MDxHealth S.A. (MDXH) 10-Year Financial Performance & Capital Metrics

MDXH • • Industrial / General

HealthcareDiagnostics & ResearchCancer Diagnostics & Oncology TestingCancer Genomic Profiling

AboutMDxHealth 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.Show more

Revenue $90M +28.3%
EBITDA -$17M +18.5%
Net Income -$38M +11.7%
EPS (Diluted) -1.16 +30.1%
Gross Margin 61.23% -2.2%
EBITDA Margin -18.53% +36.5%
Operating Margin -27.45% +29.5%
Net Margin -42.28% +31.1%
ROE -345.31% +33.8%
ROIC -68.42% +0.4%
Debt/Equity 4.05 -29.3%
Interest Coverage -3.24 +31.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 50.2%

✗Weaknesses

✗High debt to equity ratio of 4.0x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 87.8% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y22.87%

5Y50.19%

3Y59.39%

TTM127.49%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM10.36%

EPS CAGR

10Y-

5Y-

3Y-

TTM63.59%

ROCE

10Y Avg-53.28%

5Y Avg-55.09%

3Y Avg-31.85%

Latest-22.05%

Peer Comparison

Cancer Genomic Profiling

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CSTLCastle Biosciences, Inc.	1.19B	40.75	65.73	51.09%	-3.56%	-2.62%	3.07%	0.06
MYNZMainz Biomed B.V.	10.78M	1.19	-0.05	-0.17%	-24.92%	-6.63%		0.54
BNRBurning Rock Biotech Limited	301.02M	33.32	-0.99	-4.02%	-22.48%	-22.06%		0.09
MDXHMDxHealth S.A.	190.56M	3.71	-3.20	28.29%	-40.43%	-345.31%		4.05
PSNLPersonalis, Inc.	853.41M	9.61	-7.01	15.15%	-106.92%	-43.1%		0.22
EXASExact Sciences Corporation	19.44B	102.34	-18.31	10.37%	-32.01%	-39.44%	0.38%	1.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.47M	29.87M	40.51M	28.34M	11.79M	18.46M	22.24M	37.05M	70.19M	90.05M
Revenue Growth %	0.52%	0.71%	0.36%	-0.3%	-0.58%	0.57%	0.2%	0.67%	0.89%	0.28%
Cost of Goods Sold+	6.91M	10.1M	10.2M	11.65M	11.93M	10.42M	11.68M	17.84M	26.26M	34.91M
COGS % of Revenue	0.4%	0.34%	0.25%	0.41%	1.01%	0.56%	0.52%	0.48%	0.37%	0.39%
Gross Profit+	10.56M	19.76M	30.3M	16.69M	-144K	8.04M	10.56M	19.22M	43.93M	55.14M
Gross Margin %	0.6%	0.66%	0.75%	0.59%	-0.01%	0.44%	0.48%	0.52%	0.63%	0.61%
Gross Profit Growth %	1.1%	0.87%	0.53%	-0.45%	-1.01%	56.86%	0.31%	0.82%	1.29%	0.26%
Operating Expenses+	24.94M	32.61M	42.58M	48.78M	43.02M	35.17M	37.41M	57.12M	71.26M	79.86M
OpEx % of Revenue	1.43%	1.09%	1.05%	1.72%	3.65%	1.91%	1.68%	1.54%	1.02%	0.89%
Selling, General & Admin	8.99M	11.56M	13.51M	15.26M	10.1M	28.61M	30.22M	50.12M	59.92M	61.4M
SG&A % of Revenue	0.51%	0.39%	0.33%	0.54%	0.86%	1.55%	1.36%	1.35%	0.85%	0.68%
Research & Development	2.1M	-332K	1.83M	1.81M	9M	4.54M	5.59M	7.56M	6.38M	10.55M
R&D % of Revenue	0.12%	-0.01%	0.05%	0.06%	0.76%	0.25%	0.25%	0.2%	0.09%	0.12%
Other Operating Expenses	13.85M	21.39M	27.25M	31.71M	23.92M	2.01M	1.6M	-559K	4.96M	7.92M
Operating Income+	-14.38M	-12.85M	-12.27M	-32.1M	-43.17M	-27.12M	-26.84M	-37.9M	-27.33M	-24.72M
