Revenue volatility remains extreme, with quarterly figures fluctuating from $32.0K to $2.1M, while operating margins reached a concerning -322.8% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 1.95M | 4.05M | 1.88M | 1.5M | 958K | 2.2M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -49.28% | 115.58% | 25.15% | 56.89% | -56.41% | 80.76% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 1.57M | 3.87M | 1.14M | 1.09M | 976K | 778K | 1.85M | 344K | 559K | 580K | 387K | 283K | 0 | 0 |
| COGS % of Revenue | - | 95.31% | 60.66% | 72.52% | 101.88% | 35.4% | 152.55% | - | - | - | - | - | - | - |
| Gross Profit | 379.5K | 190K | 740K | 413K | -18K | 1.42M | -639K | -344K | -559K | -580K | -387K | -283K | 0 | 0 |
| Gross Margin % | 19.47% | 4.69% | 39.34% | 27.48% | -1.88% | 64.6% | -52.55% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -74.32% | 79.18% | 2394.44% | -101.27% | 322.22% | -85.76% | 38.46% | 3.62% | -49.87% | -36.75% | - | - | - |
| Operating Expenses | 41.55M | 30.77M | 61.78M | 25.55M | 17.98M | 55.15M | 29.07M | 22.24M | 15.2M | 18.85M | 11.14M | 8.72M | 4.97M | 3.5M |
| OpEx % of Revenue | - | 758.77% | 3284.48% | 1699.87% | 1876.72% | 2508.87% | 2390.79% | - | - | - | - | - | - | - |
| Selling, General & Admin | 17.81M | 16.98M | 13.79M | 13.29M | 21.53M | 20.39M | 23.28M | 15.45M | 8.69M | 11.68M | 5.46M | 4.19M | 1.01M | 552K |
| SG&A % of Revenue | - | 418.64% | 732.85% | 883.9% | 2247.7% | 927.75% | 1914.64% | - | - | - | - | - | - | - |
| Research & Development | 17.59M | 15.9M | 9.84M | 9.29M | 7.3M | 5.04M | 9.8M | 6.79M | 6.51M | 7.17M | 5.68M | 4.53M | 3.96M | 2.94M |
| R&D % of Revenue | - | 392.11% | 523.07% | 618.36% | 762.11% | 229.07% | 805.92% | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.97M | -2.11M | 38.16M | 2.97M | -10.86M | 29.72M | -4.01M | 0 | 91K | 0 | 0 | 2K | -11K | 0 |
| Operating Income | -41.17M | -30.58M | -61.04M | -25.14M | -18M | -53.73M | -29.71M | -22.24M | -15.2M | -18.85M | -11.14M | -8.72M | -4.97M | -3.5M |
| Operating Margin % | -2112.42% | -754.08% | -3245.14% | -1672.39% | -1878.6% | -2444.27% | -2443.34% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 49.91% | -142.84% | -39.67% | 66.5% | -80.83% | -33.6% | -46.29% | 19.35% | -69.2% | -27.78% | -75.31% | -42.29% | - |
| EBITDA | -38.83M | -28.38M | -59.48M | -23.46M | -12.78M | -49.52M | -29.32M | -21.89M | -14.64M | -18.27M | -10.75M | -8.44M | -4.69M | -3.22M |
| EBITDA Margin % | -1992.51% | -699.9% | -3161.99% | -1560.61% | -1333.72% | -2252.96% | -2410.94% | - | - | - | - | - | - | - |
| EBITDA Growth % | 31.69% | 52.28% | -153.57% | -83.58% | 74.2% | -68.91% | -33.9% | -49.53% | 19.85% | -69.9% | -27.48% | -79.77% | -45.8% | - |
| D&A (Non-Cash Add-back) | 2.34M | 2.2M | 1.56M | 1.68M | 5.22M | 4.21M | 394K | 344K | 559K | 580K | 387K | 283K | 281K | 277K |
| EBIT | -53.8M | -30.58M | -60.58M | -24.8M | -18.53M | -52.66M | -30.93M | -22.24M | -15.54M | -18.85M | -11.14M | -8.72M | -4.98M | -3.5M |
| Net Interest Income | -103K | -109K | -84K | -52K | -83K | -209K | -252K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 299K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 103K | 109K | 84K | 52K | 83K | 209K | 252K | 299K | 216K | 217K | 28K | 19K | 2K | 0 |
| Other Income/Expense | -6.67M | -19.64M | 378K | 281K | -615K | 854K | -1.48M | -187K | -552K | -526K | -28K | -17K | -13K | 0 |
| Pretax Income | -47.84M | -50.22M | -60.66M | -24.86M | -18.61M | -52.87M | -31.19M | -22.43M | -15.75M | -19.38M | -11.17M | -8.73M | -4.99M | -3.5M |
| Pretax Margin % | -2454.64% | -1238.52% | -3225.04% | -1653.69% | -1942.8% | -2405.41% | -2564.64% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -9.26M | -1.25M | 0 | 0 | 0 | 0 | 0 | -9K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 17.52% | 4.02% | 0% | 0% | 0% | 0% | 0% | 0.18% | 0% |
| Net Income | -47.84M | -50.22M | -60.66M | -27.78M | -72.9M | -64.1M | -29.93M | -22.33M | -15.75M | -19.38M | -11.17M | -8.73M | -4.99M | -3.5M |
| Net Margin % | -2454.64% | -1238.52% | -3225.04% | -1848.37% | -7609.81% | -2916.15% | -2461.51% | - | - | - | - | - | - | - |
| Net Income Growth % | 17.81% | 17.21% | -118.36% | 61.89% | -13.74% | -114.14% | -34.05% | -41.74% | 18.69% | -73.49% | -27.85% | -75.19% | -42.66% | - |
