	-20.69M	-26.52M	-38.28M	-23.44M	-20.78M
Operating Cash Flow	-10.33M	-18.53M	-21.50M	-34.12M	-22.55M	-20.24M
Investing Cash Flow	-19.83M	-1.64M	-3.93M	-29.04M	-885.00K	-537.00K
Financing Cash Flow	22.75M	44.60M	32.28M	20.72M	66.50M	14.29M

MDxHealth Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.61
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDXH, the sentiment is Positive. The current price of 3.61 is above the 20-day moving average (MA) of 3.36, below the 50-day MA of 3.63, and above the 200-day MA of 2.98, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 56.31 is Neutral, neither overbought nor oversold. The STOCH value of 61.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MDXH.

MDxHealth Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BNR	61 Neutral	$252.44M	-14.97	-19.87%	―	5.44%	72.17%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRE	51 Neutral	$223.29M	-4.34	-23.93%	―	159.45%	8.59%
BDSX	50 Neutral	$64.28M	-1.84	-302.55%	―	22.29%	31.93%
SERA	48 Neutral	$138.75M	-4.68	-47.69%	―	1.06%	22.41%
MDXH	44 Neutral	$169.78M	-5.67	-720.01%	―	21.68%	58.30%
XGN	43 Neutral	$134.85M	―	-122.81%	―	14.08%	1.34%

MDxHealth Corporate Events

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.

Mdxhealth Reports Strong Q3 Growth and Strategic Acquisition

On November 12, 2025, Mdxhealth reported an 18% increase in Q3 revenues to $27.4 million and achieved an adjusted EBITDA profitability of $1.0 million. The company highlighted the strategic acquisition of Exosome Diagnostics from Bio-Techne on September 15, 2025, which is expected to enhance its market positioning by integrating the ExoDx business. Despite suspending its germline product introduction, Mdxhealth reaffirmed its full-year revenue guidance, anticipating growth to meet or exceed 20%. The acquisition and expansion of its sales organization are seen as significant steps towards capitalizing on cross-selling opportunities and strengthening its precision diagnostics offerings.

The most recent analyst rating on (MDXH) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on MDxHealth stock, see the MDXH Stock Forecast page.