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MDxHealth (NASDAQ: MDXH) lifts 2025 revenue 20% and narrows loss

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(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

MDxHealth reported strong growth for the year ended December 31, 2025, with revenue up 20% to $107.9 million and fourth-quarter revenue up 19% to $29.5 million. Growth was driven mainly by its urology-focused precision diagnostic tests, with tissue-based tests providing most of sales.

Full-year gross profit rose 26% to $69.6 million, and gross margin improved to 64.5% from 61.2%, helped by better fixed-cost absorption. Operating expenses increased 5% to $84.0 million, reflecting acquisition-related costs and higher headcount tied to the ExoDx business.

The company reduced its operating loss to $14.4 million from $24.7 million, and net loss narrowed 12% to $33.5 million. Adjusted EBITDA improved sharply to a loss of $1.1 million from a loss of $14.7 million, indicating progress toward profitability. Cash and cash equivalents were $29.0 million at year-end.

For 2026, MDxHealth guides revenue to $137–140 million, implying 27–30% growth, and aims to reach an adjusted EBITDA margin of 10% exiting 2026.

Positive

  • Strong top-line and margin expansion: 2025 revenue grew 20% to $107.9 million, while gross profit rose 26% and gross margin improved to 64.5%, indicating healthier unit economics and better fixed-cost absorption.
  • Large improvement in profitability metrics: Operating loss narrowed from $24.7 million to $14.4 million, and adjusted EBITDA loss improved from $14.7 million to $1.1 million, showing significant operating leverage.

Negative

  • Ongoing losses and negative equity: Despite improvements, MDxHealth still posted a $33.5 million net loss in 2025 and ended the year with negative equity of $12.1 million, highlighting continued balance sheet strain.
  • Higher debt and lower cash: Loans and borrowings increased to $76.2 million while cash and cash equivalents fell to $29.0 million, raising the company’s financial leverage and reducing its liquidity cushion.

Insights

MDxHealth combines 20% revenue growth with a sharp improvement in adjusted EBITDA, though losses and leverage remain.

MDxHealth delivered full-year revenue of $107.9 million, up 20%, with gross margin expanding to 64.5%. This shows stronger unit economics as volume increases, supported by its prostate cancer and urology diagnostics portfolio and integration of the ExoDx acquisition.

Operating loss improved to $14.4 million from $24.7 million, and adjusted EBITDA loss shrank to $1.1 million from $14.7 million. This indicates meaningful operating leverage as expenses grew only 5% versus a 20% revenue increase.

However, the balance sheet shows pressure: equity was negative $12.1 million, loans and borrowings rose to $76.2 million, and cash declined to $29.0 million. Management’s 2026 revenue guidance of $137–140 million and a targeted 10% adjusted EBITDA margin exiting 2026 underscore a path toward profitability, but execution and funding will be important as future filings update progress.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2026

 

Commission File Number 001-40996

 

MDXHEALTH SA

(Translation of registrant’s name into English)

 

CAP Business Center

Zone Industrielle des Hauts-Sarts

4040 Herstal, Belgium

+1 (866) 259-5644

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F    Form 40-F

 

 

 

 

 

 

MDXHEALTH SA

 

On February 26, 2026, MDxHealth SA (the “Company”) announced that Ron Kalfus has been appointed interim Chief Financial Officer, effective February 26, 2026.

 

Additionally, on February 26, 2026, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1.

 

The information in the attached Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.

 

Exhibit No.   Description of Exhibit
99.1   Press Release, dated February 26, 2026

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  MDXHEALTH SA
     
Date: February 26, 2026 By: /s/ Michael McGarrity
    Name:  Michael McGarrity
    Title: Chief Executive Officer

 

 

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Exhibit 99.1

 

 

Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results

 

Fourth quarter revenue growth of 19% to $29.5 million

2025 revenue growth of 20% to $107.9 million

Conference call with Q&A today at 4:30 PM EST / 22:30 CET

 

IRVINE, California – February 26, 2026 (GlobeNewswire) – MDxHealth SA (NASDAQ: MDXH) (the “Company” or “mdxhealth”), a leader in urology-focused precision diagnostics, today announced its financial results for the fourth quarter and year ended December 31, 2025.

 

Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report another year of 20% revenue growth which reflects continued operating discipline and commercial execution by our team. Our consistent growth is a result of our strategy to build an incomparable menu of precision diagnostics for urologists and patients navigating the complex diagnostic pathway of prostate cancer.

