Sign in

MDXH on Nasdaq

MDxHealth SA

MDxHealth SA is a medical laboratories services company, listed on Nasdaq (MDXH).1

Price unavailable

Last updated Oct 21, 2026.

Overview

$107.9MRevenue, fiscal 20252
-$33.5MNet income, fiscal 20252

Compare with BIODESIX INC, GRAIL or Burning Rock Biotech Ltd, or pick any stock.

  • TickerMDXH on Nasdaq1
  • IndustryServices-Medical Laboratories1
  • HeadquartersC91
  • Incorporated inBelgium3
  • Business addressCap Business Center, Rue D'Abhooz, 31, B-4040, Herstal, C9 000003
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

As such, we are focused on continuing to drive adoption of our Confirm mdx, GPS mdx, and Exo mdx tests and expand our product offerings.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

64.5%Gross margin2
-13.4%Operating margin2
-31.1%Net margin2
19.8%Revenue growth, 20252
-$3.3MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Tissuebased Revenue brought in 76% of the revenue MDxHealth SA broke down this way in fiscal 2025.

  1. Tissuebased Revenue$81.5M276%up 13% from 2024
  2. Liquidbased Revenue$26.1M224%up 48% from 2024
  3. Royalties And Other Revenues$326.0K20%up 135% from 2024
Products and services by year
Products and services202320242025
Tissuebased Revenue$55.7M$72.3M$81.5M
Liquidbased Revenue$14.2M$17.6M$26.1M
Royalties And Other Revenues$228.0K$139.0K$326.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue35¢$38.2M
  • Research and development10¢$10.3M
  • Other costs53¢$56.6M
  • Interest1¢$786.0K
  • Income tax2¢$1.9M

Out of $107.9M in revenue.2 The company lost money this year.

Financial statements

Revenue56782$107.9M in 2025+815% since 2019
0$50.0M$100.0M$150.0M2019: $11.8M$11.8M20192020: $18.5M$18.5M2020+57%2021: $22.2M$22.2M2021+20%2022: $37.1M$37.1M2022+67%2023: $70.2M$70.2M2023+89%2024: $90.0M$90.0M2024+28%2025: $107.9M$107.9M2025+20%
Gross profit56782$69.6M in 2025+232010% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $30.0K$30.0K20192020: $8.0M$8.0M2020+26713%2021: $10.6M$10.6M2021+31%2022: $19.2M$19.2M2022+82%2023: $43.9M$43.9M2023+129%2024: $55.1M$55.1M2024+26%2025: $69.6M$69.6M2025+26%
Operating income56782-$14.4M in 2025−67% since 2019
-$60.0M-$40.0M-$20.0M02019: -$43.2M-$43.2M20192020: -$27.1M-$27.1M2020−37%2021: -$26.8M-$26.8M2021−1%2022: -$37.9M-$37.9M2022+41%2023: -$27.3M-$27.3M2023−28%2024: -$24.7M-$24.7M2024−10%2025: -$14.4M-$14.4M2025−42%
Net income56782-$33.5M in 2025−22% since 2019
-$60.0M-$40.0M-$20.0M02019: -$43.1M-$43.1M20192020: -$28.7M-$28.7M2020−33%2021: -$29.0M-$29.0M2021+1%2022: -$44.0M-$44.0M2022+52%2023: -$43.1M-$43.1M2023−2%2024: -$38.1M-$38.1M2024−12%2025: -$33.5M-$33.5M2025−12%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenues$107.9M$90.0M$70.2M
Cost of sales (exclusive of amortization of intangible assets)-$38.2M-$34.9M-$26.3M
Gross profit$69.6M$55.1M$43.9M
Research and development expenses-$10.3M-$10.6M-$6.4M
Selling and marketing expenses-$42.6M-$41.0M-$36.9M
General and administrative expenses-$26.9M-$22.8M-$23.0M
Amortization of intangible assets-$5.2M-$4.9M-$4.5M
Other operating income (expense), net$993.0K-$624.0K-$461.0K
Operating loss-$14.4M-$24.7M-$27.3M
Financial income$2.1M$2.4M$2.6M
Financial expenses-$23.0M-$15.3M-$18.3M
Loss before income tax-$35.4M-$37.7M-$43.1M
Income tax benefit (expense)$1.9M-$382.0K-$1.0K
Loss for the year attributable to owners of the parent-$33.5M-$38.1M-$43.1M
Basic (in Dollars per share)-$0.67-$1.16-$1.66
Diluted (in Dollars per share)-$0.67-$1.16-$1.66