Operating Margin %	-0.82%	-0.43%	-0.3%	-1.13%	-3.66%	-1.47%	-1.21%	-1.02%	-0.39%	-0.27%
Operating Income Growth %	0.06%	0.11%	0.04%	-1.62%	-0.34%	0.37%	0.01%	-0.41%	0.28%	0.1%
EBITDA+	-13.5M	-11.13M	-10.06M	-29.16M	-39.75M	-23.79M	-23.8M	-32.99M	-20.47M	-16.68M
EBITDA Margin %	-0.77%	-0.37%	-0.25%	-1.03%	-3.37%	-1.29%	-1.07%	-0.89%	-0.29%	-0.19%
EBITDA Growth %	0.1%	0.18%	0.1%	-1.9%	-0.36%	0.4%	-0%	-0.39%	0.38%	0.18%
D&A (Non-Cash Add-back)	881K	1.72M	2.21M	2.94M	3.42M	3.33M	3.04M	4.91M	6.86M	8.04M
EBIT	-14.21M	-12.85M	-12.4M	-32.41M	-43.16M	-27.31M	-27.13M	-41.3M	-37.33M	-30.06M
Net Interest Income+	-86K	-436K	-122K	-61K	-506K	-1.54M	-1.87M	-2.62M	-4.68M	-6.55M
Interest Income	13K	6K	0	21K	10K	4K	11K	125K	1.09M	1.08M
Interest Expense	99K	0	122K	82K	516K	1.54M	1.88M	2.74M	5.77M	7.63M
Other Income/Expense	-91K	-441K	-127K	-393K	-506K	-1.54M	-2.16M	-6.14M	-15.77M	-12.96M
Pretax Income+	-14.47M	-13.29M	-12.4M	-32.49M	-43.67M	-28.66M	-29M	-44.04M	-43.1M	-37.69M
Pretax Margin %	-0.83%	-0.44%	-0.31%	-1.15%	-3.71%	-1.55%	-1.3%	-1.19%	-0.61%	-0.42%
Income Tax+	86K	-113K	-113K	-41K	-575K	0	0	0	1K	382K
Effective Tax Rate %	1%	0.99%	0.99%	1%	0.99%	1%	1%	1%	1%	1.01%
Net Income+	-14.47M	-13.17M	-12.29M	-32.45M	-43.1M	-28.66M	-29M	-44.04M	-43.1M	-38.07M
Net Margin %	-0.83%	-0.44%	-0.3%	-1.15%	-3.66%	-1.55%	-1.3%	-1.19%	-0.61%	-0.42%
Net Income Growth %	0.05%	0.09%	0.07%	-1.64%	-0.33%	0.33%	-0.01%	-0.52%	0.02%	0.12%
Net Income (Continuing)	-14.47M	-13.17M	-12.29M	-32.45M	-43.1M	-28.66M	-29M	-44.04M	-43.1M	-38.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.51	-2.86	-2.46	-5.63	-6.89	-3.44	-2.38	-2.78	-1.66	-1.16
EPS Growth %	0.2%	0.19%	0.14%	-1.29%	-0.22%	0.5%	0.31%	-0.17%	0.4%	0.3%
EPS (Basic)	-3.51	-2.86	-2.46	-5.63	-6.89	-3.44	-2.38	-2.78	-1.66	-0.78
Diluted Shares Outstanding	4.13M	4.61M	4.99M	5.76M	6.26M	8.32M	12.19M	15.87M	25.91M	48.67M
Basic Shares Outstanding	4.13M	4.61M	4.99M	5.76M	6.26M	8.32M	12.19M	15.87M	25.91M	48.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	44.65M	51.49M	39.32M	47.86M	30.91M	23.09M	66.61M	29.15M	38.16M	66.89M
Cash & Short-Term Investments	30.52M	30.51M	16.83M	26.2M	22.1M	15.95M	58.59M	15.6M	22.38M	46.8M
Cash Only	30.52M	30.51M	16.83M	26.2M	22.05M	15.95M	58.5M	15.5M	22.38M	46.8M
Short-Term Investments	0	0	0	0	51K	0	89K	101K	0	0
Accounts Receivable	11.21M	18.54M	19.93M	19.13M	6.64M	3.89M	4.58M	9.36M	11.27M	14.53M
Days Sales Outstanding	234.17	226.51	179.59	246.42	205.81	76.99	75.2	92.17	58.61	58.9
Inventory	1.43M	1.48M	1.92M	1.81M	1.19M	2.32M	1.91M	2.33M	2.78M	3.87M
Days Inventory Outstanding	75.43	53.43	68.65	56.6	36.47	81.44	59.74	47.62	38.62	40.45
Other Current Assets	119K	-37K	24K	104K	54K	52K	504K	151K	146K	135K
Total Non-Current Assets+	13.1M	16.23M	19.2M	17.61M	9.72M	8.77M	8.47M	89.99M	90.97M	90.43M
