The company's financial position is increasingly vulnerable, with total debt rising to $95.1 million by 2025Q4 and equity deteriorating into a negative $12.1 million balance.
| Metric | 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Total Current Assets | 53.41M | 66.89M | 38.16M | 29.15M | 66.61M | 23.09M | 30.91M | 47.86M | 39.32M | 51.49M | 44.65M | 28.11M | 27.62M | 18.91M | 18.04M | 17.7M | 32.63M | 47.88M | 53.18M | 45.76M | 14.43M | 7.48M |
| Cash & Short-Term Investments | 29.03M | 46.8M | 22.38M | 15.6M | 58.59M | 15.95M | 22.1M | 26.2M | 16.83M | 30.51M | 30.52M | 18.9M | 24.68M | 15.49M | 14.42M | 14.09M | 25.84M | 42.6M | 48.26M | 43.3M | 11.16M | 310.43K |
| Cash Only | 29.03M | 46.8M | 22.38M | 15.5M | 58.5M | 15.95M | 22.05M | 26.2M | 16.83M | 30.51M | 30.52M | 18.9M | 24.68M | 15.49M | 14.42M | 14.09M | 25.84M | 42.6M | 48.26M | 43.3M | 11.16M | 310.43K |
| Short-Term Investments | 0 | 0 | 0 | 101K | 89K | 0 | 51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 14.68M | 14.53M | 11.27M | 9.36M | 4.58M | 3.89M | 6.64M | 19.13M | 19.93M | 18.54M | 11.21M | 7.99M | 2.36M | 2.69M | 3.32M | 3.07M | 4.59M | 3.87M | 0 | 155.67K | 0 | 706.27K |
| Days Sales Outstanding | 49.65 | 58.9 | 58.61 | 92.17 | 75.2 | 76.99 | 205.81 | 246.42 | 179.59 | 226.51 | 234.17 | 254.16 | 113.98 | 200 | 347.48 | 332.47 | 459.4 | 335.6 | - | 15.54 | - | 490.12 |
| Inventory | 6.74M | 3.87M | 2.78M | 2.33M | 1.91M | 2.32M | 1.19M | 1.81M | 1.92M | 1.48M | 1.43M | 860K | 171K | 122.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 56.65 | 40.45 | 38.62 | 47.62 | 59.74 | 81.44 | 36.47 | 56.6 | 68.65 | 53.43 | 75.43 | 48.64 | 10.77 | 37.59 | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.96M | 135K | 146K | 151K | 504K | 52K | 54K | 104K | 24K | -37K | 119K | 46K | 339K | 94K | 61K | 36.22K | 0 | 756 | 2.88M | 1.32M | 1.26M | 5.26M |
| Total Non-Current Assets | 94.54M | 90.43M | 90.97M | 89.99M | 8.47M | 8.77M | 9.72M | 17.61M | 19.2M | 16.23M | 13.1M | 2.84M | 1.76M | 1.1M | 999.29K | 1.47M | 2.83M | 6.49M | 5M | 2.77M | 2.38M | 1.28M |
| Property, Plant & Equipment | 14.68M | 12.98M | 9.95M | 7.89M | 5.02M | 3.71M | 2.45M | 2.07M | 2.57M | 2.26M | 1.89M | 724K | 781K | 1.06M | 942.26K | 770.05K | 1.46M | 1.99M | 2.55M | 1.98M | 627.73K | 691.36K |
| Fixed Asset Turnover | 7.35x | 6.94x | 7.06x | 4.69x | 4.43x | 4.98x | 4.81x | 13.66x | 15.77x | 13.22x | 9.25x | 15.85x | 9.67x | 4.65x | 3.70x | 4.38x | 2.49x | 2.12x | 1.51x | 1.84x | 5.81x | 0.76x |
| Goodwill | 38.95M | 35.93M | 35.93M | 35.93M | 0 | 0 | 0 | 1.15M | 1.15M | 1.15M | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 39.42M | 40.59M | 44.34M | 46.17M | 3.45M | 5.06M | 7.27M | 14.39M | 15.49M | 12.83M | 10.03M | 2.01M | 981K | 37.03K | 57.03K | 62.51K | 70.2K | 2.29M | 106.43K | 227K | 320.97K | 521.91K |
| Long-Term Investments | 1.5M | 936K | 763K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 33K | 105K | 0 | 0 | 0 | 642.37K | 1.3M | 2.21M | 2.34M | 564.88K | 1.43M | 67.78K |
