NASDAQ : MDXH
MDxHealth SA — Financial statements
Healthcare · Diagnostics & Research · Belgium
Last price 0.1812 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 17.29M
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Financial statements
MDxHealth SA (MDXH) reported revenue of 114.02M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 114.02M | 107.88M | 90.05M | 70.19M | 37.05M | 22.24M |
| Cost of Revenue | 42.35M | 38.24M | 34.91M | 26.26M | 17.84M | 11.68M |
| Gross Profit | 71.67M | 69.63M | 55.14M | 43.93M | 19.22M | 10.56M |
| Selling, General & Admin | 78.82M | 69.49M | 63.78M | 59.92M | 49.01M | 31.37M |
| Research & Development | 10.13M | 10.35M | 10.55M | 6.38M | 5.45M | 5.59M |
| Amortization of Goodwill & Intangibles | 5.08M | 5.19M | 4.91M | 4.49M | 3.17M | 1.61M |
| Other Operating Expenses | -899.00K | -993.00K | 624.00K | 461.00K | 73.00K | -120.00K |
| Operating Expenses | 93.13M | 84.04M | 79.86M | 71.26M | 57.71M | 38.45M |
| Operating Income | -21.45M | -14.41M | -24.72M | -27.33M | -38.49M | -27.88M |
| Interest Expense | -12.92M | -11.62M | -7.63M | -5.58M | -2.64M | -1.88M |
| Interest & Investment Income | 936.00K | 1.50M | 1.08M | 1.09M | 125.00K | 11.00K |
| Other Non Operating Income (Expenses) | -1.99M | -935.00K | 618.00K | -2.12M | -188.00K | -103.00K |
| EBT Excluding Unusual Items | -35.43M | -25.46M | -30.66M | -33.95M | -41.19M | -29.85M |
| Asset Writedown | -44.00K | |||||
| Other Unusual Items | -2.58M | -9.92M | -7.03M | -9.15M | -2.81M | 847.00K |
| Pretax Income | -38.01M | -35.38M | -37.69M | -43.10M | -44.04M | -29.00M |
| Income Tax Expense | -1.58M | -1.86M | 382.00K | 1.00K | ||
| Net Income | -37.34M | -33.52M | -38.07M | -43.10M | -44.04M | -29.00M |
| Net Income to Common | -37.34M | -33.52M | -38.07M | -43.10M | -44.04M | -29.00M |
| Shares Outstanding (Basic) | 50.34M | 49.96M | 32.86M | 25.91M | 15.87M | 12.19M |
| Shares Outstanding (Diluted) | 50.34M | 49.96M | 32.86M | 25.91M | 15.87M | 12.19M |
| EPS (Basic) | -0.74 | -0.67 | -1.16 | -1.66 | -2.78 | -2.38 |
| EPS (Diluted) | -0.74 | -0.67 | -1.16 | -1.66 | -2.78 | -2.38 |
| Free Cash Flow | -6.02M | -3.35M | -19.72M | -24.24M | -36.91M | -23.44M |
| Free Cash Flow Per Share | -0.12 | -0.07 | -0.60 | -0.94 | -2.33 | -1.92 |
| Gross Margin | 62.86% | 64.55% | 61.23% | 62.58% | 51.87% | 47.50% |
| Operating Margin | -18.82% | -13.36% | -27.45% | -38.93% | -103.87% | -125.37% |
| Profit Margin | -32.75% | -31.07% | -42.28% | -61.40% | -118.86% | -130.41% |
| Free Cash Flow Margin | -5.28% | -3.10% | -21.90% | -34.54% | -99.60% | -105.42% |
| EBITDA | -14.93M | -8.15M | -18.96M | -21.66M | -33.58M | -24.85M |
| EBITDA Margin | -13.09% | -7.56% | -21.05% | -30.85% | -90.62% | -111.72% |
| D&A For EBITDA | 6.53M | 6.26M | 5.76M | 5.67M | 4.91M | 3.04M |
| EBIT | -21.45M | -14.41M | -24.72M | -27.33M | -38.49M | -27.88M |
| EBIT Margin | -18.82% | -13.36% | -27.45% | -38.93% | -103.87% | -125.37% |
| Revenue as Reported | 22.24M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 19.21M | 29.03M | 46.80M | 22.38M | 15.50M | 58.50M |
| Short-Term Investments | 103.00K | 135.00K | 110.00K | 101.00K | 89.00K | |
| Cash & Short-Term Investments | 19.21M | 29.14M | 46.93M | 22.49M | 15.60M | 58.59M |
| Accounts Receivable | 14.93M | 14.68M | 14.44M | 11.09M | 9.36M | 4.58M |
| Other Receivables | 53.00K | 92.00K | 183.00K | 151.00K | 481.00K | |