Property, Plant & Equipment	1.89M	2.26M	2.57M	2.07M	2.45M	3.71M	5.02M	7.89M	9.95M	12.98M
Fixed Asset Turnover	9.25x	13.22x	15.77x	13.66x	4.81x	4.98x	4.43x	4.69x	7.06x	6.94x
Goodwill	1.15M	1.15M	1.15M	1.15M	0	0	0	35.93M	35.93M	35.93M
Intangible Assets	10.03M	12.83M	15.49M	14.39M	7.27M	5.06M	3.45M	46.17M	44.34M	40.59M
Long-Term Investments	33K	0	0	0	0	0	0	0	763K	936K
Other Non-Current Assets	33K	0	0	0	0	0	1	0	0	0
Total Assets+	57.74M	67.72M	58.52M	65.48M	40.63M	31.86M	75.07M	119.14M	129.13M	157.33M
Asset Turnover	0.30x	0.44x	0.69x	0.43x	0.29x	0.58x	0.30x	0.31x	0.54x	0.57x
Asset Growth %	0.87%	0.17%	-0.14%	0.12%	-0.38%	-0.22%	1.36%	0.59%	0.08%	0.22%
Total Current Liabilities+	10.82M	12.59M	13.12M	11.48M	10.43M	13.02M	16.43M	18.28M	19.52M	42.66M
Accounts Payable	6.61M	7.55M	8.05M	6.45M	4.96M	5.32M	7.46M	10.18M	8.81M	8M
Days Payables Outstanding	349.41	272.62	288.16	202.14	151.7	186.42	233.07	208.3	122.45	83.66
Short-Term Debt	440K	430K	191K	147K	565K	2.82M	4.44M	616K	643K	324K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	0	0	472K	0
Other Current Liabilities	975K	1.08M	883K	402K	909K	-2.31M	961K	2.33M	2.9M	26.41M
Current Ratio	4.12x	4.09x	3.00x	4.17x	2.96x	1.77x	4.05x	1.59x	1.95x	1.57x
Quick Ratio	3.99x	3.97x	2.85x	4.01x	2.85x	1.59x	3.94x	1.47x	1.81x	1.48x
Cash Conversion Cycle	-39.81	7.33	-39.92	100.89	90.58	-27.99	-98.12	-68.5	-25.22	15.7
Total Non-Current Liabilities+	2.65M	2.39M	1.86M	1.88M	10.48M	12.99M	11.74M	91.54M	102.4M	99.83M
Long-Term Debt	408K	108K	147K	0	9.05M	10.28M	7.65M	34.91M	35.56M	50.97M
Capital Lease Obligations	0	0	376K	262K	735K	2.02M	2.62M	3.09M	3.58M	7.41M
Deferred Tax Liabilities	842K	729K	616K	575K	0	0	0	0	0	0
Other Non-Current Liabilities	1.39M	1.55M	661K	1.04M	690K	690K	1.47M	53.54M	63.26M	41.45M
Total Liabilities	13.48M	14.98M	14.97M	13.36M	20.9M	26.01M	28.17M	109.82M	121.92M	142.49M
Total Debt+	848K	538K	884K	526K	11M	15.87M	15.56M	39.79M	41.27M	60.06M
Net Debt	-29.67M	-29.97M	-15.94M	-25.68M	-11.05M	-82K	-42.94M	24.29M	18.89M	13.27M
Debt / Equity	0.02x	0.01x	0.02x	0.01x	0.56x	2.71x	0.33x	4.27x	5.72x	4.05x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-145.27x	-	-100.61x	-391.44x	-83.66x	-17.58x	-14.32x	-13.82x	-4.73x	-3.24x
Total Equity+	44.26M	52.74M	43.55M	52.12M	19.72M	5.85M	46.9M	9.31M	7.21M	14.84M
Equity Growth %	0.86%	0.19%	-0.17%	0.2%	-0.62%	-0.7%	7.02%	-0.8%	-0.23%	1.06%
Book Value per Share	10.72	11.45	8.72	9.05	3.15	0.70	3.85	0.59	0.28	0.30
Total Shareholders' Equity	44.26M	52.74M	43.55M	52.12M	19.72M	5.85M	46.9M	9.31M	7.21M	14.84M
Common Stock	42.79M	45.85M	45.95M	53.88M	70.72M	76.72M	143.42M	148.42M	173.93M	214.67M
