Mdxhealth S.A. (MDXH)
NASDAQ:MDXH
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MDxHealth
(NASDAQ:MDXH)
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Rating:43Neutral
Price Target:
$0.52
▼(-77.32% Downside)
Action:Reiterated
Date:06/02/26
The score is held down primarily by weak financial resilience (negative equity, higher debt, and negative operating/free cash flow) and very bearish technicals (price far below key moving averages with negative MACD). The main offsets are continued revenue scaling and management’s 2026 growth guidance, but profitability, liquidity, and payer/recoupment-related uncertainty remain key constraints.
Positive Factors
Multi‑year Revenue Scaling
Sustained top‑line growth from ~$18.5M in 2020 to ~ $108M in 2025 shows durable commercial traction in prostate diagnostics. A larger revenue base supports operational leverage, improves negotiating power with labs/payors, and increases optionality to fund product development or absorb integration costs over the next 2–6 months.
Negative Factors
Weak Capital Structure
Rapidly higher leverage and negative equity materially constrain financial flexibility. The unfavorable debt/equity picture increases refinancing and covenant risks, raises the probability of dilutive capital raises, and limits the firm's ability to fund operations or pursue strategic investments over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi‑year Revenue Scaling
Sustained top‑line growth from ~$18.5M in 2020 to ~ $108M in 2025 shows durable commercial traction in prostate diagnostics. A larger revenue base supports operational leverage, improves negotiating power with labs/payors, and increases optionality to fund product development or absorb integration costs over the next 2–6 months.
Read all positive factors
MDxHealth (MDXH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.89M
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)―
Beta (1Y)1.62
Revenue Growth17.42%
EPS Growth42.75%
CountryUS
Employees312
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.67
Shares Outstanding51,364,520
10 Day Avg. Volume613,196
30 Day Avg. Volume1,136,496
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 Cap3.40
Enterprise Value/Revenue1.17
Enterprise Value/Gross Profit2.03
Enterprise Value/Ebitda-15.90
Forecast
1Y Price Target
$3.38Price Target Upside46.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.64
Revenue Forecast (FY)$116.15M
MDxHealth Business Overview & Revenue Model
Company Description
MDxHealth SA is a commercial-stage precision diagnostics firm delivering specialized urologic solutions across the globe. Its international footprint includes the United States, various European nations such as the Netherlands, Belgium, Spain, Pol...
How the Company Makes Money
MDxHealth makes money primarily by selling its molecular diagnostic tests to healthcare providers and health systems, with revenue recognized when tests are ordered, performed, and reported. Key revenue streams typically include (1) clinical testi...
MDxHealth Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but cautiously positive outlook: operationally the company is refocusing on its high-growth prostate cancer franchise with clear commercial integration wins (ExoDx transition, sales cross-training), AI initiatives, and a raised 2026 revenue target implying 20–26% growth. However, material near-term headwinds exist — most notably the strategic exit of the Resolve UTI business, a Novitas recoupment notice up to $10.4M, pro forma margin compression, and a wider operating loss driven by the ExoDx acquisition and integration — all of which create execution and liquidity considerations in the short term. Overall, management frames the Resolve exit as a proactive, value-accretive repositioning to prioritize scalable core growth while defending against payer recoupment risk.Positive Updates
Pro Forma Q1 Revenue Growth
Pro forma revenue for the core prostate cancer operations (excluding Resolve) was $23.9 million for Q1 2026, representing an 11% year-over-year increase and demonstrating continued commercial execution of the integrated sales team.
Negative Updates
Exit of Resolve UTI Business and Plano Lab Closure
Decided to discontinue the Resolve UTI offering and cease operations at the Plano, Texas laboratory due to reimbursement uncertainty — a strategic retreat that impacts thousands of patients and requires restructuring and wind-down activities.
Read all updates
Q1-2026 Updates
Positive
Negative
Pro Forma Q1 Revenue Growth
Pro forma revenue for the core prostate cancer operations (excluding Resolve) was $23.9 million for Q1 2026, representing an 11% year-over-year increase and demonstrating continued commercial execution of the integrated sales team.
Read all positive updates
Company Guidance
The company set updated 2026 revenue guidance for its core prostate cancer business (excluding Resolve) of $110.0–$115.0 million, implying ~20%–26% year‑over‑year growth; in Q1 as‑reported revenue was $27.4M (pro forma excluding Resolve $23.9M, up 11%), as‑reported gross profit was $16.6M (pro forma $15.0M) with a pro forma gross margin of 62.9% versus 68.0% in Q1 2025, as‑reported operating expenses were $23.9M (pro forma $22.9M) producing an as‑reported operating loss of $7.3M and a pro forma operating loss of $7.9M (vs. pro forma op loss $4.7M a year ago), as‑reported net loss was $8.9M (pro forma net loss $9.4M vs. $9.3M prior year), cash & cash equivalents were $43.2M as of March 31, 2026 (pro forma $28.2M after a $15.0M earn‑out paid April 15), and the company disclosed a Novitas recoupment notice of up to $10.4M related to Resolve claims (which it is appealing and does not currently expect to owe).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 | -14.01M | -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
1.39
Negative
2.30
Negative
3.10
Negative
Market Momentum
-0.24
Negative
20.67
Positive
32.26
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 above the 20-day moving average (MA) of 0.64, above the 50-day MA of 1.39, and below the 200-day MA of 3.10, indicating a bearish trend. The MACD of -0.24 indicates Negative momentum. The RSI at 20.67 is Positive, neither overbought nor oversold. The STOCH value of 32.26 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 0 New Risks
MDxHealth Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $174.08M | -5.08 | -2101.40% | ― | 29.05% | 29.88% | |
55 Neutral | $344.98M | -4.90 | -46.74% | ― | 167.42% | -22.94% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $109.69M | -5.37 | -113.53% | ― | 20.55% | -4.63% | |
50 Neutral | $68.53M | -2.74 | -41.02% | ― | -50.43% | 30.93% | |
44 Neutral | $76.26M | -0.87 | -10.96% | ― | -0.21% | 75.40% | |
43 Neutral | $27.89M | -1.04 | 402.97% | ― | 17.42% | 42.75% |
* Healthcare Sector Average
MDXH
MDxHealth
0.54
-1.44
-72.58%
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4.54
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BNR
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7.25
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BDSX
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16.81
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220.80%
PRE
Prenetics Group
20.50
11.54
128.79%
SERA
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1.75
-0.17
-8.85%
MDxHealth Corporate Events
Mdxhealth Exits Resolve Business, Refocuses on Prostate Cancer as Q1 2026 Revenue Rises 13%
May 13, 2026
On May 13, 2026, Mdxhealth reported first-quarter 2026 revenue of $27.4 million, up 13% year over year, with gross profit rising 7% to $16.6 million and net loss narrowing slightly to $8.9 million, while cash and equivalents stood at $43.2 million...
MDxHealth Sets May 28, 2026 Shareholders’ Meetings to Approve 2025 Accounts and Governance Moves
Apr 30, 2026
MDxHealth has called its ordinary and extraordinary general shareholders’ meetings for May 28, 2026, in Ghent, Belgium, and has furnished related materials to the U.S. Securities and Exchange Commission as of April 29, 2026. Shareholders wil...
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.