For fiscal 2025 (ended Dec 31, 2025), MDxHealth SA reported $107.88M of revenue and -$33.52M of net income.
MDXH revenue was $107.88M for fiscal 2025 (ended Dec 31, 2025), up 19.8% from fiscal 2024. Compound annual growth was +42.3% over 5 years. It rose in each of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
MDXH net income was -$33.52M for fiscal 2025 (ended Dec 31, 2025), compared with -$38.07M in fiscal 2024.
MDXH diluted EPS was -$0.67 for fiscal 2025 (ended Dec 31, 2025).
MDXH free cash flow was -$3.35M for fiscal 2025 (ended Dec 31, 2025), compared with -$19.72M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $107.88M | $90.05M | $70.19M | $37.05M | $22.24M | $18.46M | $11.79M |
| Cost of revenue | $38.24M | $34.91M | $26.26M | $17.84M | $11.68M | $10.42M | $11.76M |
| Gross profit | $69.63M | $55.14M | $43.93M | $19.22M | $10.56M | $8.04M | $30.0K |
| Research and development | $10.35M | $10.55M | $6.38M | $5.50M | $5.59M | $4.54M | $9.00M |
| Selling, general and admin | $26.93M | $22.80M | $23.01M | $23.31M | $13.91M | $13.99M | $15.20M |
| Operating income | -$14.41M | -$24.72M | -$27.33M | -$37.90M | -$26.84M | -$27.12M | -$43.17M |
| Interest expense | $786.0K | $384.0K | $18.34M | $6.38M | $2.17M | $1.54M | $516.0K |
| Pre-tax income | -$35.38M | -$37.69M | -$43.10M | -$44.04M | -$29.00M | -$28.66M | -$43.67M |
| Income tax | -$1.86M | $382.0K | $1.0K | $0 | $0 | $0 | -$575.0K |
| Net income | -$33.52M | -$38.07M | -$43.10M | -$44.04M | -$29.00M | -$28.66M | -$43.10M |
| EPS, basic | -$0.67 | -$1.16 | -$1.66 | -$2.78 | -$2.38 | -$3.40 | -$6.90 |
| EPS, diluted | -$0.67 | -$1.16 | -$1.66 | -$2.78 | $2.38 | $3.40 | -$6.90 |
| Diluted shares | 50.0M | 32.9M | 25.9M | 15.9M | 12.2M | 8.3M | 233,000 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $29.03M | $46.80M | $22.38M | $15.50M | $58.50M | $15.95M | - |
| Receivables | $14.68M | $14.44M | $11.09M | $9.36M | $4.58M | $3.77M | - |
| Inventory | $6.74M | $3.87M | $2.78M | $2.33M | $1.91M | $2.32M | - |
| Current assets | $53.41M | $66.89M | $38.16M | $29.15M | $66.61M | $23.09M | - |
| Goodwill | $38.95M | $35.93M | $35.93M | $35.93M | $0 | - | $1.15M |
| Total assets | $147.95M | $157.33M | $129.13M | $119.14M | $75.07M | $31.86M | - |
| Current liabilities | $49.53M | $42.66M | $19.52M | $18.28M | $16.43M | $13.02M | - |
| Long-term debt | $76.20M | $50.97M | $35.56M | - | - | - | - |
| Total debt | $76.20M | $50.97M | $35.56M | $34.91M | - | - | - |
| Total liabilities | $160.05M | $142.49M | $121.92M | $109.82M | $28.17M | $26.01M | - |
| Shareholders' equity | -$12.09M | $14.84M | $7.21M | $9.31M | $46.90M | $5.85M | $19.72M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.19M | -$18.53M | -$21.50M | -$34.12M | -$22.55M | -$20.24M | -$22.29M |
| Capital expenditures | $1.16M | $1.19M | $2.75M | $2.79M | $896.0K | $537.0K | $73.0K |
| Free cash flow | -$3.35M | -$19.72M | -$24.24M | -$36.91M | -$23.44M | -$20.78M | -$22.36M |
| Investing cash flow | -$18.56M | -$1.64M | -$3.93M | -$29.04M | -$885.0K | -$537.0K | -$73.0K |
| Financing cash flow | $2.96M | $44.60M | $32.28M | $20.72M | $66.50M | $14.29M | $17.96M |
| Stock-based compensation | $2.21M | $1.73M | $665.0K | $867.0K | $1.22M | $1.29M | $872.0K |
| Depreciation and amortization | - | - | $2.37M | $1.74M | $1.43M | $3.33M | $3.42M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 19.8% | 28.3% | 89.4% | 66.6% | 20.5% | 56.6% | - |
| Gross margin | 64.5% | 61.2% | 62.6% | 51.9% | 47.5% | 43.6% | 0.3% |
| Operating margin | -13.4% | -27.5% | -38.9% | -102.3% | -120.7% | -146.9% | -366.3% |
| Net margin | -31.1% | -42.3% | -61.4% | -118.9% | -130.4% | -155.3% | -365.7% |
| Free cash flow margin | -3.1% | -21.9% | -34.5% | -99.6% | -105.4% | -112.6% | -189.7% |
| Return on equity | - | -256.5% | -597.9% | -472.8% | -61.8% | -490.0% | -218.5% |
| Return on assets | -22.7% | -24.2% | -33.4% | -37.0% | -38.6% | -90.0% | - |
| Current ratio | 1.08 | 1.57 | 1.95 | 1.59 | 4.05 | 1.77 | - |
| Debt to equity | - | 3.43 | 4.93 | 3.75 | - | - | - |
Source: XBRL data MDxHealth SA files with the SEC, latest filing dated Apr 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-10, first reported Apr 30, 2024.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MDXH | $107.88M | +19.8% | -$33.52M | -31.1% | $15.0M |
| UNH | $449.66B | +3.3% | $15.88B | 3.5% | $356.28B |
| ELV | $201.83B | +3.6% | $5.13B | 2.5% | $90.37B |
| CI | $286.32B | +6.8% | $5.99B | 2.1% | $77.89B |
| HUM | $154.19B | +22.0% | $1.25B | 0.8% | $50.82B |
| NTRA | $2.91B | +37.4% | -$164.71M | -5.7% | $46.46B |
| CNC | $203.90B | +9.7% | $1.46B | 0.7% | $33.93B |
| ILMN | $4.54B | +5.8% | $895.00M | 19.7% | $33.38B |
| LH | $14.59B | +6.0% | $1.00B | 6.9% | $30.19B |