Retained Earnings	-85.63M	-98.8M	-111.09M	-143.54M	-186.64M	-215.3M	-244.3M	-288.35M	-331.45M	-369.51M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-722K	-686K	1.24M	-1.17M	-704K	8.08M	-5.39M	-3.94M	11.55M	-615K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-14.39M	-16.59M	-10.49M	-28.54M	-22.29M	-20.24M	-22.55M	-34.12M	-21.5M	-18.53M
Operating CF Margin %	-0.82%	-0.56%	-0.26%	-1.01%	-1.89%	-1.1%	-1.01%	-0.92%	-0.31%	-0.21%
Operating CF Growth %	0.22%	-0.15%	0.37%	-1.72%	0.22%	0.09%	-0.11%	-0.51%	0.37%	0.14%
Net Income	-14.38M	-12.85M	-12.27M	-32.1M	-43.17M	-27.12M	-26.84M	-37.9M	-27.33M	-24.72M
Depreciation & Amortization	881K	1.72M	1.89M	2.94M	3.42M	3.33M	3.04M	4.91M	6.86M	8.04M
Stock-Based Compensation	437K	568K	943K	1.01M	872K	1.29M	1.22M	867K	665K	1.73M
Deferred Taxes	0	113K	-14K	0	6.29M	0	0	0	0	0
Other Non-Cash Items	-5K	-12K	-25K	-97K	1K	299K	-325K	-429K	421K	286K
Working Capital Changes	-1.32M	-6.13M	-1M	-291K	10.29M	1.95M	360K	-1.56M	-2.12M	-3.86M
Change in Receivables	-3.11M	-7.57M	-1.43M	717K	12.19M	2.85M	-1.38M	-5.12M	-1.68M	-3.23M
Change in Inventory	-567K	-52K	-440K	112K	615K	-1.13M	413K	-416K	-452K	-1.09M
Change in Payables	2.35M	1.49M	867K	-1.12M	-2.51M	0	0	0	0	0
Cash from Investing+	-7.58M	-5.32M	-6.05M	-1.34M	-73K	-537K	-885K	-29.04M	-3.93M	-1.64M
Capital Expenditures	-2.1M	-4.88M	-4.86M	-1.34M	-73K	-537K	-896K	-2.79M	-2.75M	-1.19M
CapEx % of Revenue	0.12%	0.16%	0.12%	0.05%	0.01%	0.03%	0.04%	0.08%	0.04%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-86K	-431K	-88K	-912K	0	0	11K	-1.25M	-1.18M	-448K
Cash from Financing+	35.04M	21.09M	573K	41.67M	17.96M	14.29M	66.5M	20.72M	32.28M	44.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	227K	-393K	-324K	-1.07M	-1.01M	-1.41M	-4.05M	-7.73M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-16.5M	-21.47M	-15.35M	-29.89M	-22.36M	-20.78M	-23.44M	-38.28M	-26.52M	-20.69M
FCF Margin %	-0.94%	-0.72%	-0.38%	-1.05%	-1.9%	-1.13%	-1.05%	-1.03%	-0.38%	-0.23%
FCF Growth %	0.17%	-0.3%	0.29%	-0.95%	0.25%	0.07%	-0.13%	-0.63%	0.31%	0.22%
FCF per Share	-4.00	-4.66	-3.08	-5.19	-3.57	-2.50	-1.92	-2.41	-1.02	-0.43
FCF Conversion (FCF/Net Income)	0.99x	1.26x	0.85x	0.88x	0.52x	0.71x	0.78x	0.77x	0.50x	0.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-42.54%	-27.16%	-25.52%	-67.84%	-119.99%	-224.16%	-109.96%	-156.7%	-521.7%	-345.31%
Return on Invested Capital (ROIC)	-110.81%	-51.57%	-36.55%	-89.09%	-184.4%	-281.69%	-414.04%	-151.35%	-68.66%	-68.42%
Gross Margin	60.47%	66.17%	74.81%	58.88%	-1.22%	43.58%	47.5%	51.87%	62.58%	61.23%
Net Margin	-82.86%	-44.11%	-30.33%	-114.51%	-365.72%	-155.27%	-130.41%	-118.86%	-61.4%	-42.28%
Debt / Equity	0.02x	0.01x	0.02x	0.01x	0.56x	2.71x	0.33x	4.27x	5.72x	4.05x
Interest Coverage	-145.27x	-	-100.61x	-391.44x	-83.66x	-17.58x	-14.32x	-13.82x	-4.73x	-3.24x
FCF Conversion	0.99x	1.26x	0.85x	0.88x	0.52x	0.71x	0.78x	0.77x	0.50x	0.49x
Revenue Growth	52.16%	70.99%	35.63%	-30.04%	-58.41%	56.64%	20.47%	66.62%	89.43%	28.29%

