MDXH on Nasdaq
MDxHealth SA
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
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Last updated Oct 19, 2026.
Overview
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- 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
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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
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.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| 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
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| 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 |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2025-08-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Goodwill | $38.9M | $3.0M | $35.9M | ||
| Intangible assets | $39.4M | $40.6M | |||
| Property, plant and equipment | $4.9M | $4.4M | |||
| Right-of-use assets | $9.8M | $8.6M | |||
| Financial assets | $1.5M | $936.0K | |||
| Total non-current assets | $94.5M | $90.4M | |||
| Assets held-for-sale | $940.0K | ||||
| Inventories | $6.7M | $3.9M | |||
| Trade receivables | $14.7M | $14.4M | |||
| Prepaid expenses and other current assets | $2.0M | $1.8M | |||
| Cash and cash equivalents | $29.0M | $46.8M | $22.4M | $15.5M | |
| Total current assets | $53.4M | $66.9M | |||
| TOTAL ASSETS | $148.0M | $157.3M | |||
| Share capital | $219.2M | $214.7M | $173.9M | ||
| Issuance premium | $153.2M | $153.2M | $153.2M | ||
| Accumulated deficit | -$403.0M | -$369.5M | |||
| Share-based compensation | $19.3M | $17.1M | |||
| Translation reserve | -$781.0K | -$615.0K | |||
| Total equity | -$12.1M | $14.8M | $7.2M | $9.3M | |
| Loans and borrowings | $76.2M | $51.0M | |||
| Lease liabilities | $8.5M | $7.4M | |||
| Other non-current financial liabilities | $25.8M | $41.4M | |||
| Total non-current liabilities | $110.5M | $99.8M | |||
| Loans and borrowings | $324.0K | ||||
| Lease liabilities | $1.9M | $1.4M | |||
| Trade payables | $10.3M | $8.0M | |||
| Other current liabilities | $6.7M | $6.6M | |||
| Other current financial liabilities | $30.6M | $26.4M | |||
| Total current liabilities | $49.5M | $42.7M | |||
| Total liabilities | $160.0M | $142.5M | |||
| TOTAL EQUITY AND LIABILITIES | $148.0M | $157.3M |
| Period ending | 2025-12-31 | 2025-08-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|---|
| Goodwill | $38.9M | $3.0M | $35.9M | ||
| Intangible assets | $39.4M | $40.6M | |||
| Property, plant and equipment | $4.9M | $4.4M | |||
| Right-of-use assets | $9.8M | $8.6M | |||
| Financial assets | $1.5M | $936.0K | |||
| Total non-current assets | $94.5M | $90.4M | |||
| Assets held-for-sale | $940.0K | ||||
| Inventories | $6.7M | $3.9M | |||
| Trade receivables | $14.7M | $14.4M | |||
| Prepaid expenses and other current assets | $2.0M | $1.8M | |||
| Cash and cash equivalents | $29.0M | $46.8M | $22.4M | $15.5M | |
| Total current assets | $53.4M | $66.9M | |||
| TOTAL ASSETS | $148.0M | $157.3M | |||
| Share capital | $219.2M | $214.7M | $173.9M | ||
| Issuance premium | $153.2M | $153.2M | $153.2M | ||
| Accumulated deficit | -$403.0M | -$369.5M | |||
| Share-based compensation | $19.3M | $17.1M | |||
| Translation reserve | -$781.0K | -$615.0K | |||
| Total equity | -$12.1M | $14.8M | $7.2M | $9.3M | |
| Loans and borrowings | $76.2M | $51.0M | |||
| Lease liabilities | $8.5M | $7.4M | |||
| Other non-current financial liabilities | $25.8M | $41.4M | |||
| Total non-current liabilities | $110.5M | $99.8M | |||
| Loans and borrowings | $324.0K | ||||
| Lease liabilities | $1.9M | $1.4M | |||
| Trade payables | $10.3M | $8.0M | |||
| Other current liabilities | $6.7M | $6.6M | |||
| Other current financial liabilities | $30.6M | $26.4M | |||
| Total current liabilities | $49.5M | $42.7M | |||
| Total liabilities | $160.0M | $142.5M | |||
| TOTAL EQUITY AND LIABILITIES | $148.0M | $157.3M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Operating loss | -$14.4M | -$24.7M | -$27.3M |
| Depreciation | $4.0M | $3.1M | $2.4M |
| Amortization of intangible assets | $5.2M | $4.9M | $4.5M |
| Share-based compensation | $2.2M | $1.7M | $665.0K |
| Provision for inventory obsolescence | $683.0K | ||
| Operating changes in fair value of contingent liabilities | -$962.0K | ||
| Other non-cash transactions | $140.0K | $286.0K | $421.0K |
| Cash used in operations before working capital changes | -$3.1M | -$14.7M | -$19.4M |
| Increase in inventories | -$1.9M | -$1.1M | -$452.0K |
| Decrease / (increase) in receivables | $2.3M | -$3.2M | -$1.7M |
| Increase in payables | $550.0K | $458.0K | $20.0K |
| Net cash outflow from operating activities | -$2.2M | -$18.5M | -$21.5M |
| Purchase of property, plant and equipment | -$1.2M | -$1.2M | -$2.7M |
| Acquisition and generation of intangible assets | -$971.0K | -$2.3M | |
| Earnout payment (GPS acquisition) | -$19.7M | -$555.0K | |
| Cash from acquisition of Exosome Diagnostics | $755.0K | ||
| Interest received | $1.5M | $1.1M | $1.1M |
| Net cash outflow from investing activities | -$18.6M | -$1.6M | -$3.9M |
| Proceeds from issuance of shares, net of transaction costs | $40.7M | $39.6M | |
| Proceeds from loan obligation | $24.2M | $53.0M | |
| Repayment of loan obligation and debt extinguishment costs | -$324.0K | -$39.5M | -$1.7M |
| Earnout payment (GPS acquisition) | -$8.3M | ||
| Amendment fee related to OrbiMed / GPS agreement | -$550.0K | -$250.0K | |
| Payment of lease liability | -$2.3M | -$1.9M | -$1.6M |
| Payment of interest | -$9.7M | -$6.7M | -$3.6M |
| Other financial expenses | -$596.0K | -$477.0K | -$190.0K |
| Net cash inflow from financing activities | $3.0M | $44.6M | $32.3M |
| Net decrease (-) / increase (+) in cash and cash equivalents | -$17.8M | $24.4M | $6.9M |
No quarter-by-quarter statement was filed.