 

“Our growth ambitions go well beyond where we have been and where we are today, which informs our confidence in sustainable growth going forward. We expect our business to accelerate in 2026, reflected in our 2026 guidance of $137-140 million representing 27-30% growth. We also expect to drive improved productivity and operating leverage, leading to a 10% adjusted EBITDA margin exiting 2026.”

 

Key Highlights:

 

2025 revenue of $107.9 million, an increase of 20% over 2024

 

Fourth quarter revenue of $29.5 million, an increase of 19% over prior year period

 

Fourth quarter adjusted EBITDA of ($2.1) million, a 53% increase over prior year period

 

Fourth quarter tissue-based (Confirm mdx and GPS) test volume of 11,201, a decrease of 5% over prior year period

 

Fourth quarter liquid-based (ExoDx, Select mdx, Resolve mdx, Germline) test volume of 27,486, an increase of 128% over prior year period

 

Year-end cash and cash equivalents balance of $29.0 million

 

Financial review for the fourth quarter and year ended December 31, 2025

 

   Three months ended
December 31
   Twelve months ended
December 31
 
USD in ’000 (except per share data) Unaudited  2025   2024   %
Change
   2025   2024   %
Change
 
Revenue   29,545    24,739    19%   107,875    90,049    20%
Cost of goods   (10,858)   (9,222)   18%   (38,242)   (34,908)   10%
Gross Profit   18,687    15,517    20%   69,633    55,141    26%
Operating expenses   (23,949)   (20,125)   19%   (84,041)   (79,863)   5%
Operating loss   (5,262)   (4,608)   14%   (14,408)   (24,722)   (42%)
Net loss   (8,928)   (6,841)   31%   (33,519)   (38,069)   (12%)
Adjusted EBITDA*   (2,112)   (1,378)   53%   (1,131)   (14,672)   (92%)
Basic and diluted loss per share   (0.17)   (0.14)   21%   (0.67)   (1.16)   (42%)

 

*A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Measures

 

 

 

 

Fourth Quarter 2025 Financial Results

 

Revenue increased 19% to $29.5 million compared to $24.7 million for the prior year period. Tissue-based tests accounted for 59% and 81% of total fourth quarter 2025 and 2024 revenue, respectively.

 

Gross profit increased 20% to $18.7 million compared to $15.5 million for the prior year period. Gross margins were 63.2% compared to 62.7% for the prior year period, an increase of 0.5 percentage point primarily attributed to economies of scale.

 

Operating expenses increased 19% to $23.9 million compared to $20.1 million for the prior year period, primarily driven by increases in headcount and other operating expenses related to the ExoDx acquisition.

 

Net loss increased 31% to $8.9 million compared to $6.8 million for the year period, driven by an increase of $3.1 million in net financial expenses, partially offset by a tax gain of $1.6 million.

 

Adjusted EBITDA was ($2.1) million, an increase of 53% compared to ($1.4) million for the same period last year.

 

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Measures.”

 

Full Year 2025 Financial Results

 

Revenue increased 20% to $107.9 million compared to $90.0 million for the prior year. Tissue-based tests accounted for 76% and 80% of total 2025 and 2024 revenue, respectively.

 

Gross profit increased 26% to $69.6 million compared to $55.1 million for the prior year. Gross margins were 64.5% compared to 61.2% for the prior year, an increase of 3.3 percentage points primarily attributed to economies of scale driven by improved fixed cost absorption.

 

Operating expenses increased 5% to $84.0 million compared to $79.9 million for the prior year, primarily driven by acquisition-related expenses as well as increases in headcount and other operating expenses related to the ExoDx acquisition.

 

Net loss decreased 12% to $33.5 million compared to $38.1 million for the prior year, driven by our $14.5 million increase in gross profit, partially offset by an increase in net financial expenses of $8.0 million.

 

Adjusted EBITDA was ($1.1) million, an improvement of 92% compared to ($14.7) million for the same period last year.

 

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Measures.”

 

Cash and cash equivalents as of December 31, 2025, were $29.0 million.

 

Outlook for 2026

 

The Company is maintaining its previously issued 2026 revenue guidance of $137-140 million and confirms its view of driving progress toward an adjusted EBITDA margin run rate of 10% exiting 2026.

