Revenue growth remains inconsistent at 13.8% in 2025Q4, while gross margins have compressed from a 66.0% peak in 2025Q2 to 53.6% due to volatile laboratory cost structures.
MDxHealth S.A. (MDXH) annual income statement — 22-year revenue, gross profit & net income history
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 156.53M | 107.88M | 90.05M | 70.19M | 37.05M | 22.24M | 18.46M | 11.79M | 28.34M | 40.51M | 29.87M | 17.47M | 11.48M | 7.55M | 4.92M | 3.48M | 3.37M | 3.65M | 4.21M | 3.85M | 3.66M | 3.65M | 525.97K |
| Revenue Growth % | 14.9% | 19.8% | 28.29% | 89.43% | 66.62% | 20.47% | 56.64% | -58.41% | -30.04% | 35.63% | 70.99% | 52.16% | 51.96% | 53.59% | 41.23% | 3.26% | -7.61% | -13.28% | 9.33% | 5.29% | 0.22% | 593.79% | - |
| Cost of Goods Sold | 61.98M | 43.43M | 34.91M | 26.26M | 17.84M | 11.68M | 10.42M | 11.93M | 11.65M | 10.2M | 10.1M | 6.91M | 6.45M | 5.79M | 1.19M | 344.76K | 492.09K | 256.46K | 338.28K | 656.1K | 72.59K | 135.02K | 12.2K |
| COGS % of Revenue | - | 40.26% | 38.77% | 37.42% | 48.13% | 52.5% | 56.42% | 101.22% | 41.12% | 25.19% | 33.83% | 39.53% | 56.22% | 76.69% | 24.28% | 9.9% | 14.59% | 7.03% | 8.04% | 17.04% | 1.98% | 3.7% | 2.32% |
| Gross Profit | 94.56M | 64.44M | 55.14M | 43.93M | 19.22M | 10.56M | 8.04M | -144K | 16.69M | 30.3M | 19.76M | 10.56M | 5.03M | 1.76M | 3.72M | 3.14M | 2.88M | 3.39M | 3.87M | 3.19M | 3.58M | 3.51M | 513.77K |
| Gross Margin % | 60.41% | 59.74% | 61.23% | 62.58% | 51.87% | 47.5% | 43.58% | -1.22% | 58.88% | 74.81% | 66.17% | 60.47% | 43.78% | 23.31% | 75.72% | 90.1% | 85.41% | 92.97% | 91.96% | 82.96% | 98.02% | 96.3% | 97.68% |
| Gross Profit Growth % | - | 16.87% | 25.52% | 128.57% | 81.93% | 31.33% | 5686.11% | -100.86% | -44.94% | 53.33% | 87.12% | 110.15% | 185.41% | -52.71% | 18.69% | 8.93% | -15.13% | -12.33% | 21.19% | -10.88% | 2.01% | 583.98% | - |
| Operating Expenses | 123.84M | 79.84M | 79.86M | 71.26M | 57.12M | 37.41M | 35.17M | 43.02M | 48.78M | 42.58M | 32.61M | 24.94M | 20.37M | 17.83M | 15.5M | 12.34M | 14.01M | 24.5M | 19.64M | 19.25M | 14.18M | 8.72M | 7.7M |
| OpEx % of Revenue | - | 74.01% | 88.69% | 101.51% | 154.15% | 168.2% | 190.5% | 365.08% | 172.15% | 105.11% | 109.18% | 142.81% | 177.44% | 236.06% | 315.22% | 354.22% | 415.3% | 671.11% | 466.5% | 500.04% | 387.66% | 239.08% | 1464.18% |
| Selling, General & Admin | 84.56M | 66.75M | 61.4M | 59.92M | 50.12M | 30.22M | 28.61M | 10.1M | 15.26M | 13.51M | 11.56M | 8.99M | 7.4M | 4.36M | 4.75M | 6.2M | 4.98M | 5.75M | 4.33M | 3.59M | 2.5M | 1.8M | 1.4M |
| SG&A % of Revenue | - | 61.88% | 68.18% | 85.37% | 135.26% | 135.87% | 155% | 85.74% | 53.85% | 33.34% | 38.69% | 51.47% | 64.49% | 57.72% | 96.61% | 178.08% | 147.67% | 157.42% | 102.74% | 93.26% | 68.42% | 49.3% | 265.98% |
| Research & Development | 20.4M | 10.35M | 10.55M | 6.38M | 7.56M | 5.59M | 4.54M | 9M | 1.81M | 1.83M | -332K | 2.1M | 742K | 1.58M | 3.29M | 6.23M | 9.06M | 18.75M | 15.31M | 15.6M | 11.41M | 6.85M | 6.23M |
| R&D % of Revenue | - | 9.59% | 11.72% | 9.08% | 20.39% | 25.13% | 24.61% | 76.34% | 6.39% | 4.51% | -1.11% | 12.03% | 6.46% | 20.88% | 66.95% | 178.82% | 268.61% | 513.7% | 363.72% | 405.11% | 312.09% | 187.73% | 1184.54% |