| Total Assets | 147.95M | 157.33M | 129.13M | 119.14M | 75.07M | 31.86M | 40.63M | 65.48M | 58.52M | 67.72M | 57.74M | 30.95M | 29.38M | 20M | 19.04M | 19.18M | 35.46M | 54.36M | 58.18M | 48.54M | 16.81M | 8.76M |
| Asset Turnover | 0.73x | 0.57x | 0.54x | 0.31x | 0.30x | 0.58x | 0.29x | 0.43x | 0.69x | 0.44x | 0.30x | 0.37x | 0.26x | 0.25x | 0.18x | 0.18x | 0.10x | 0.08x | 0.07x | 0.08x | 0.22x | 0.06x |
| Asset Growth % | -5.96% | 21.84% | 8.39% | 58.69% | 135.66% | -21.59% | -37.95% | 11.88% | -13.59% | 17.28% | 86.55% | 5.34% | 46.91% | 5.04% | -0.7% | -45.93% | -34.77% | -6.56% | 19.87% | 188.76% | 91.8% | - |
| Total Current Liabilities | 49.53M | 42.66M | 19.52M | 18.28M | 16.43M | 13.02M | 10.43M | 11.48M | 13.12M | 12.59M | 10.82M | 7.09M | 4.85M | 3.95M | 4.01M | 4.08M | 7.73M | 7.18M | 6.47M | 5.47M | 3.09M | 1.56M |
| Accounts Payable | 10.33M | 8M | 8.81M | 10.18M | 7.46M | 5.32M | 4.96M | 6.45M | 8.05M | 7.55M | 6.61M | 4.13M | 2.31M | 1.43M | 753.78K | 1.05M | 3.84M | 3.51M | 3.89M | 3.71M | 0 | 0 |
| Days Payables Outstanding | 86.81 | 83.66 | 122.45 | 208.3 | 233.07 | 186.42 | 151.7 | 202.14 | 288.16 | 272.62 | 349.41 | 233.38 | 145.74 | 436.4 | 798.04 | 775.38 | 5.47K | 3.79K | 2.16K | 18.68K | - | - |
| Short-Term Debt | 1.9M | 324K | 643K | 616K | 4.44M | 2.82M | 565K | 147K | 191K | 430K | 440K | 0 | 0 | 1.43M | 0 | 872.46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 472K | 0 | 0 | 3.22M | 0 | 4.36M | 3.82M | 3.54M | 2.9M | 0 | 0 | -2.19M | 0 | 1.05M | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 37.31M | 26.41M | 2.9M | 2.33M | 961K | -2.31M | 909K | 402K | 883K | 1.08M | 975K | 1.14M | 958K | -424.6K | 1.87M | -546.61K | 2.22M | 945.23K | 2.58M | 1.75M | 1.92M | 491.97K |
| Current Ratio | 1.08x | 1.57x | 1.95x | 1.59x | 4.05x | 1.77x | 2.96x | 4.17x | 3.00x | 4.09x | 4.12x | 3.96x | 5.70x | 4.78x | 4.50x | 4.34x | 4.22x | 6.67x | 8.22x | 8.37x | 4.67x | 4.80x |
| Quick Ratio | 0.94x | 1.48x | 1.81x | 1.47x | 3.94x | 1.59x | 2.85x | 4.01x | 2.85x | 3.97x | 3.99x | 3.84x | 5.66x | 4.75x | 4.50x | 4.34x | 4.22x | 6.67x | 8.22x | 8.37x | 4.67x | 4.80x |
| Cash Conversion Cycle | 19.49 | 15.7 | -25.22 | -68.5 | -98.12 | -27.99 | 90.58 | 100.89 | -39.92 | 7.33 | -39.81 | 69.42 | -20.98 | -198.81 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 110.51M | 99.83M | 102.4M | 91.54M | 11.74M | 12.99M | 10.48M | 1.88M | 1.86M | 2.39M | 2.65M | 83K | 3.27M | 22.48K | 362.9K | 832.56K | 798.04K | 1.74M | 1.96M | 863.15K | 1.77M | 161.32K |
| Long-Term Debt | 84.71M | 50.97M | 35.56M | 34.91M | 7.65M | 10.28M | 9.05M | 0 | 147K | 108K | 408K | 0 | 0 | 0 | 207.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.51M | 7.41M | 3.58M | 3.09M | 2.62M | 2.02M | 735K | 262K | 376K | 0 | 0 | 0 | 0 | 0 | 0 | 2.66K | 0 | 0 | 1.46K | 2.64K | 5.92K | 16.27K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575K | 616K | 729K | 842K | 0 | 0 | 0 | 2.26M | 1.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 17.3M | 41.45M | 63.26M | 53.54M | 1.47M | 690K | 690K | 1.04M | 661K | 1.55M | 1.39M | 83K | 0 | 0 | 0 | 642.37K | 581.7K | 1.74M | 1.96M | 860.51K | 1.77M | 145.05K |