 

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Conference Call

 

Michael K. McGarrity, Chief Executive Officer will host a conference call and Q&A session today at 4:30 PM EST / 22:30 CET. The call will be conducted in English and a replay will be available for 30 days.

 

To participate in the conference call, please select your phone number below:

 

United States: 1-844-825-9789

 

Int’l: 1-412-317-5180

 

United Kingdom: 0800 279 9489

 

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1753070&tp_key=27bce7d4de

 

To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled start time.

 

About mdxhealth

 

Mdxhealth is a leading precision diagnostics company that provides actionable molecular information to personalize patient diagnosis and treatment. The Company’s tests, based on proprietary genomic, epigenomic, exosomal and other molecular technologies, assist physicians with the diagnosis and prognosis of prostate cancer and other urologic diseases. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.

 

Non-IFRS disclosure

 

In addition to the Company’s financial results determined in accordance with IFRS, the Company provides adjusted EBITDA and adjusted EBITDA margin, non-IFRS measures that the Company determines to be useful in evaluating its operating performance. The Company defines adjusted EBITDA as net loss less interest expense, depreciation and amortization of intangible assets, impairment, share-based compensation, fair-value adjustments, debt extinguishment costs, provision for inventory obsolescence, reduction in force severance costs, ExoDx acquisition expenses, amendments related to the Exact Sciences earnout, income tax benefit (expense), and other financial and non-cash expenses. Management believes that presentation of non-IFRS financial measures provides useful supplemental information to investors and facilitates the analysis of the Company’s core operating results and comparison of operating results across reporting periods. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total revenue. The Company uses this non-IFRS financial information to establish budgets, manage the Company’s business, and set incentive and compensation arrangements. However, non-IFRS financial information is presented for supplemental information purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. For example, non-IFRS adjusted EBITDA excludes a number of expense items that are included in net loss. As a result, positive adjusted EBITDA may be achieved while a significant net loss persists. The Company’s presentation of expected non-IFRS adjusted EBITDA is a forward-looking statement about the Company’s future financial performance. This non-IFRS measure includes adjustments like share-based compensation, debt extinguishment costs, fair-value adjustments related to contingent considerations that are difficult to predict for future periods because the nature of the adjustments pertain to events that have not yet occurred. Additionally, management does not forecast many of the excluded items for internal use. Information reconciling forward-looking non-IFRS measures to IFRS measures is therefore not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from IFRS to calculate non-IFRS could significantly impact the Company’s IFRS results.

 

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Forward-Looking Statement: This press release contains forward-looking statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “potential,” “expect,” “will,” “goal,” “next,” “potential,” “aim,” “explore,” “forward,” “future,” and “believes” as well as similar expressions. Forward-looking statements contained in this release include, but are not limited to, statements regarding expected future operating results; our strategies, positioning, resources, capabilities and expectations for future events or performance; and the anticipated timing and benefits of our acquisitions, including estimated synergies and other financial impacts. Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyond the company’s control, and may turn out to be materially different. Examples of forward-looking statements include, among others, statements we make regarding expected future operating results, product development efforts, our strategies, positioning, resources, capabilities and expectations for future events or performance. Important factors that could cause actual results, conditions and events to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully and profitably market our products; the acceptance of our products and services by healthcare providers; our ability to achieve and maintain adequate levels of coverage or reimbursement for our current and future solutions we commercialize or may seek to commercialize; the willingness of health insurance companies and other payers to cover our products and services and adequately reimburse us for such products and services; changes in payer claims reimbursement practices and MDxHealth estimates regarding collection amounts for tests; our ability to obtain and maintain regulatory approvals and comply with applicable regulations; timing, progress and results of our research and development programs; the period over which we estimate our existing cash will be sufficient to fund our future operating expenses and capital expenditure requirements; our ability to remain in compliance with financial covenants made to and make scheduled payments to our creditors; the possibility that the anticipated benefits from our business acquisitions like our acquisition of the ExoDx and GPS prostate cancer businesses will not be realized in full or at all or may take longer to realize than expected; and the amount and nature of competition for our products and services. Other important risks and uncertainties are described in the Risk Factors sections of our most recent Annual Report on Form 20-F and in our other reports filed with the Securities and Exchange Commission. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.

