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Mdxhealth SA (MDXH) stock

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NASDAQ: MDXH Nasdaq Life Sciences Tools & Services Next results ~November 12, 2026

C Fundamentals grade

Mdxhealth SA is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: free cash flow after stock pay is not positive.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Mdxhealth SA valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds13 adding, 34 cuttingOf 12 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Mdxhealth SA files

Where Mdxhealth SA stands after its latest Filing

Revenue for the twelve months was $108m, up 19.8% on a year earlier, slower than the 28.3% growth a quarter earlier. That growth ranks 11 of 54 among the life sciences tools & services companies we cover. Free-cash-flow margin rose to -3.1% from -105.4% a year earlier. Operating margin widened to -13.4% from -120.7%. The diluted share count is up 52.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 5 financial-health checks.

Our model value for Mdxhealth SA is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Mdxhealth SA's trailing-twelve-month revenue grew 19.8% year on year, with a free-cash-flow margin of -3.1%. Where it stands out: gross margin of 64.5% ranks 9 of 45 life sciences tools & services companies we cover. Where it lags: change in share count of 52.0% ranks 46 of 46 life sciences tools & services companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 83.0% while net income grew 12.0%: a 71pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 19.8% over the last 12 months, against a median of 6.9% for life sciences tools & services companies we cover.
  • Margins widening. Operating margin is up 14.1 points on a year ago.

Things to watch

  • Growth slowing. The growth rate is 8.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -13.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -3.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 52.0% in a year.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 51.5% ranks 31 of 35 life sciences tools & services companies we cover (median 26.3%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
-$0.18 against an average estimate of -$0.19: beat by 7.2%
Next report
November 12, 2026

Mdxhealth SA's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.7%
  • 1 week-19.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$108M
Operating margin
-13.4%
Net margin
-31.1%
EPS (TTM, diluted)
$-0.67

Growth

Revenue growth
+19.8%
Change in growth rate
−8.5 pts
Share count change
+52.0%

Cash

Free cash flow (TTM)
-$3.3M
FCF margin
-3.1%
Stock pay % of revenue
2.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for MDXH from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mdxhealth SA valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Mdxhealth SA as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$3.7 ~$2.8–$4.9 Left out: out of range vs price (23.82x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$4.5 ~$4.0–$14 Left out: out of range vs price (28.73x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mdxhealth SA with Life Sciences Tools & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $25m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.46 −6% $98m +7%
Next −$0.38 +17% $111m +13%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +43.8% on 90 days ago. In the last 30 days, 0 analysts raised Mdxhealth SA's forecast and 1 cut it.

Consensus EPS forecast Mdxhealth SA, last 90 days
−$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.32 Current fiscal year, 60 days ago: −$0.46 Current fiscal year, 30 days ago: −$0.46 Current fiscal year, 7 days ago: −$0.46 Current fiscal year, Now: −$0.46 −$0.46 Next fiscal year, 90 days ago: −$0.13 Next fiscal year, 60 days ago: −$0.38 Next fiscal year, 30 days ago: −$0.38 Next fiscal year, 7 days ago: −$0.38 Next fiscal year, Now: −$0.38 −$0.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.32−$0.13
60 days ago −$0.46−$0.38
30 days ago −$0.46−$0.38
7 days ago −$0.46−$0.38
Now −$0.46−$0.38

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.19 −$0.18 +7.2%
Mar 2026 −$0.15 −$0.17 −11.8%
Dec 2025 −$0.13 −$0.17 −33.3%
Sept 2025 −$0.11 −$0.16 −48.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

