Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results
- 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
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2025
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2024
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2025
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2024
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| 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%) | ||
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 "
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 "
Cash and cash equivalents as of December 31, 2025, were $29.0 million.
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.
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:
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled
start time.
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.
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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MDxHealth SA and Subsidiaries |
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
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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