| Other Operating Expenses | 3.76M | 2.74M | 7.92M | 4.96M | -559K | 1.6M | 2.01M | 23.92M | 31.71M | 27.25M | 21.39M | 13.85M | 12.22M | 11.89M | 7.46M | -93.32K | -33.25K | 0 | 1.39K | -77.27K | -242.84K | 0 | 0 |
| Operating Income | -29.28M | -15.4M | -24.72M | -27.33M | -37.9M | -26.84M | -27.12M | -43.17M | -32.1M | -12.27M | -12.85M | -14.38M | -15.34M | -16.07M | -11.78M | -9.2M | -11.13M | -21.11M | -15.77M | -16M | -10.35M | -5.14M | -7.12M |
| Operating Margin % | -18.71% | -14.28% | -27.45% | -38.93% | -102.28% | -120.69% | -146.93% | -366.3% | -113.27% | -30.3% | -43.01% | -82.34% | -133.65% | -212.75% | -239.5% | -264.12% | -329.89% | -578.14% | -374.54% | -415.41% | -283% | -140.8% | -1353.61% |
| Operating Income Growth % | - | 37.7% | 9.53% | 27.9% | -41.2% | 1.04% | 37.17% | -34.49% | -161.51% | 4.45% | 10.68% | 6.26% | 4.54% | -36.43% | -28.06% | 17.33% | 47.28% | -33.86% | 1.43% | -54.55% | -101.44% | 27.83% | - |
| EBITDA | -15.61M | -6.19M | -16.68M | -20.47M | -32.99M | -23.8M | -23.79M | -39.75M | -29.16M | -10.06M | -11.13M | -13.5M | -15.01M | -15.65M | -11.25M | -8.8M | -10.66M | -17.81M | -14.37M | -15.16M | -9.85M | -4.86M | -6.79M |
| EBITDA Margin % | -9.97% | -5.74% | -18.53% | -29.16% | -89.03% | -107.04% | -128.88% | -337.28% | -102.9% | -24.83% | -37.25% | -77.29% | -130.75% | -207.21% | -228.77% | -252.7% | -316.17% | -487.95% | -341.34% | -393.6% | -269.4% | -133.11% | -1291.75% |
| EBITDA Growth % | 67.71% | 62.88% | 18.49% | 37.96% | -38.59% | -0.06% | 40.15% | -36.31% | -189.87% | 9.58% | 17.59% | 10.05% | 4.11% | -39.11% | -27.86% | 17.47% | 40.14% | -23.97% | 5.19% | -53.83% | -102.84% | 28.51% | - |
| D&A (Non-Cash Add-back) | 13.68M | 9.21M | 8.04M | 6.86M | 4.91M | 3.04M | 3.33M | 3.42M | 2.94M | 2.21M | 1.72M | 881K | 333K | 418K | 527.68K | 397.9K | 462.83K | 3.29M | 1.4M | 839.81K | 497.56K | 280.7K | 325.34K |
| EBIT | -26.81M | -23.21M | -30.06M | -37.33M | -41.3M | -27.13M | -27.31M | -43.16M | -32.41M | -12.4M | -12.85M | -14.21M | -15.26M | -16.07M | -11.53M | -9.58M | -10.37M | -20.46M | -14.18M | -14.47M | -9.48M | -5.21M | -7.19M |
| Net Interest Income | -26.42M | -10.66M | -6.55M | -4.68M | -2.62M | -1.87M | -1.54M | -506K | -61K | -122K | -436K | -86K | -9K | -4K | 49K | 209K | 264.66K | 616.08K | 1.58M | 1.45M | 625.59K | 210.82K | 214.19K |
| Interest Income | 1.48M | 1.5M | 1.08M | 1.09M | 125K | 11K | 4K | 10K | 21K | 0 | 6K | 13K | 14K | 16K | 87.28K | 277.36K | 295.25K | 644.74K | 1.59M | 1.53M | 868.43K | 138.57K | 146.4K |
| Interest Expense | 27.9M | 12.16M | 7.63M | 5.77M | 2.74M | 1.88M | 1.54M | 516K | 82K | 122K | 0 | 99K | 23K | 20K | 357.08K | 82.95K | 113.05K | 28.65K | 12.53K | 1.61M | 1.11M | 210.82K | 214.19K |
| Other Income/Expense | -25.43M | -19.98M | -12.96M | -15.77M | -6.14M | -2.16M | -1.54M | -506K | -393K | -127K | -441K | -91K | 86K | -104K | -89K | 209K | 182.21K | 616.08K | 853.66K | 1.45M | 625.59K | -180.88K | 78.62K |