| Net Income (Continuing) | -47.84M | -50.22M | -60.66M | -24.86M | -18.61M | -43.61M | -29.93M | -22.43M | -15.75M | -19.38M | -11.17M | -8.73M | -4.99M | -3.5M |
| Discontinued Operations | 0 | 0 | 0 | -2.93M | -54.29M | -20.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.39 | -1.65 | -4.66 | -3.75 | -20.00 | -14.40 | -9.14 | -8.71 | -8.32 | -12.83 | -8.42 | -8.32 | -4.58 | -10.77 |
| EPS Growth % | 57.08% | 64.6% | -24.3% | 81.25% | -38.89% | -57.55% | -4.94% | -4.69% | 35.15% | -52.38% | -1.2% | -81.66% | 57.47% | - |
| EPS (Basic) | - | -1.65 | -4.66 | -3.75 | -20.00 | -14.40 | -9.14 | -8.71 | -8.32 | -12.83 | -8.42 | -8.32 | -4.58 | -10.77 |
| Diluted Shares Outstanding | 34.52M | 30.48M | 13.07M | 7.65M | 5.54M | 4.45M | 3.27M | 2.56M | 1.89M | 1.51M | 1.33M | 1.05M | 1.09M | 324.62K |
| Basic Shares Outstanding | 34.52M | 30.48M | 13.07M | 7.65M | 5.54M | 4.45M | 3.27M | 2.56M | 1.89M | 1.51M | 1.33M | 1.05M | 1.09M | 324.62K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity shortfall
As reported in financial statements, IMDX exhibits highly volatile revenue performance, with quarterly figures fluctuating from $32.0K to $2.1M, suggesting that the company has yet to establish a predictable commercial trajectory or consistent market penetration for its DetermaRx diagnostic assay within the competitive oncology landscape.
The extreme quarter-over-quarter variance indicates that revenue is likely driven by lumpy, non-recurring pharmaceutical services rather than a steady ramp in clinical diagnostic volume. Investors should monitor whether the company can transition toward a more stable, recurring revenue model as it attempts to scale its decentralized testing partnerships.
Based on reported figures, gross margins have swung wildly from a negative 18.9% in 2026Q1 to a peak of 67.6% in 2025Q2, reflecting an inability to maintain consistent pricing power or cost control as the company navigates the early stages of its commercial lifecycle.
This instability suggests that the cost of goods sold is highly sensitive to test volume fluctuations and potential inefficiencies in lab utilization. The lack of a sustained, positive gross margin profile implies that the current reimbursement strategy may be insufficient to cover the underlying variable costs of production.
According to recent SEC filings, IMDX's combined R&D and SG&A expenses consistently dwarf quarterly revenue, with operating losses reaching as high as $33.6M in 2024Q4, highlighting a significant disconnect between the company's aggressive investment in commercial infrastructure and its actual ability to generate top-line growth.
The persistent reliance on heavy spending to drive adoption appears to be yielding diminishing returns, as evidenced by the lack of a clear path toward operating leverage. Management's expense discipline warrants further investigation, particularly given the limited cash runway remaining to support these elevated operating costs.
Financial data indicates that IMDX's operating margin of -754% in recent periods, coupled with a minimal cash position, suggests the company may face a binary outcome where it must either secure immediate dilutive financing or risk a total exhaustion of capital before achieving commercial viability.
Short-sellers would likely focus on the company's inability to convert its specialized diagnostic niche into a self-sustaining financial engine. The reliance on external capital to fund basic operations appears to be a structural vulnerability that could lead to significant shareholder dilution if the current burn rate persists.
Quick answers to the most common questions about buying IMDX stock.
For fiscal year 2025, Insight Molecular Diagnostics Inc. (IMDX) reported total revenue of $4.1M.
Insight Molecular Diagnostics Inc. (IMDX) reported a net loss of $50.2M for the fiscal year ending 2025.
Insight Molecular Diagnostics Inc. (IMDX) reported an operating income of $-30.6M, resulting in an operating profit margin of -754.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Insight Molecular Diagnostics Inc. (IMDX) generated $0.2M in gross profit for the year, representing a gross profit margin of 4.7%. This demonstrates the company's core pricing power and production efficiency.