Mdxhealth Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025

Original from: Mdxhealth

MDxHealth SA (NASDAQ: MDXH) (the “Company” or “mdxhealth”), a leading precision diagnostics company, today announced its financial results for the three and nine-month period ended September 30, 2025.

Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report another strong quarter of growth and operating execution for mdxhealth with 18% revenue growth for the quarter and 20% growth year-to-date, coupled with continued discipline on our operating expenses which were essentially flat on a quarterly and year-to-date basis despite extraordinary ExoDx transaction expenses.  Furthermore, total use of cash in Q3 was less than $1 million.

Strategically, the period was highlighted by the acquisition of Exosome Diagnostics from Bio-Techne on September 15th. We will continue to prioritize the integration of the combined business throughout the fourth quarter, including transitioning our Select mdx customers to ExoDx and cross training our direct sales organization, now expanded from 50 to 60 direct sales representatives. The expansion of our sales organization was informed by the significant cross-selling opportunity of our menu of ExoDx, Confirm mdx and GPS, identified through our diligence on the combined customer base. To maximize the capture of this compelling near-term opportunity, we have decided to suspend our germline product introduction, apply those commercial resources to ExoDx, Confirm and GPS, and re-evaluate the germline opportunity in 2026.

Despite the elimination of expected Germline revenue contribution in Q3 and Q4, we remain confident in reaffirming our full-year guidance of $108 million to $110 million and expect our Q4 and full year revenue growth to meet or exceed 20%.”

Key highlights for the third quarter of 2025:

· Revenue of $27.4 million, an increase of 18% over the prior year period

· Tissue-based (Confirm mdx and GPS) test volume of 12,679, an increase of 18% over prior year period

· Liquid-based (Select mdx, ExoDx, Resolve mdx, Germline) test volume of 19,892, an increase of 65% over prior year period

· Gross margin of 65.2%, an improvement of 4.0 percentage points over the prior year period

· Net loss of $8.0 million, a 28% improvement over the prior year period

· Positive adjusted EBITDA of $1.0 million, a $4.8 million improvement over prior year period

· Exosome Diagnostics, Inc., acquired from Bio-Techne Corporation, which includes the ExoDx Prostate Test

Financial review for the three and nine months ended September 30, 2025

Results for the three months ended September 30, 2025

Revenue increased 18% to $27.4 million compared to $23.3 million for the prior year period. Tissue-based tests accounted for 76% and 80% of total third quarter 2025 and 2024 revenue, respectively.

Gross profit increased 25% to $17.9 million compared to $14.3 million for the prior year period. Gross margins were 65.2% compared to 61.2% for the prior year period, an increase of 4.0 percentage points primarily attributed to test mix.

Operating expenses increased 1% to $20.5 million compared to $20.4 million for the prior year period. Operating expenses included $1.5 million in ExoDx acquisition-related expenses. Excluding these extraordinary expenses, our operating expenses would have been $19.0 million, a reduction of 7% compared to prior year.

Net loss decreased 28% to $8.0 million compared to $11.2 million for the prior year period, primarily driven by the $3.6 million improvement in gross profit.

Adjusted EBITDA was $1.0 million, an improvement of $4.8 million compared to ($3.8) million for the same period last year.

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure.”

Results for the nine months ended September 30, 2025

Revenue increased 20% to $78.3 million compared to $65.3 million for the prior year period. Tissue-based tests accounted for 82% and 80% of 2025 and 2024 revenue, respectively.

Gross profit increased 29% to $51.0 million compared to $39.6 million for the prior year period. Gross margins were 65.0% compared to 60.7% for the prior year period, an improvement of 4.3 percentage points primarily attributed to our test mix.

Operating expenses increased 1% to $60.1 million compared to $59.7 million for the prior year period.

Net loss decreased 21% to $24.6 million compared to $31.2 million for the year period, primarily driven by improved gross profit, partially offset by non-cash fair value changes of $5.5 million. Excluding the non-cash fair value changes, our net loss would have decreased 43% to $16.4 million.

Adjusted EBITDA was $1.0 million, an improvement of $14.1 million compared to ($13.1) million for the same period last year.

A reconciliation of IFRS to non-IFRS financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-IFRS Disclosure.”

Cash and cash equivalents as of September 30, 2025, were $32.0 million.

Source: Mdxhealth Reports Results for the Third Quarter and Nine-Month Period Ended September 30, 2025