| Total Liabilities | 160.05M | 142.49M | 121.92M | 109.82M | 28.17M | 26.01M | 20.9M | 13.36M | 14.97M | 14.98M | 13.48M | 7.18M | 4.85M | 3.98M | 4.37M | 4.92M | 8.53M | 8.92M | 8.43M | 6.33M | 4.86M | 1.72M |
| Total Debt | 95.11M | 60.06M | 41.27M | 39.79M | 15.56M | 15.87M | 11M | 526K | 884K | 538K | 848K | 0 | 0 | 1.43M | 207.37K | 5.32K | 0 | 1.39K | 4.37K | 6.6K | 15.4K | 29.82K |
| Net Debt | 66.08M | 13.27M | 18.89M | 24.29M | -42.94M | -82K | -11.05M | -25.68M | -15.94M | -29.97M | -29.67M | -18.9M | -24.68M | -14.06M | -14.21M | -14.08M | -25.84M | -42.6M | -48.26M | -43.29M | -11.14M | -280.61K |
| Debt / Equity | - | 4.05x | 5.72x | 4.27x | 0.33x | 2.71x | 0.56x | 0.01x | 0.02x | 0.01x | 0.02x | - | - | 0.09x | 0.01x | 0.00x | - | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1.27x | -3.94x | -6.47x | -15.06x | -14.47x | -17.70x | -83.64x | -395.23x | -101.65x | - | -143.53x | -663.30x | -803.55x | -32.29x | -115.52x | -91.74x | -714.07x | -1131.52x | -9.00x | -8.53x | -24.71x | -33.56x |
| Total Equity | -12.09M | 14.84M | 7.21M | 9.31M | 46.9M | 5.85M | 19.72M | 52.12M | 43.55M | 52.74M | 44.26M | 23.78M | 24.54M | 16.02M | 14.67M | 14.26M | 26.94M | 45.44M | 49.75M | 42.21M | 11.95M | 7.04M |
| Equity Growth % | -181.49% | 105.9% | -22.62% | -80.14% | 701.83% | -70.35% | -62.15% | 19.68% | -17.43% | 19.16% | 86.16% | -3.1% | 53.12% | 9.22% | 2.88% | -47.05% | -40.73% | -8.66% | 17.87% | 253.22% | 69.65% | - |
| Book Value per Share | -0.24 | 0.30 | 0.28 | 0.59 | 3.85 | 0.70 | 3.15 | 9.05 | 8.72 | 11.45 | 10.72 | 6.84 | 8.17 | 7.26 | 8.53 | 10.82 | 20.44 | 38.38 | 46.04 | 49.20 | 26.15 | 18.77 |
| Total Shareholders' Equity | -12.09M | 14.84M | 7.21M | 9.31M | 46.9M | 5.85M | 19.72M | 52.12M | 43.55M | 52.74M | 44.26M | 23.78M | 24.54M | 16.02M | 14.67M | 14.26M | 26.94M | 45.44M | 49.75M | 42.21M | 11.95M | 7.04M |
| Common Stock | 219.21M | 214.67M | 173.93M | 148.42M | 143.42M | 76.72M | 70.72M | 53.88M | 45.95M | 45.85M | 42.79M | 37.83M | 35.48M | 25.33M | 18.16M | 13.99M | 73.2M | 70.98M | 66.31M | 53.62M | 27.48M | 19.25M |
| Retained Earnings | -403.03M | -369.51M | -331.45M | -288.35M | -244.3M | -215.3M | -186.64M | -143.54M | -111.09M | -98.8M | -85.63M | -71.15M | -55.82M | -38.02M | -25.63M | -17.06M | -64.68M | -14.19M | -30.11M | -14.09M | -16.02M | -12.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 18.55M | -615K | 11.55M | -3.94M | -5.39M | 8.08M | -704K | -1.17M | 1.24M | -686K | -722K | -433K | -683K | -76.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