Compare MDxHealth SA with another company

Corporate structure

MDxHealth SA sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MDxHealth SA

  • Bleichroeder LP Filed SCHEDULE 13D/A on MDxHealth SA, latest Oct 15, 2026 (9 filings since Nov 12, 2021)
  • Laurence W. Lytton Filed SCHEDULE 13G/A on MDxHealth SA, latest Aug 17, 2026 (5 filings since Oct 4, 2024)
  • AWM Investment Company, Inc. Filed SCHEDULE 13G/A on MDxHealth SA, latest Jul 8, 2026 (3 filings since Nov 14, 2024)
  • Exact Sciences Filed SCHEDULE 13G/A on MDxHealth SA, latest Jan 16, 2026 (2 filings since Oct 4, 2024)
  • MVM Partners, LLC Filed SC 13D/A on MDxHealth SA, latest Oct 28, 2024 (3 filings since Nov 23, 2022)
  • TopMDx Ltd. Filed SC 13D/A on MDxHealth SA, latest Apr 14, 2023 (2 filings since Dec 1, 2021)
  • Biovest NV Filed SC 13G/A on MDxHealth SA, latest Mar 17, 2023 (2 filings since Feb 14, 2022)
  • MVM Partners LLP Filed SC 13D on MDxHealth SA, latest Dec 27, 2021
  • MDxHealth SA C9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MDxHealth SA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$4.9M2 Dec 31, 2025$4.4M2 Dec 31, 2024+11.3%
Operating-lease assets (leased space)$9.8M2 Dec 31, 2025$8.6M2 Dec 31, 2024+14.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$29.0M2 Dec 31, 2025$46.8M2 Dec 31, 2024−38.0%
Long-term investments$1.5M2 Dec 31, 2025$936.0K2 Dec 31, 2024+59.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$38.9M2 Dec 31, 2025$35.9M2 Dec 31, 2024+8.4%
Intangible assets, net (excluding goodwill)$39.4M2 Dec 31, 2025$40.6M2 Dec 31, 2024−2.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$6.7M2 Dec 31, 2025$3.9M2 Dec 31, 2024+74.2%

Leadership

Who has led MDxHealth SA, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael McGarrity2026–now

Chief financial officer

  1. Ron Kalfus2026–now
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Permanent representative of Valiance Advisors LLP.Jan M. Pensaert named Aug 15, 202220
  • Permanent representative of Qaly-Co BV.Lieve M. Verplancke named Aug 15, 202220
  • Permanent representative of Regine Slagmulder BV.Regine K. Slagmulder named Aug 15, 202220

Timeline

  1. Apr 13, 2026New chief executive Michael McGarrity becomes CEO9

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.16) a share, on Nov 12, 2025.21

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

176 filings to the SEC since October 2021: 5 annual reports, 24 insider forms, 27 large holders, 1 private raises, 119 other. The latest 20:

  1. Oct 15, 2026SCHEDULE 13D/A EDGAR
  2. Sep 17, 2026144 EDGAR
  3. Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Aug 17, 20264 EDGAR
  5. Aug 17, 2026SCHEDULE 13G/A EDGAR
  6. Aug 14, 2026SCHEDULE 13D EDGAR
  7. Aug 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Aug 13, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  9. Aug 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Aug 13, 2026SCHEDULE 13G/A EDGAR
  11. Jul 24, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Jul 8, 2026SCHEDULE 13G/A EDGAR
  13. Jul 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Jun 3, 20264 EDGAR
  15. Jun 3, 20264 EDGAR
  16. Jun 3, 20264 EDGAR
  17. Jun 3, 20264 EDGAR
  18. Jun 3, 20264 EDGAR
  19. Jun 3, 20264 EDGAR
  20. Jun 3, 20264 EDGAR

The 176 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 13, 2026Bednarski EricDirectorBuy2,202,643$0.45$991.2KForm 4
Feb 3, 2023MVM Partners, LLCDirectorBuy1,000,000$4.00$4.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 2, 2022Raised $5 million in a private offering of equity Form D: 1 investor so far Form D

SEC filer profile

How MDxHealth SA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMDxHealth SA1
  • CIK0001872529
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inBelgium4
  • Industry code (SIC)8071 Services-Medical Laboratories1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business addressCap Business Center, Rue D'Abhooz, 31, B-4040, Herstal, C9 000001
  • Phone949-271-92211
  • Shares outstanding51,364,520 shares as of Dec 31, 20254
  • AuditorBDO Réviseurs d’Entreprises SRL, Zaventem, Belgium PCAOB ID 1432; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 9, 20211
  • Filings181 in all: 6-K (81), 3 (13), 4 (11), SCHEDULE 13G/A (10), CORRESP (7), 424B5 (6), UPLOAD (6), 20-F (5)1
    All 31 form types

    SC 13G (5), EFFECT (4), SC 13D/A (4), SC 13G/A (4), F-3 (3), F-1/A (2), F-3/A (2), SC 13D (2), SEC STAFF LETTER (2), 144 (1), 25-NSE (1), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CERT (1), D (1), DRS (1), DRS/A (1), DRSLTR (1), F-1 (1), S-8 (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (20-F) Apr 3, 2026

Securities registered for trading

ClassSymbolExchange
Ordinary shares, no par valueMDXHNasdaq

From the cover page of the 20-F filed Apr 3, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29