 

NOTE: The mdxhealth logo, mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate Score, GPS mdx, Exosome Diagnostics, ExosomeDx, Exo mdx, ExoDx, ExoDx Prostate Intelliscore (EPI), and Monitor mdx are trademarks or registered trademarks of MDxHealth SA and its affiliates. The GPS test was formerly known as and is frequently referenced in guidelines, coverage policies, reimbursement decisions, manuscripts and other literature as Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate Score, and Oncotype Dx Prostate Cancer Assay, among others. The Oncotype DX trademark and all other trademarks and service marks, are the property of their respective owners.

 

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MDxHealth SA and Subsidiaries

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

 

   Three Months Ended
December 31,
   Year Ended
December 31,
 
In thousands of $ (except per share amounts)  2025   2024   2025   2024 
                 
Revenues  $29,545   $24,739   $107,875   $90,049 
Cost of sales (exclusive of amortization of intangible assets)   (10,858)   (9,222)   (38,242)   (34,908)
Gross profit   18,687    15,517    69,633    55,141 
Research and development expenses   (3,277)   (2,788)   (10,350)   (10,552)
Selling and marketing expenses   (12,233)   (9,701)   (42,564)   (40,981)
General and administrative expenses   (7,392)   (5,865)   (26,928)   (22,801)
Amortization of intangible assets   (1,253)   (1,330)   (5,192)   (4,905)
Other operating (expense) income, net   206    (441)   993    (624)
Operating loss   (5,262)   (4,608)   (14,408)   (24,722)
Financial expenses, net   (5,238)   (2,185)   (20,968)   (12,965)
Loss before income tax   (10,500)   (6,793)   (35,376)   (37,687)
Income tax   1,572    (48)   1,857    (382)
Loss for the period  $(8,928)  $(6,841)  $(33,519)  $(38,069)
                     
Loss per share attributable to parent                    
Basic and diluted  $(0.17)  $(0.14)  $(0.67)  $(1.16)

 

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

In thousands of $  December 31,
2025
   December 31,
2024
 
ASSETS        
Non-current assets        
Goodwill  $38,948   $35,926 
Intangible assets   39,424    40,592 
Property, plant and equipment   4,855    4,363 
Right-of-use assets   9,821    8,617 
Financial assets   1,496    936 
Total non-current assets   94,544    90,434 
           
Current assets          
Assets held-for-sale   940    - 
Inventories   6,741    3,869 
Trade receivables   14,675    14,440 
Prepaid expenses and other current assets   2,021    1,788 
Cash and cash equivalents   29,032    46,798 
Total current assets   53,409    66,895 
TOTAL ASSETS  $147,953   $157,329 
           
EQUITY          
Share capital  $219,209   $214,670 
Issuance premium   153,177    153,177 
Accumulated deficit   (403,034)   (369,515)
Share-based compensation   19,335    17,124 
Translation reserve   (781)   (615)
Total equity   (12,094)   14,841 
           
LIABILITIES          
Non-current liabilities          
Loans and borrowings   76,197    50,967 
Lease liabilities   8,509    7,413 
Other non-current financial liabilities   25,807    41,445 
Total non-current liabilities   110,513    99,825 
           
Current liabilities          
Loans and borrowings   -    324 
Lease liabilities   1,898    1,360 
Trade payables   10,330    8,001 
Other current liabilities   6,741    6,567 
Other current financial liabilities   30,565    26,411 
Total current liabilities   49,534    42,663 
Total liabilities   160,047    142,488 
TOTAL EQUITY AND LIABILITIES  $147,953   $157,329 

 

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

 

   Year Ended December 31, 
In thousands of $  2025   2024 
CASH FLOWS FROM OPERATING ACTIVITIES        
Operating loss  $(14,408)  $(24,722)
Depreciation   4,016    3,134 
Amortization of intangible assets   5,192    4,905 
Provision for inventory obsolescence   683    - 
Share-based compensation   2,211    1,725 
Other non-cash transactions   (822)   286 
Cash used in operations before working capital changes   (3,128)   (14,672)
           