As reported in recent financial statements, MDXH's equity position has deteriorated into a negative $12.1 million balance by 2025Q4, driven by the accumulation of $403 million in retained losses that significantly outpace the company's ability to generate organic capital through its diagnostic service operations.
The shift from positive equity in previous periods to a deficit indicates that the company is effectively operating on borrowed capital and external funding. This trajectory suggests that the business model has yet to achieve the scale necessary to offset its historical losses, leaving the balance sheet in a precarious state.
Based on MDXH's reported figures, total debt has climbed to $95.1 million as of 2025Q4, representing a substantial increase from the $15.1 million observed in 2021Q2, which underscores a growing reliance on debt financing to sustain operations in the absence of consistent positive free cash flow.
The rising debt load relative to the company's limited asset base suggests that interest obligations may increasingly constrain the capital available for commercial expansion. Investors should monitor whether this leverage is being used to fund high-return growth initiatives or merely to bridge the gap created by persistent operating losses.
According to recent SEC filings, MDXH's current ratio has compressed to 1.08 in 2025Q4, down from a peak of 4.05 in 2021Q4, signaling a narrowing buffer against short-term liquidity shocks as cash reserves dwindle to $29 million against a backdrop of ongoing operational cash outflows.
A current ratio hovering near parity suggests that the company has minimal room for error in its working capital management. Any delay in reimbursement collections or unexpected spikes in operating costs could force the company to seek dilutive financing or further debt, potentially impacting shareholder value.
As indicated by the latest balance sheet data, goodwill has risen to $38.9 million, representing over 26% of total assets, which warrants further investigation into the carrying value of acquired diagnostic assets relative to their actual contribution to current revenue streams and long-term profitability.
The concentration of intangible assets on the balance sheet creates a risk of future impairment charges if the acquired technologies fail to meet projected commercial adoption targets. This reliance on goodwill to support the asset base may mask the underlying weakness in the company's tangible asset productivity.
Quick answers to the most common questions about buying MDXH stock.
As of 2025, MDxHealth S.A. (MDXH) had total assets of $148.0M including $53.4M in current assets.
MDxHealth S.A. (MDXH) carries total debt of $95.1M, offset by $29.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MDxHealth S.A. (MDXH) has total shareholders' equity (book value) of $-12.1M ($-0.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MDxHealth S.A. (MDXH) reported a current ratio of 1.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.