| Receivables | 14.93M | 14.73M | 14.53M | 11.27M | 9.51M | 5.06M |
| Inventory | 6.43M | 6.74M | 3.87M | 2.78M | 2.33M | 1.91M |
| Prepaid Expenses | 2.46M | 1.86M | 1.56M | 1.58M | 1.71M | 1.02M |
| Other Current Assets | 940.00K | 36.00K | 23.00K | |||
| Total Current Assets | 43.03M | 53.41M | 66.89M | 38.16M | 29.15M | 66.61M |
| Property, Plant & Equipment | 11.90M | 14.68M | 12.98M | 9.95M | 7.89M | 5.02M |
| Goodwill | 39.25M | 38.95M | 35.93M | 35.93M | 35.93M | |
| Other Intangible Assets | 36.71M | 39.42M | 40.59M | 44.34M | 46.17M | 3.45M |
| Other Long-Term Assets | 510.00K | 763.00K | 502.00K | 763.00K | ||
| Total Assets | 132.09M | 147.95M | 157.33M | 129.13M | 119.14M | 75.07M |
| Accounts Payable | 10.57M | 10.33M | 8.00M | 8.81M | 10.18M | 7.46M |
| Accrued Expenses | 6.95M | 6.74M | 6.57M | 5.69M | 3.98M | 2.73M |
| Current Portion of Long-Term Debt | 324.00K | 643.00K | 616.00K | 4.44M | ||
| Current Portion of Leases | 1.80M | 1.90M | 1.36M | 1.48M | 1.17M | 840.00K |
| Other Current Liabilities | 18.08M | 30.57M | 26.41M | 2.90M | 2.33M | 961.00K |
| Total Current Liabilities | 37.40M | 49.53M | 42.66M | 19.52M | 18.28M | 16.43M |
| Long-Term Debt | 96.41M | 76.20M | 50.97M | 35.56M | 34.91M | 7.65M |
| Long-Term Leases | 7.63M | 8.51M | 7.41M | 3.58M | 3.09M | 2.62M |
| Other Long-Term Liabilities | 21.05M | 25.81M | 41.45M | 63.26M | 53.54M | 1.47M |
| Total Liabilities | 162.49M | 160.05M | 142.49M | 121.92M | 109.82M | 28.17M |
| Common Stock | 219.21M | 241.25M | 236.72M | 192.30M | 148.42M | 143.42M |
| Additional Paid-In Capital | 153.18M | 153.18M | 153.18M | 153.18M | 153.18M | 153.18M |
| Retained Earnings | -423.43M | -403.03M | -369.51M | -331.45M | -288.35M | -244.30M |
| Comprehensive Income & Other | 20.64M | -3.49M | -5.54M | -6.82M | -3.94M | -5.39M |
| Shareholders' Equity | -30.40M | -12.09M | 14.84M | 7.21M | 9.31M | 46.90M |
| Total Liabilities & Equity | 132.09M | 147.95M | 157.33M | 129.13M | 119.14M | 75.07M |
| Total Debt | 105.85M | 86.60M | 60.06M | 41.27M | 39.79M | 15.56M |
| Net Cash (Debt) | -86.64M | -57.47M | -13.13M | -18.77M | -24.19M | 43.03M |
| Net Cash Per Share | -1.72 | -1.15 | -0.40 | -0.72 | -1.52 | 3.53 |
| Filing Date Shares Outstanding | 51.36M | 51.36M | 49.50M | 27.29M | 27.04M | 15.60M |
| Total Common Shares Outstanding | 51.36M | 51.36M | 49.50M | 27.29M | 16.29M | 15.60M |
| Working Capital | 5.63M | 3.88M | 24.23M | 18.64M | 10.87M | 50.17M |
| Book Value Per Share | -0.59 | -0.24 | 0.30 | 0.26 | 0.57 | 3.01 |
| Tangible Book Value | -106.36M | -90.47M | -61.68M | -73.06M | -72.78M | 43.45M |
| Tangible Book Value Per Share | -2.07 | -1.76 | -1.25 | -2.68 | -4.47 | 2.79 |
| Machinery | 10.04M | 8.92M | 10.56M | 8.42M | 6.53M | |
| Leasehold Improvements | 2.99M | 2.63M | 2.80M | 2.06M | 1.34M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -37.34M | -33.52M | -38.07M | -43.10M | -44.04M | -29.00M |
| Depreciation & Amortization | 8.39M | 8.12M | 7.29M | 6.86M | 4.91M | 3.04M |
| Other Amortization | 1.09M | 1.09M | 753.00K | |||
| Asset Writedown & Restructuring Costs | 914.00K | 44.00K | ||||
| Stock-Based Compensation | 2.31M | 2.21M | 1.73M | 665.00K | 867.00K | 1.22M |
| Other Operating Activities | 15.12M | 18.97M | 13.63M | 16.19M | 5.67M | 1.84M |
| Change in Accounts Receivable | 391.00K | -5.12M | -1.38M | |||
| Change in Inventory | -2.21M | -1.93M | -1.09M | -452.00K | -416.00K | 413.00K |