6 analysts, Nov 2026
Buy117%
Hold583%
Sell00%

Monthly trend

  1. Nov 2026156
  2. Oct 2026426

Counts of recommendations published by analysts covering Mdxhealth SA, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.4%
of tradable shares
Days to cover
4.87
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
44%
of shares
Held by insiders
22.1%
of shares
Employees
364
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Mdxhealth SA in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mdxhealth SA
$0 $50M $100M $150M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $11.8M Revenue (TTM), FY20 Q4: $18.5M Revenue (TTM), FY21 Q4: $22.2M Revenue (TTM), FY22 Q4: $37.1M Revenue (TTM), FY23 Q4: $70.2M Revenue (TTM), FY24 Q4: $90M Revenue (TTM), FY25 Q4: $107.9M $107.9M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $11.8M
FY20 Q4 $18.5M
FY21 Q4 $22.2M
FY22 Q4 $37.1M
FY23 Q4 $70.2M
FY24 Q4 $90M
FY25 Q4 $107.9M
Revenue growth, TTM YoY Mdxhealth SA
0% 50% 100% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: 56.6% Revenue growth, TTM YoY, FY21 Q4: 20.5% Revenue growth, TTM YoY, FY22 Q4: 66.6% Revenue growth, TTM YoY, FY23 Q4: 89.4% Revenue growth, TTM YoY, FY24 Q4: 28.3% Revenue growth, TTM YoY, FY25 Q4: 19.8% 19.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 56.6%
FY21 Q4 20.5%
FY22 Q4 66.6%
FY23 Q4 89.4%
FY24 Q4 28.3%
FY25 Q4 19.8%
Operating margin (TTM) Mdxhealth SA
-400% -300% -200% -100% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -366.3% Operating margin (TTM), FY20 Q4: -146.9% Operating margin (TTM), FY21 Q4: -120.7% Operating margin (TTM), FY22 Q4: -102.3% Operating margin (TTM), FY23 Q4: -38.9% Operating margin (TTM), FY24 Q4: -27.5% Operating margin (TTM), FY25 Q4: -13.4% -13.4%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -366.3%
FY20 Q4 -146.9%
FY21 Q4 -120.7%
FY22 Q4 -102.3%
FY23 Q4 -38.9%
FY24 Q4 -27.5%
FY25 Q4 -13.4%
FCF margin (TTM) Mdxhealth SA
-200% -150% -100% -50% 0% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -189.7% FCF margin (TTM), FY20 Q4: -112.6% FCF margin (TTM), FY21 Q4: -105.4% FCF margin (TTM), FY22 Q4: -99.6% FCF margin (TTM), FY23 Q4: -34.5% FCF margin (TTM), FY24 Q4: -21.9% FCF margin (TTM), FY25 Q4: -3.1% -3.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -189.7%
FY20 Q4 -112.6%
FY21 Q4 -105.4%
FY22 Q4 -99.6%
FY23 Q4 -34.5%
FY24 Q4 -21.9%
FY25 Q4 -3.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 12 18 22 37 70 90 108
Gross profit 0 8 11 19 44 55 70
EBITDA −42 −26 −26 −35 −23 −20 −9
Operating income −43 −27 −27 −38 −27 −25 −14
Net income −43 −29 −29 −44 −43 −38 −34
Diluted EPS −$0.69 $0.34 $2.38 −$2.78 −$1.66 −$1.16 −$0.67
Growth (year on year)
Revenue — +56.6% +20.5% +66.6% +89.4% +28.3% +19.8%
Margins
Gross margin 0.3% 43.6% 47.5% 51.9% 62.6% 61.2% 64.5%
EBITDA margin −352.9% −138.7% −118.4% −93.7% −32.5% −22.0% −8.5%
Operating margin −366.3% −146.9% −120.7% −102.3% −38.9% −27.5% −13.4%
Net margin −365.7% −155.3% −130.4% −118.9% −61.4% −42.3% −31.1%
Free-cash-flow margin −189.7% −112.6% −105.4% −99.6% −34.5% −21.9% −3.1%
Cash flow
Cash from operations −22 −20 −23 −34 −21 −19 −2
Capital spending 0 1 1 3 3 1 1
Free cash flow −22 −21 −23 −37 −24 −20 −3
Stock-based pay 1 1 1 1 1 2 2
Free cash flow after stock pay −23 −22 −25 −38 −25 −21 −6
Balance sheet
Cash — 16 58 16 22 47 29
Total debt — 3 4 35 36 51 76
Net debt (negative = net cash) — −13 −54 19 14 4 47
Diluted shares 2m 83m 12m 16m 26m 33m 50m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · December 31, 2025
What it owns · $148m
Short-term assets $53mLonger-term assets $95m
What it owes, and who funded it · $160m
Short-term liabilities $50mLonger-term liabilities $111mShareholders' equity $-12m
  • Short-term assets cover short-term liabilities $53m of assets due within a year against $50m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $53m short-term assets against $111m of longer-dated liabilities.
  • More cash than debt $29m of cash against $76m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$2m of operating cash flow against $76m of debt.
  • Operating profit covers interest at least five times over Operating income of −$14m against $786,000 of interest.