Revenue by Segment

	2022	2023
Services Member	36.97M	69.97M
Services Member Growth	-	89.27%

Revenue by Geography

	2022	2023
America Member	36.77M	69.71M
America Member Growth	-	89.59%
Europe	277K	-
Europe Growth	-	-

Frequently Asked Questions

Growth & Financials

MDxHealth S.A. (MDXH) reported $182.0M in revenue for fiscal year 2024. This represents a 5126% increase from $3.5M in 2011.

MDxHealth S.A. (MDXH) grew revenue by 28.3% over the past year. This is strong growth.

MDxHealth S.A. (MDXH) reported a net loss of $73.6M for fiscal year 2024.

Dividend & Returns

MDxHealth S.A. (MDXH) has a return on equity (ROE) of -345.3%. Negative ROE indicates the company is unprofitable.

MDxHealth S.A. (MDXH) had negative free cash flow of $38.1M in fiscal year 2024, likely due to heavy capital investments.

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MDxHealth S.A. (MDXH) 10-Year Financial Performance & Capital Metrics

MDXH • • Industrial / General

HealthcareDiagnostics & ResearchCancer Diagnostics & Oncology TestingCancer Genomic Profiling

Revenue $90M +28.3%
EBITDA -$17M +18.5%
Net Income -$38M +11.7%
EPS (Diluted) -1.16 +30.1%
Gross Margin 61.23% -2.2%
EBITDA Margin -18.53% +36.5%
Operating Margin -27.45% +29.5%
Net Margin -42.28% +31.1%
ROE -345.31% +33.8%
ROIC -68.42% +0.4%
Debt/Equity 4.05 -29.3%
Interest Coverage -3.24 +31.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 50.2%

✗Weaknesses

✗High debt to equity ratio of 4.0x
✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 87.8% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y22.87%

5Y50.19%

3Y59.39%

TTM127.49%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM10.36%

EPS CAGR

10Y-

5Y-

3Y-

TTM63.59%

ROCE

10Y Avg-53.28%

5Y Avg-55.09%

3Y Avg-31.85%

Latest-22.05%

Peer Comparison

Cancer Genomic Profiling

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CSTLCastle Biosciences, Inc.	1.19B	40.75	65.73	51.09%	-3.56%	-2.62%	3.07%	0.06
MYNZMainz Biomed B.V.	10.78M	1.19	-0.05	-0.17%	-24.92%	-6.63%		0.54
BNRBurning Rock Biotech Limited	301.02M	33.32	-0.99	-4.02%	-22.48%	-22.06%		0.09
MDXHMDxHealth S.A.	190.56M	3.71	-3.20	28.29%	-40.43%	-345.31%		4.05
PSNLPersonalis, Inc.	853.41M	9.61	-7.01	15.15%	-106.92%	-43.1%		0.22
EXASExact Sciences Corporation	19.44B	102.34	-18.31	10.37%	-32.01%	-39.44%	0.38%	1.15

