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MDXH

MDxHealth S.A.

MDXH

MDxHealth S.A. • NASDAQ
$3.69 ▲ 0.54% (+0.02)
Market Cap $182.65 M
52w High $5.33
52w Low $1.35
Dividend Yield 0%
P/E -7.1
Volume 44.62K
Outstanding Shares 49.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $53.21M ▲ $38.966M ▲ $-14.744M ▼ -27.709% $-0.3 ▼ $700K ▲
Q2-2025 $26.605M ▲ $19.483M ▼ $-7.372M ▲ -27.709% ▲ $-0.15 ▲ $350K ▲
Q1-2025 $24.292M ▼ $20.092M ▼ $-9.209M ▲ -37.91% ▼ $-0.19 ▲ $-1.649M ▲
Q4-2024 $48.056M ▲ $40.492M ▲ $-18.03M ▼ -37.519% ▲ $-0.54 ▼ $-6.162M ▼
Q3-2024 $23.317M $20.367M $-11.189M -47.986% $-0.4 $-3.747M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $32.014M ▼ $154.279M ▲ $162.542M ▲ $-8.263M ▼
Q2-2025 $32.811M ▼ $140.633M ▼ $141.516M ▼ $-883K ▼
Q1-2025 $65.672M ▲ $174.833M ▲ $168.865M ▲ $5.968M ▼
Q4-2024 $46.798M ▼ $157.329M ▼ $142.488M ▲ $14.841M ▼
Q3-2024 $49.272M $157.408M $140.414M $16.994M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-3.832M ▼ $-4.062M ▼ $-20.813M ▼ $-8.537M ▲ $-32.861M $-3.922M ▼
Q2-2025 $-1.916M ▲ $-1.597M ▲ $-19.589M ▼ $-11.686M ▼ $-32.861M ▼ $-1.961M ▲
Q1-2025 $-9.209M ▲ $-4.102M ▲ $-476K ▼ $23.445M ▼ $18.874M ▲ $-4.578M ▲
Q4-2024 $-10.7M ▼ $-8.737M ▼ $-242K ▼ $34.438M ▲ $-2.474M ▼ $-9.139M ▼
Q3-2024 $-6.092M $-5.619M $-13K $33.554M $27.928M $-5.829M

Five-Year Company Overview

Income Statement

Income Statement MDxHealth is clearly a growth-stage company: sales have been climbing steadily over the past several years, and gross profit has risen in line with that growth. At the same time, the business is still losing money, with operating and net losses recurring every year. The positive side is that losses have not grown in step with revenue; they appear relatively stable while sales expand, which suggests some operating leverage and improving efficiency. However, the company remains meaningfully unprofitable, and future progress will depend on scaling revenue fast enough to cover its fixed costs and commercial infrastructure.

Balance Sheet

Balance Sheet The balance sheet shows a small but gradually expanding asset base, consistent with a young company investing to build out its platform. Cash levels have moved around from year to year but have recently improved compared with some prior lows, giving the company a bit more breathing room. Debt has increased compared with earlier years, so leverage is more noticeable now, while equity stays quite thin, which limits the financial cushion. Overall, the balance sheet is functional but not robust; maintaining access to capital and managing debt prudently will be important if losses continue.

Cash Flow

Cash Flow MDxHealth is still consuming rather than generating cash. Operating cash flow has been consistently negative, reflecting ongoing losses and the costs of commercial expansion. Free cash flow is also negative, though capital spending is relatively light, so most of the cash burn is tied to day‑to‑day operations rather than heavy investment in equipment. There are tentative signs of gradual improvement in cash outflows, but the company remains dependent on external funding or future profitability to sustain its activities over time.

Competitive Edge

Competitive Edge Within urology and especially prostate cancer diagnostics, MDxHealth has carved out a focused niche. Its main strength is offering a “one‑stop” menu of tests that cover the entire prostate cancer journey—from deciding who needs a biopsy, to confirming negative biopsies, to guiding treatment once cancer is found. This integrated approach, combined with existing commercial relationships with urologists and payers, creates switching costs and convenience for clinicians. On the other hand, the company operates in a competitive diagnostics landscape with larger, better-funded players, and its relatively small scale and continuing losses mean its position, while differentiated, is not unassailable.

Innovation and R&D

Innovation and R&D Innovation is a core asset for MDxHealth. The company’s expertise in epigenetics (DNA methylation) and mRNA biomarkers underpins several distinctive tests, such as ConfirmMDx and SelectMDx, which address clear gaps in standard prostate cancer screening and biopsy practices. Its intellectual property, clinical validation, and focus on meaningful clinical questions give it a technological edge. The pipeline—such as the planned AS‑MDx test for patients under active surveillance—and expansion into related areas like rapid UTI testing show that MDxHealth is trying to leverage its scientific platform into a broader test menu. The main risk is execution: successfully validating, gaining reimbursement for, and commercializing new tests is costly, time-consuming, and uncertain.

Summary

MDxHealth is a specialized, innovation-driven diagnostics company with growing revenue and a distinctive position in urological cancer testing, but it remains firmly in the investment and scale‑up phase. Financially, the story is one of rising sales but persistent losses, a modest and somewhat leveraged balance sheet, and ongoing cash burn. Strategically, the company’s strength lies in its focused prostate cancer ecosystem, proprietary epigenetic and mRNA technologies, and expanding product suite. The key questions going forward are whether it can convert its scientific and commercial advantages into sustainable profitability, secure broad and durable reimbursement, and manage its capital needs without overextending its balance sheet.

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