From Mdxhealth SA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+52.0%
year over year
R&D spending
9.6%
of revenue
Days sales outstanding
50 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated MDXH BDSX HBIO CDXS QTRX BNR Median
Revenue, last 12 months $108m $103m $88m $78m $153m $75m $229m
Revenue growth, last 12 months 19.8% 34.5% −1.1% 35.9% 22.0% 4.7% 6.9%
Revenue growth, 3-year average — 35.2% −8.4% −7.8% 11.1% — 2.9%
Revenue growth, latest quarter — 34.2% 11.1% −2.7% 34.4% — 8.5%
Gross margin 64.5% — 58.2% 87.0% 42.7% 74.7% 51.9%
Operating margin −13.4% −20.0% −0.3% −35.6% −99.6% −10.2% −14.3%
Operating margin, 3-year average — −39.7% −21.4% −81.6% −70.6% — −22.4%
Net margin −31.1% −27.0% −11.9% −39.6% −80.2% −10.3% −16.1%
Cash from operations / revenue −2.0% −19.3% 0.7% −13.4% −52.7% −5.3% 1.3%
Free-cash-flow margin −3.1% −19.7% −1.3% −15.7% −53.2% −6.2% −2.2%
Free-cash-flow margin, 3-year average — −53.5% 3.6% −71.6% −36.8% — 0.6%
Stock pay / revenue 2.0% 3.9% 1.6% 9.9% 12.1% 2.6% 4.4%
Change in share count 52.0% — 2.5% 12.9% 21.0% −100.0% 1.0%

Median of all 54 companies we cover in life sciences tools & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 19.8% 6.9% 11 of 54
Change in growth rate Growth -8.5pp +0.4pp 49 of 54
Gross margin Profitability 64.5% 52.0% 9 of 45
Operating margin Profitability -13.4% -14.3% 25 of 52
Net margin Profitability -31.1% -12.2% 34 of 54
Free-cash-flow margin Cash generation -3.1% -1.3% 28 of 54
Stock pay as % of revenue Cash generation 2.0% 4.4% 14 of 53
Long-term debt as % of assets Balance sheet 51.5% 26.3% 31 of 35
Change in share count Balance sheet 52.0% 1.0% 46 of 46
Days sales outstanding Balance sheet 50 days 62 days 14 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$6.8M
Institutions reporting
26
Shares held vs prior quarter
▼ 32.9%
Positions opened / closed
5 / 29

Top buyers and sellers, Q2 2026: 13 institutions bought and 34 sold ; the biggest buyer was Jane Street Group, LLC (+503K shares) and the biggest seller Awm Investment Company, Inc (−5.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Bleichroeder LP $3M 7.4M 44.6% 0.0%
Mvm Partners, LLC $1.9M 4.7M 28.1% 0.0%
Perkins Capital Management Inc $579,722 1.4M 8.5% ▼ 4.4%
Citadel Advisors LLC $209,272 510K 3.1% ▲ 754.7%
Jane Street Group, LLC $206,622 503K 3.0% New
Gsa Capital Partners LLP $198,000 482K 2.9% ▲ 4245.3%
Renaissance Technologies LLC $133,479 325K 2.0% ▲ 6.7%
Millennium Management LLC $93,826 229K 1.4% ▼ 58.1%
Squarepoint Ops LLC $82,235 200K 1.2% New
Xtx Topco Ltd $80,083 195K 1.2% ▲ 417.1%
HRT Financial LP $75,000 184K 1.1% ▲ 1529.2%
Blackrock, Inc. $60,384 147K 0.9% ▲ 41.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mdxhealth SA's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $991,189 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $991,189 net buying
Insider Date Trade Shares Price Value
Bednarski Eric Director August 13, 2026 Buy 2,202,643 $0.45 $991,189

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Data status

When each part of this page on Mdxhealth SA was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mdxhealth SA in brief

What does Mdxhealth SA do?
Mdxhealth SA is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Mdxhealth SA's stock ticker?
Mdxhealth SA trades under the ticker MDXH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mdxhealth SA's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mdxhealth SA reported revenue of $108M, 19.8% higher than a year earlier, according to its SEC filings.
What is Mdxhealth SA's free cash flow?
Mdxhealth SA's free-cash-flow margin is -3.1% of revenue over the trailing twelve months, ranking 28 of the 54 life sciences tools & services companies we cover.
Who are Mdxhealth SA's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Bleichroeder LP, Mvm Partners, LLC and Perkins Capital Management Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Mdxhealth SA's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Mdxhealth SA are Biodesix Inc, Harvard Bioscience Inc, Codexis, Inc., Quanterix Corp and Burning Rock Biotech Ltd. The side-by-side comparison below sets their revenue, margins and growth against Mdxhealth SA's.
Are insiders buying or selling Mdxhealth SA stock?
Over the last 12 months, Mdxhealth SA's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Mdxhealth SA's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mdxhealth SA announces its own schedule.