| Pretax Income | -54.71M | -35.38M | -37.69M | -43.1M | -44.04M | -29M | -28.66M | -43.67M | -32.49M | -12.4M | -13.29M | -14.47M | -15.26M | -16.18M | -11.87M | -9M | -10.94M | -20.49M | -14.19M | -14.54M | -9.72M | -5.07M | -7.04M |
| Pretax Margin % | -34.95% | -32.79% | -41.85% | -61.4% | -118.86% | -130.41% | -155.27% | -370.6% | -114.66% | -30.61% | -44.49% | -82.86% | -132.9% | -214.13% | -241.36% | -258.54% | -324.49% | -561.26% | -337.04% | -377.7% | -265.9% | -138.98% | -1338.66% |
| Income Tax | -1.06M | -1.86M | 382K | 1K | 0 | 0 | 0 | -575K | -41K | -113K | -113K | 86K | 9K | 4K | 91.25K | -194.41K | 31.92K | 0 | -1.58M | 0 | 0 | -210.82K | 0 |
| Effective Tax Rate % | 1.94% | 5.25% | -1.01% | -0% | 0% | 0% | 0% | 1.32% | 0.13% | 0.91% | 0.85% | -0.59% | -0.06% | -0.02% | -0.77% | 2.16% | -0.29% | 0% | 11.13% | 0% | 0% | 4.16% | 0% |
| Net Income | -55.71M | -33.52M | -38.07M | -43.1M | -44.04M | -29M | -28.66M | -43.1M | -32.45M | -12.29M | -13.17M | -14.47M | -15.26M | -16.18M | -11.87M | -9M | -10.98M | -20.49M | -14.19M | -14.54M | -9.72M | -5.07M | -7.04M |
| Net Margin % | -35.59% | -31.07% | -42.28% | -61.4% | -118.86% | -130.41% | -155.27% | -365.72% | -114.51% | -30.33% | -44.11% | -82.86% | -132.9% | -214.13% | -241.36% | -258.54% | -325.43% | -561.26% | -337.04% | -377.7% | -265.9% | -138.98% | -1338.66% |
| Net Income Growth % | 37.46% | 11.95% | 11.67% | 2.14% | -51.87% | -1.19% | 33.5% | -32.82% | -164.08% | 6.73% | 8.98% | 5.13% | 5.68% | -36.26% | -31.84% | 17.97% | 46.43% | -44.41% | 2.44% | -49.56% | -91.74% | 27.97% | - |
| Net Income (Continuing) | -53.66M | -33.52M | -38.07M | -43.1M | -44.04M | -29M | -28.66M | -43.1M | -32.45M | -12.29M | -13.17M | -14.47M | -15.26M | -16.18M | -11.53M | -9.66M | -10.98M | -20.49M | -14.19M | -14.54M | -9.72M | -5.07M | -7.04M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 |
| EPS (Diluted) | -1.06 | -0.67 | -1.16 | -1.66 | -2.78 | -2.38 | -3.44 | -6.89 | -5.63 | -2.46 | -2.86 | -3.51 | -4.39 | -5.38 | -5.38 | -5.23 | -8.32 | -15.55 | -11.98 | -13.46 | -11.33 | -11.10 | -18.76 |
| EPS Growth % | 72.63% | 42.24% | 30.12% | 40.29% | -16.81% | 30.81% | 50.07% | -22.38% | -128.86% | 13.99% | 18.52% | 20.05% | 18.4% | 0% | -2.87% | 37.14% | 46.5% | -29.8% | 11% | -18.8% | -2.07% | 40.83% | - |
| EPS (Basic) | - | -0.67 | -0.78 | -1.66 | -2.78 | -2.38 | -3.44 | -6.89 | -5.63 | -2.46 | -2.86 | -3.51 | -4.39 | -5.38 | -5.38 | -5.23 | -8.32 | -15.55 | -11.98 | -13.46 | -11.33 | -11.10 | -18.76 |
| Diluted Shares Outstanding | 52.42M | 50.03M | 48.67M | 25.91M | 15.87M | 12.19M | 8.32M | 6.26M | 5.76M | 4.99M | 4.61M | 4.13M | 3.48M | 3M | 2.21M | 1.72M | 1.32M | 1.32M | 1.18M | 1.08M | 857.91K | 456.88K | 375.28K |
| Basic Shares Outstanding | 52.42M | 50.03M | 48.67M | 25.91M | 15.87M | 12.19M | 8.32M | 6.26M | 5.76M | 4.99M | 4.61M | 4.13M | 3.48M | 3M | 2.21M | 1.72M | 1.32M | 1.32M | 1.18M | 1.08M | 857.91K | 456.88K | 375.28K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MDXH stock.
For fiscal year 2025, MDxHealth S.A. (MDXH) reported total revenue of $107.9M. This represents a 20409.6% increase compared to $0.5M in 2004.