| Change in Accounts Payable | 3.71M | 550.00K | 458.00K | 20.00K | 3.97M | 1.33M |
| Change in Other Net Operating Assets | 2.32M | 2.32M | -3.23M | -1.68M | ||
| Operating Cash Flow | -5.30M | -2.19M | -18.53M | -21.50M | -34.12M | -22.55M |
| Capital Expenditures | -718.00K | -1.16M | -1.19M | -2.75M | -2.79M | -896.00K |
| Cash Acquisitions | -6.72M | -18.90M | -555.00K | -25.00M | ||
| Sale (Purchase) of Intangibles | -971.00K | -2.27M | -1.37M | |||
| Other Investing Activities | 301.00K | 1.50M | 1.08M | 1.09M | 125.00K | 11.00K |
| Investing Cash Flow | -7.14M | -18.56M | -1.64M | -3.93M | -29.04M | -885.00K |
| Long-Term Debt Issued | 24.25M | 53.01M | 34.29M | |||
| Long-Term Debt Repaid | -2.65M | -41.42M | -3.27M | -12.16M | -1.06M | |
| Lease Payments | -2.68M | -2.32M | -1.88M | -1.61M | -1.36M | -1.06M |
| Net Debt Issued (Repaid) | 16.72M | 21.60M | 11.59M | -3.27M | 22.13M | -1.06M |
| Issuance of Common Stock | 40.74M | 39.60M | 68.57M | |||
| Other Financing Activities | -17.88M | -18.64M | -7.73M | -4.05M | -1.41M | -1.01M |
| Financing Cash Flow | -1.16M | 2.96M | 44.60M | 32.28M | 20.72M | 66.50M |
| Foreign Exchange Rate Adjustments | -4.00K | 16.00K | -14.00K | 25.00K | -555.00K | -520.00K |
| Net Cash Flow | -13.60M | -17.77M | 24.42M | 6.88M | -42.99M | 42.55M |
| Free Cash Flow | -6.02M | -3.35M | -19.72M | -24.24M | -36.91M | -23.44M |
| Free Cash Flow Margin | -5.28% | -3.10% | -21.90% | -34.54% | -99.60% | -105.42% |
| Free Cash Flow Per Share | -0.12 | -0.07 | -0.60 | -0.94 | -2.33 | -1.92 |
| Levered Free Cash Flow | -17.41M | -3.66M | 6.67M | -19.28M | -24.28M | -14.46M |
| Unlevered Free Cash Flow | -9.33M | 3.60M | 11.44M | -15.79M | -22.63M | -13.29M |
| Free Cash Flow After Leases | -8.70M | -5.67M | -21.60M | -25.85M | -38.27M | -24.50M |
| Cash Interest Paid | 10.70M | 9.73M | 6.70M | 3.61M | 1.41M | 1.01M |
| Change in Working Capital | 4.21M | 939.00K | -3.86M | -2.12M | -1.56M | 360.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.99M | 176.71M | 112.07M | 107.52M | 16.29K | 162.21M |
| Enterprise Value | 101.63M | 232.60M | 118.14M | 115.53M | -25.63M | 146.03M |
| Last Close Price | 0.16 | 3.57 | 2.37 | 3.94 | 0.00 | 10.40 |
| PS Ratio | 0.14 | 1.64 | 1.25 | 1.53 | 0.00 | 7.29 |
| PB Ratio | -14.61 | 7.55 | 14.92 | 0.00 | 3.46 | |
| P/TBV Ratio | 3.73 | |||||
| EV/Sales Ratio | 0.90 | 2.16 | 1.31 | 1.65 | 6.57 | |
| Debt / Equity Ratio | -3.48 | -7.16 | 4.05 | 5.72 | 4.27 | 0.33 |
| Net Debt / Equity Ratio | -2.85 | -4.75 | 0.89 | 2.60 | 2.60 | -0.92 |
| Net Debt / EBITDA Ratio | -5.80 | -7.05 | -0.69 | -0.87 | -0.72 | 1.73 |
| Net Debt / FCF Ratio | -14.40 | -17.18 | -0.67 | -0.77 | -0.66 | 1.83 |
| Asset Turnover | 0.84 | 0.71 | 0.63 | 0.56 | 0.38 | 0.42 |
| Inventory Turnover | 8.39 | 7.21 | 10.50 | 10.29 | 8.42 | 5.51 |
| Quick Ratio | 0.91 | 0.89 | 1.44 | 1.73 | 1.37 | 3.87 |
| Current Ratio | 1.15 | 1.08 | 1.57 | 1.96 | 1.59 | 4.05 |
| Return on Equity (ROE) | -2,440.41% | -345.31% | -521.70% | -156.70% | -109.96% | |
| Return on Assets (ROA) | -9.83% | -5.90% | -10.79% | -13.76% | -24.77% | -32.59% |
| Return on Capital Employed (ROCE) | -22.70% | -14.60% | -21.60% | -24.90% | -38.20% | -47.50% |
| Earnings Yield | -472.13% | -18.97% | -33.97% | -40.09% | -270,407.66% | -17.88% |
| FCF Yield | -38.62% | -1.89% | -17.59% | -22.55% | -226,590.13% | -14.45% |
| Buyback Yield / Dilution | -13.74% | -52.05% | -26.82% | -63.31% | -30.12% | -46.56% |