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MDxHealth (MDXH) investor relations material
MDxHealth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue rose 18% year-over-year to $27.4 million, with adjusted EBITDA of $1 million and positive adjusted EBITDA year-to-date.
Net loss for Q3 improved 28% year-over-year to $8 million; nine-month net loss improved 21% to $24.6 million.
Closed the ExoDx acquisition, expanding the precision diagnostics portfolio and salesforce from 50 to 60 reps across eight regions.
Focused on integrating ExoDx, optimizing cross-selling, and converting SelectMDx customers to ExoDx by year-end.
Operating expenses remained flat year-over-year, despite $1.5 million in acquisition-related costs.
Financial highlights
Q3 billable volume reached 33,000 tests (13,000 tissue-based, 20,000 liquid-based), up 37% year-over-year.
Gross profit was $17.9 million, up 25% from Q3 2024; gross margin improved to 65.2% from 61.2%.
Tissue-based test volumes grew 18%, liquid-based tests grew 65% year-over-year.
Cash and cash equivalents stood at $32 million as of September 30, 2025.
Operating loss declined 57% to $2.6 million; net loss per share improved to $(0.16) from $(0.40) year-over-year.
Outlook and guidance
2025 revenue guidance reaffirmed at $108–$110 million, with ExoDx expected to offset the loss of germline and SelectMDx revenues.
ExoDx anticipated to contribute $20 million or more in 2026, potentially accelerating revenue growth to near 30%.
Gross margin expected to remain strong, with ExoDx integration likely neutral to accretive.
Germline market opportunity will be reevaluated in 2026.
Full-year revenue growth of at least 20% expected.
ExoDx IP: Strategic opportunities beyond urology?
Germline: What market conditions changed?
Gross margin drivers: What sustains 65%+?
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Frequently asked questions
MDxHealth SA is a molecular diagnostics company focused on the development and commercialization of genomic tests for cancer. Specializing in urologic oncology, the company provides non-invasive tests that assist in the diagnosis and management of prostate and bladder cancers. MDxHealth’s tests use epigenetic and genetic markers to deliver accurate, personalized insights that support healthcare providers in making informed treatment decisions. The company is headquartered in Herstal, Belgium, and its shares are listed on the Euronext Brussels and the Nasdaq.
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