Leadership
Who has led MDxHealth SA, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerMichael McGarrity Apr 13, 2026 to now9
- Chief financial officerRon Kalfus Apr 13, 2026 to now10
Board members and other officers (10)
- Chief Commercial OfficerJohn Bellano Apr 13, 2026 to now11
- OfficerJoseph Sollee Apr 13, 2026 to now12
- VP, Finance and AccountingBrendan Oconnell May 28, 2026 to now13
- Board memberMichael Holder Mar 18, 2026 to now14
- Board memberHilde Windels Apr 9, 2026 to now15
- Board memberKoen Hoffman Apr 9, 2026 to now16
- Board memberSanford Jay Siegel Apr 9, 2026 to now17
- Board memberDon M. Hardison Apr 10, 2026 to now18
- Board memberEric Bednarski Apr 13, 2026 to now19
- Board memberMichael McGarrity Apr 13, 2026 to now9
Named in SEC Form D filings
People the company listed in its private-offering notices.
Timeline
- Apr 13, 2026New chief executive Michael McGarrity becomes CEO9
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:
- Oct 15, 2026SCHEDULE 13D/A EDGAR
- Sep 17, 2026144 EDGAR
- Sep 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13D EDGAR
- Aug 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 13, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- Aug 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Jul 24, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 8, 2026SCHEDULE 13G/A EDGAR
- Jul 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- 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.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Bednarski EricDirector | Buy | 2,202,643 | $0.45 | $991.2K | Form 4 |
| Feb 3, 2023 | MVM Partners, LLCDirector | Buy | 1,000,000 | $4.00 | $4.0M | Form 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.
- Bleichroeder LPSCHEDULE 13D/A, 9 filings Nov 12, 2021 to Oct 15, 202621
- Laurence W. LyttonSCHEDULE 13G/A, 5 filings Oct 4, 2024 to Aug 17, 202622
- AWM Investment Company, Inc.SCHEDULE 13G/A, 3 filings Nov 14, 2024 to Jul 8, 202623
- Exact SciencesSCHEDULE 13G/A, 2 filings Oct 4, 2024 to Jan 16, 202624
- MVM Partners, LLCSC 13D/A, 3 filings Nov 23, 2022 to Oct 28, 202425
- TopMDx Ltd.SC 13D/A, 2 filings Dec 1, 2021 to Apr 14, 202326
- Biovest NVSC 13G/A, 2 filings Feb 14, 2022 to Mar 17, 202327
- MVM Partners LLPSC 13D, 1 filing Dec 27, 202128
Money raised
Private offerings the company reported to the SEC on Form D.
- Aug 2, 2022Raised $5 million in a private offering of equity Form D: 1 investor so far Form D
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARMDxHealth SA filings on SEC EDGAR
- 2SEC EDGARMDxHealth SA 10-K for fiscal 2025
- 3SEC EDGARMDxHealth SA filings on SEC EDGAR
- 4
- 5SEC EDGARMDxHealth SA 10-K for fiscal 2019
- 6SEC EDGARMDxHealth SA 10-K for fiscal 2020
- 7SEC EDGARMDxHealth SA 10-K for fiscal 2021
- 8SEC EDGARMDxHealth SA 10-K for fiscal 2022
- 9
- 10SEC EDGARRon Kalfus, Chief financial officer
- 11
- 12SEC EDGARJoseph Sollee, Officer
- 13
- 14SEC EDGARMichael Holder, Board member
- 15SEC EDGARHilde Windels, Board member
- 16SEC EDGARKoen Hoffman, Board member
- 17SEC EDGARSanford Jay Siegel, Board member
- 18SEC EDGARDon M. Hardison, Board member
- 19SEC EDGAREric Bednarski, Board member
- 20
- 21
- 22
- 23
- 24
- 25
- 26SEC EDGARTopMDx Ltd. SC 13D/A on MDxHealth SA
- 27SEC EDGARBiovest NV SC 13G/A on MDxHealth SA
- 28