MDxHealth S.A. (MDXH) reported a net loss of $33.5M for the fiscal year ending 2025.
MDxHealth S.A. (MDXH) reported an operating income of $-15.4M, resulting in an operating profit margin of -14.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MDxHealth S.A. (MDXH) generated $64.4M in gross profit for the year, representing a gross profit margin of 59.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reimbursement and liquidity constraints
Revenue Growth Amidst Volatile Cycles
As reported in recent financial statements, MDXH achieved 13.8% year-over-year revenue growth in 2025Q4, though the trajectory remains inconsistent compared to the 141.7% surge observed in 2023Q2, suggesting that the company is still navigating the transition from early-stage adoption to a more stable commercial scale.
The revenue growth profile appears highly sensitive to the timing of test volume expansion and potential reimbursement true-ups. While the 13.8% growth rate indicates ongoing market penetration, investors should monitor whether this pace is sustainable without further portfolio expansion or significant shifts in payer coverage.
Gross Margin Compression Risks Persist
Based on MDXH's reported figures, the gross margin contracted to 53.6% in 2025Q4 from a peak of 66.0% in 2025Q2, highlighting the inherent volatility in laboratory cost structures and the potential impact of variable reimbursement rates on the company's core diagnostic service profitability.
The fluctuation in gross margins suggests that the company lacks the pricing power or cost efficiency of larger peers like Veracyte. This volatility may indicate that the cost of goods sold is heavily influenced by specialized reagents and labor, which are difficult to scale linearly with test volume.
Operating Leverage Remains Elusive
According to recent SEC filings, MDXH continues to struggle with operating leverage, as evidenced by a persistent negative operating margin of 21.2% in 2025Q4, which reflects the heavy SG&A burden required to maintain physician mindshare in a highly competitive molecular diagnostics market.
The inability to scale operating income faster than gross profit suggests that the commercial infrastructure remains disproportionately expensive relative to current revenue levels. Without a significant increase in revenue per sales representative, the company may continue to face challenges in achieving a sustainable path to operational break-even.
Sustainability of Current Burn Rate
Data from the latest income statement indicates a net loss of $18.8M in 2025Q4, which, when viewed alongside the company's limited cash reserves, suggests that the current business model may be unsustainable without further external financing or a rapid improvement in operational efficiency.
Short-sellers would likely focus on the persistent net losses and the potential for future equity dilution to fund ongoing operations. The reliance on external capital to bridge the gap between revenue and expenses warrants further investigation into the company's long-term liquidity and capital allocation strategy.