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	17.47M	29.87M	40.51M	28.34M	11.79M	18.46M	22.24M	37.05M	70.19M	90.05M
Revenue Growth %	0.52%	0.71%	0.36%	-0.3%	-0.58%	0.57%	0.2%	0.67%	0.89%	0.28%
Cost of Goods Sold+	6.91M	10.1M	10.2M	11.65M	11.93M	10.42M	11.68M	17.84M	26.26M	34.91M
COGS % of Revenue	0.4%	0.34%	0.25%	0.41%	1.01%	0.56%	0.52%	0.48%	0.37%	0.39%
Gross Profit+	10.56M	19.76M	30.3M	16.69M	-144K	8.04M	10.56M	19.22M	43.93M	55.14M
Gross Margin %	0.6%	0.66%	0.75%	0.59%	-0.01%	0.44%	0.48%	0.52%	0.63%	0.61%
Gross Profit Growth %	1.1%	0.87%	0.53%	-0.45%	-1.01%	56.86%	0.31%	0.82%	1.29%	0.26%
Operating Expenses+	24.94M	32.61M	42.58M	48.78M	43.02M	35.17M	37.41M	57.12M	71.26M	79.86M
OpEx % of Revenue	1.43%	1.09%	1.05%	1.72%	3.65%	1.91%	1.68%	1.54%	1.02%	0.89%
Selling, General & Admin	8.99M	11.56M	13.51M	15.26M	10.1M	28.61M	30.22M	50.12M	59.92M	61.4M
SG&A % of Revenue	0.51%	0.39%	0.33%	0.54%	0.86%	1.55%	1.36%	1.35%	0.85%	0.68%
Research & Development	2.1M	-332K	1.83M	1.81M	9M	4.54M	5.59M	7.56M	6.38M	10.55M
R&D % of Revenue	0.12%	-0.01%	0.05%	0.06%	0.76%	0.25%	0.25%	0.2%	0.09%	0.12%
Other Operating Expenses	13.85M	21.39M	27.25M	31.71M	23.92M	2.01M	1.6M	-559K	4.96M	7.92M
Operating Income+	-14.38M	-12.85M	-12.27M	-32.1M	-43.17M	-27.12M	-26.84M	-37.9M	-27.33M	-24.72M
Operating Margin %	-0.82%	-0.43%	-0.3%	-1.13%	-3.66%	-1.47%	-1.21%	-1.02%	-0.39%	-0.27%
Operating Income Growth %	0.06%	0.11%	0.04%	-1.62%	-0.34%	0.37%	0.01%	-0.41%	0.28%	0.1%
EBITDA+	-13.5M	-11.13M	-10.06M	-29.16M	-39.75M	-23.79M	-23.8M	-32.99M	-20.47M	-16.68M
EBITDA Margin %	-0.77%	-0.37%	-0.25%	-1.03%	-3.37%	-1.29%	-1.07%	-0.89%	-0.29%	-0.19%
EBITDA Growth %	0.1%	0.18%	0.1%	-1.9%	-0.36%	0.4%	-0%	-0.39%	0.38%	0.18%
D&A (Non-Cash Add-back)	881K	1.72M	2.21M	2.94M	3.42M	3.33M	3.04M	4.91M	6.86M	8.04M
EBIT	-14.21M	-12.85M	-12.4M	-32.41M	-43.16M	-27.31M	-27.13M	-41.3M	-37.33M	-30.06M
Net Interest Income+	-86K	-436K	-122K	-61K	-506K	-1.54M	-1.87M	-2.62M	-4.68M	-6.55M
Interest Income	13K	6K	0	21K	10K	4K	11K	125K	1.09M	1.08M
Interest Expense	99K	0	122K	82K	516K	1.54M	1.88M	2.74M	5.77M	7.63M
Other Income/Expense	-91K	-441K	-127K	-393K	-506K	-1.54M	-2.16M	-6.14M	-15.77M	-12.96M
Pretax Income+	-14.47M	-13.29M	-12.4M	-32.49M	-43.67M	-28.66M	-29M	-44.04M	-43.1M	-37.69M
Pretax Margin %	-0.83%	-0.44%	-0.31%	-1.15%	-3.71%	-1.55%	-1.3%	-1.19%	-0.61%	-0.42%
Income Tax+	86K	-113K	-113K	-41K	-575K	0	0	0	1K	382K
Effective Tax Rate %	1%	0.99%	0.99%	1%	0.99%	1%	1%	1%	1%	1.01%
Net Income+	-14.47M	-13.17M	-12.29M	-32.45M	-43.1M	-28.66M	-29M	-44.04M	-43.1M	-38.07M
Net Margin %	-0.83%	-0.44%	-0.3%	-1.15%	-3.66%	-1.55%	-1.3%	-1.19%	-0.61%	-0.42%
Net Income Growth %	0.05%	0.09%	0.07%	-1.64%	-0.33%	0.33%	-0.01%	-0.52%	0.02%	0.12%
Net Income (Continuing)	-14.47M	-13.17M	-12.29M	-32.45M	-43.1M	-28.66M	-29M	-44.04M	-43.1M	-38.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.51	-2.86	-2.46	-5.63	-6.89	-3.44	-2.38	-2.78	-1.66	-1.16
EPS Growth %	0.2%	0.19%	0.14%	-1.29%	-0.22%	0.5%	0.31%	-0.17%	0.4%	0.3%
EPS (Basic)	-3.51	-2.86	-2.46	-5.63	-6.89	-3.44	-2.38	-2.78	-1.66	-0.78
Diluted Shares Outstanding	4.13M	4.61M	4.99M	5.76M	6.26M	8.32M	12.19M	15.87M	25.91M	48.67M
Basic Shares Outstanding	4.13M	4.61M	4.99M	5.76M	6.26M	8.32M	12.19M	15.87M	25.91M	48.67M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	44.65M	51.49M	39.32M	47.86M	30.91M	23.09M	66.61M	29.15M	38.16M	66.89M
Cash & Short-Term Investments	30.52M	30.51M	16.83M	26.2M	22.1M	15.95M	58.59M	15.6M	22.38M	46.8M