Increase (-) in inventories   (1,931)   (1,090)
Decrease (+) / increase (-) in receivables   2,320    (3,226)
Increase (+) in payables   550    458 
Net cash outflow from operating activities   (2,189)   (18,530)
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of property, plant and equipment   (1,157)   (1,188)
Acquisition and generation of intangible assets   -    (971)
Acquisition of subsidiary – ExoDx   755    - 
Acquisition of subsidiary - contingent earnout payment   (19,658)   (555)
Interests received   1,502    1,078 
Net cash outflow from investing activities   (18,558)   (1,636)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of shares, net of transaction costs   -    40,739 
Proceeds from loan obligation   24,250    53,011 
Acquisition of subsidiary - contingent earnout payment (financing portion)   (8,313)   - 
Repayment of loan obligation and debt extinguishment costs   (324)   (39,540)
Amendment fee related to OrbiMed / GPS agreement   -    (550)
Payment of lease liability   (2,322)   (1,883)
Payment of interest   (9,730)   (6,702)
Other financial expenses   (596)   (477)
Net cash inflow from financing activities   2,965    44,598 
           
Net increase in cash and cash equivalents   (17,782)   24,432 
           
Cash and cash equivalents at beginning of the financial year   46,798    22,380 
Effect on exchange rate changes   16    (14)
Cash and cash equivalents at end of the financial year  $29,032   $46,798 

 

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UNAUDITED RECONCILIATION OF IFRS TO NON-IFRS FINANCIAL MEASURES

 

   Three Months Ended
December 31,
   Year Ended
December 31,
 
In thousands of $  2025   2024   2025   2024 
                 
IFRS net loss  $(8,928)  $(6,841)  $(33,519)  $(38,069)
Amortization of intangible assets   1,253    1,330    5,192    4,905 
Depreciation and impairment   1,188    863    4,198    3,134 
Share-based compensation expense   693    666    2,211    1,725 
Interest expense, net   2,834    1,589    10,114    6,551 
Provision for inventory obsolescence   (111)   -    683    - 
Reduction in force severance costs   -    -    335    - 
Debt extinguishment costs   -    -    -    3,130 
ExoDx transaction expenses   96    -    1,662    - 
Fair value adjustments (1)   2,178    483    10,148    2,961 
Other adjustments (2)   257    484    (298)   609 
Income tax   (1,572)   48    (1,857)   382 
Adjusted EBITDA  $(2,112)  $(1,378)  $(1,131)  $(14,672)

 

1)Primarily related to GPS and ExoDx contingent considerations, option to pay Bio-Techne and Exact Sciences earnout in shares, and prepayment right of the OrbiMed loan
2)Bank fees and other non-cash expenses

 

For more information:

info@mdxhealth.com

 

LifeSci Advisors (IR & PR)
John Fraunces, Managing Director
Tel: +1 917 355 2395
jfraunces@lifesciadvisors.com

 

 

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FAQ

How did MDXH perform financially in full-year 2025?

MDxHealth delivered strong growth in 2025, with revenue rising 20% to $107.9 million. Gross profit increased 26% to $69.6 million, and gross margin improved to 64.5%, although the company still reported a net loss of $33.5 million for the year.

What were MDXH’s fourth-quarter 2025 results?

In the fourth quarter of 2025, MDxHealth grew revenue 19% to $29.5 million. Gross profit rose to $18.7 million, with gross margin at 63.2%. The company reported a quarterly net loss of $8.9 million but continued to improve its operating performance.

How is MDXH progressing toward profitability?

MDxHealth significantly narrowed its adjusted EBITDA loss in 2025 to $1.1 million from $14.7 million in 2024. Operating loss also improved to $14.4 million. Management targets an adjusted EBITDA margin of about 10% exiting 2026, reflecting focus on operating leverage.

What guidance did MDXH provide for 2026 revenue?

For 2026, MDxHealth reaffirmed revenue guidance of $137–140 million, implying growth of roughly 27–30% over 2025. Management also reiterated its goal of reaching an adjusted EBITDA margin run rate of about 10% by the end of 2026.

What is MDXH’s cash and debt position at year-end 2025?

At December 31, 2025, MDxHealth held $29.0 million in cash and cash equivalents. Loans and borrowings totaled approximately $76.2 million. The company’s balance sheet shows negative equity, emphasizing the importance of continued cash management and performance improvements.

How did the ExoDx acquisition impact MDXH’s 2025 results?

The ExoDx acquisition contributed to higher operating expenses in 2025 through increased headcount and related costs. At the same time, management attributes part of its revenue growth and improved gross margins to scale benefits and integration of the ExoDx business into MDxHealth’s diagnostics portfolio.

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