Cash Only	30.52M	30.51M	16.83M	26.2M	22.05M	15.95M	58.5M	15.5M	22.38M	46.8M
Short-Term Investments	0	0	0	0	51K	0	89K	101K	0	0
Accounts Receivable	11.21M	18.54M	19.93M	19.13M	6.64M	3.89M	4.58M	9.36M	11.27M	14.53M
Days Sales Outstanding	234.17	226.51	179.59	246.42	205.81	76.99	75.2	92.17	58.61	58.9
Inventory	1.43M	1.48M	1.92M	1.81M	1.19M	2.32M	1.91M	2.33M	2.78M	3.87M
Days Inventory Outstanding	75.43	53.43	68.65	56.6	36.47	81.44	59.74	47.62	38.62	40.45
Other Current Assets	119K	-37K	24K	104K	54K	52K	504K	151K	146K	135K
Total Non-Current Assets+	13.1M	16.23M	19.2M	17.61M	9.72M	8.77M	8.47M	89.99M	90.97M	90.43M
Property, Plant & Equipment	1.89M	2.26M	2.57M	2.07M	2.45M	3.71M	5.02M	7.89M	9.95M	12.98M
Fixed Asset Turnover	9.25x	13.22x	15.77x	13.66x	4.81x	4.98x	4.43x	4.69x	7.06x	6.94x
Goodwill	1.15M	1.15M	1.15M	1.15M	0	0	0	35.93M	35.93M	35.93M
Intangible Assets	10.03M	12.83M	15.49M	14.39M	7.27M	5.06M	3.45M	46.17M	44.34M	40.59M
Long-Term Investments	33K	0	0	0	0	0	0	0	763K	936K
Other Non-Current Assets	33K	0	0	0	0	0	1	0	0	0
Total Assets+	57.74M	67.72M	58.52M	65.48M	40.63M	31.86M	75.07M	119.14M	129.13M	157.33M
Asset Turnover	0.30x	0.44x	0.69x	0.43x	0.29x	0.58x	0.30x	0.31x	0.54x	0.57x
Asset Growth %	0.87%	0.17%	-0.14%	0.12%	-0.38%	-0.22%	1.36%	0.59%	0.08%	0.22%
Total Current Liabilities+	10.82M	12.59M	13.12M	11.48M	10.43M	13.02M	16.43M	18.28M	19.52M	42.66M
Accounts Payable	6.61M	7.55M	8.05M	6.45M	4.96M	5.32M	7.46M	10.18M	8.81M	8M
Days Payables Outstanding	349.41	272.62	288.16	202.14	151.7	186.42	233.07	208.3	122.45	83.66
Short-Term Debt	440K	430K	191K	147K	565K	2.82M	4.44M	616K	643K	324K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	1000K	0	0	472K	0
Other Current Liabilities	975K	1.08M	883K	402K	909K	-2.31M	961K	2.33M	2.9M	26.41M
Current Ratio	4.12x	4.09x	3.00x	4.17x	2.96x	1.77x	4.05x	1.59x	1.95x	1.57x
Quick Ratio	3.99x	3.97x	2.85x	4.01x	2.85x	1.59x	3.94x	1.47x	1.81x	1.48x
Cash Conversion Cycle	-39.81	7.33	-39.92	100.89	90.58	-27.99	-98.12	-68.5	-25.22	15.7
Total Non-Current Liabilities+	2.65M	2.39M	1.86M	1.88M	10.48M	12.99M	11.74M	91.54M	102.4M	99.83M
Long-Term Debt	408K	108K	147K	0	9.05M	10.28M	7.65M	34.91M	35.56M	50.97M
Capital Lease Obligations	0	0	376K	262K	735K	2.02M	2.62M	3.09M	3.58M	7.41M
Deferred Tax Liabilities	842K	729K	616K	575K	0	0	0	0	0	0
Other Non-Current Liabilities	1.39M	1.55M	661K	1.04M	690K	690K	1.47M	53.54M	63.26M	41.45M
Total Liabilities	13.48M	14.98M	14.97M	13.36M	20.9M	26.01M	28.17M	109.82M	121.92M	142.49M
Total Debt+	848K	538K	884K	526K	11M	15.87M	15.56M	39.79M	41.27M	60.06M
Net Debt	-29.67M	-29.97M	-15.94M	-25.68M	-11.05M	-82K	-42.94M	24.29M	18.89M	13.27M
Debt / Equity	0.02x	0.01x	0.02x	0.01x	0.56x	2.71x	0.33x	4.27x	5.72x	4.05x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-145.27x	-	-100.61x	-391.44x	-83.66x	-17.58x	-14.32x	-13.82x	-4.73x	-3.24x
Total Equity+	44.26M	52.74M	43.55M	52.12M	19.72M	5.85M	46.9M	9.31M	7.21M	14.84M
Equity Growth %	0.86%	0.19%	-0.17%	0.2%	-0.62%	-0.7%	7.02%	-0.8%	-0.23%	1.06%
Book Value per Share	10.72	11.45	8.72	9.05	3.15	0.70	3.85	0.59	0.28	0.30
Total Shareholders' Equity	44.26M	52.74M	43.55M	52.12M	19.72M	5.85M	46.9M	9.31M	7.21M	14.84M
Common Stock	42.79M	45.85M	45.95M	53.88M	70.72M	76.72M	143.42M	148.42M	173.93M	214.67M
Retained Earnings	-85.63M	-98.8M	-111.09M	-143.54M	-186.64M	-215.3M	-244.3M	-288.35M	-331.45M	-369.51M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-722K	-686K	1.24M	-1.17M	-704K	8.08M	-5.39M	-3.94M	11.55M	-615K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-14.39M	-16.59M	-10.49M	-28.54M	-22.29M	-20.24M	-22.55M	-34.12M	-21.5M	-18.53M
Operating CF Margin %	-0.82%	-0.56%	-0.26%	-1.01%	-1.89%	-1.1%	-1.01%	-0.92%	-0.31%	-0.21%
Operating CF Growth %	0.22%	-0.15%	0.37%	-1.72%	0.22%	0.09%	-0.11%	-0.51%	0.37%	0.14%
Net Income	-14.38M	-12.85M	-12.27M	-32.1M	-43.17M	-27.12M	-26.84M	-37.9M	-27.33M	-24.72M
Depreciation & Amortization	881K	1.72M	1.89M	2.94M	3.42M	3.33M	3.04M	4.91M	6.86M	8.04M
Stock-Based Compensation	437K	568K	943K	1.01M	872K	1.29M	1.22M	867K	665K	1.73M
Deferred Taxes	0	113K	-14K	0	6.29M	0	0	0	0	0
Other Non-Cash Items	-5K	-12K	-25K	-97K	1K	299K	-325K	-429K	421K	286K
Working Capital Changes	-1.32M	-6.13M	-1M	-291K	10.29M	1.95M	360K	-1.56M	-2.12M	-3.86M
Change in Receivables	-3.11M	-7.57M	-1.43M	717K	12.19M	2.85M	-1.38M	-5.12M	-1.68M	-3.23M
Change in Inventory	-567K	-52K	-440K	112K	615K	-1.13M	413K	-416K	-452K	-1.09M
Change in Payables	2.35M	1.49M	867K	-1.12M	-2.51M	0	0	0	0	0
Cash from Investing+	-7.58M	-5.32M	-6.05M	-1.34M	-73K	-537K	-885K	-29.04M	-3.93M	-1.64M
Capital Expenditures	-2.1M	-4.88M	-4.86M	-1.34M	-73K	-537K	-896K	-2.79M	-2.75M	-1.19M
CapEx % of Revenue	0.12%	0.16%	0.12%	0.05%	0.01%	0.03%	0.04%	0.08%	0.04%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-86K	-431K	-88K	-912K	0	0	11K	-1.25M	-1.18M	-448K
Cash from Financing+	35.04M	21.09M	573K	41.67M	17.96M	14.29M	66.5M	20.72M	32.28M	44.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	227K	-393K	-324K	-1.07M	-1.01M	-1.41M	-4.05M	-7.73M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-16.5M	-21.47M	-15.35M	-29.89M	-22.36M	-20.78M	-23.44M	-38.28M	-26.52M	-20.69M
FCF Margin %	-0.94%	-0.72%	-0.38%	-1.05%	-1.9%	-1.13%	-1.05%	-1.03%	-0.38%	-0.23%
FCF Growth %	0.17%	-0.3%	0.29%	-0.95%	0.25%	0.07%	-0.13%	-0.63%	0.31%	0.22%
FCF per Share	-4.00	-4.66	-3.08	-5.19	-3.57	-2.50	-1.92	-2.41	-1.02	-0.43
FCF Conversion (FCF/Net Income)	0.99x	1.26x	0.85x	0.88x	0.52x	0.71x	0.78x	0.77x	0.50x	0.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-42.54%	-27.16%	-25.52%	-67.84%	-119.99%	-224.16%	-109.96%	-156.7%	-521.7%	-345.31%
Return on Invested Capital (ROIC)	-110.81%	-51.57%	-36.55%	-89.09%	-184.4%	-281.69%	-414.04%	-151.35%	-68.66%	-68.42%
Gross Margin	60.47%	66.17%	74.81%	58.88%	-1.22%	43.58%	47.5%	51.87%	62.58%	61.23%
Net Margin	-82.86%	-44.11%	-30.33%	-114.51%	-365.72%	-155.27%	-130.41%	-118.86%	-61.4%	-42.28%
Debt / Equity	0.02x	0.01x	0.02x	0.01x	0.56x	2.71x	0.33x	4.27x	5.72x	4.05x
Interest Coverage	-145.27x	-	-100.61x	-391.44x	-83.66x	-17.58x	-14.32x	-13.82x	-4.73x	-3.24x
FCF Conversion	0.99x	1.26x	0.85x	0.88x	0.52x	0.71x	0.78x	0.77x	0.50x	0.49x
Revenue Growth	52.16%	70.99%	35.63%	-30.04%	-58.41%	56.64%	20.47%	66.62%	89.43%	28.29%

Revenue by Segment

	2022	2023
Services Member	36.97M	69.97M
Services Member Growth	-	89.27%

Revenue by Geography

	2022	2023
America Member	36.77M	69.71M
America Member Growth	-	89.59%
Europe	277K	-
Europe Growth	-	-

Frequently Asked Questions

Growth & Financials

MDxHealth S.A. (MDXH) reported $182.0M in revenue for fiscal year 2024. This represents a 5126% increase from $3.5M in 2011.

MDxHealth S.A. (MDXH) grew revenue by 28.3% over the past year. This is strong growth.

MDxHealth S.A. (MDXH) reported a net loss of $73.6M for fiscal year 2024.

Dividend & Returns

MDxHealth S.A. (MDXH) has a return on equity (ROE) of -345.3%. Negative ROE indicates the company is unprofitable.

MDxHealth S.A. (MDXH) had negative free cash flow of $38.1M in fiscal year 2024, likely due to heavy capital investments.