MDxHealth SA (MDXH) Income Statement
MDXH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMDXH revenue and net income
Where MDXH's revenue goes
2025Each bar shows an amount and its share of revenue. MDXH kept −31.1% of revenue as net income.
MDXH profit margins
MDXH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.8% | +42.8% | +42.3% | +20.0% |
| Gross profit | +16.9% | +49.7% | +51.6% | +19.8% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MDXH quarterly EPS vs estimates
MDxHealth beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 11, 2026 (estimate $-0.07).
MDXH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107.9M | $90.0M | $70.2M | $37.1M | $22.2M | $18.5M | $11.8M | $28.3M | $40.5M | $29.9M |
| Cost of revenue | $43.4M | $34.9M | $26.3M | $17.8M | $11.7M | $10.4M | $11.9M | $11.7M | $10.2M | $10.1M |
| Gross profit | $64.4M | $55.1M | $43.9M | $19.2M | $10.6M | $8.0M | −$144,000 | $16.7M | $30.3M | $19.8M |
| Research & development | $10.3M | $10.6M | $6.4M | $7.6M | $5.6M | $4.5M | $9.0M | $1.8M | $1.8M | $332,000 |
| Sales, general & admin | $66.8M | $61.4M | $59.9M | $50.1M | $30.2M | $28.6M | $10.1M | $15.3M | $13.5M | $11.6M |
| Total operating expenses | $79.8M | $79.9M | $71.3M | $57.1M | $37.4M | $35.2M | $43.0M | $48.8M | $42.6M | $32.6M |
| Operating income | −$15.4M | −$24.7M | −$27.3M | −$37.9M | −$26.8M | −$27.1M | −$43.2M | −$32.1M | −$12.3M | −$12.8M |
| Interest income | $1.5M | $1.1M | $1.1M | $125,000 | $11,000 | $4,000 | $10,000 | $21,000 | $0 | — |
| Interest expense | $12.2M | $7.6M | $5.8M | $2.7M | $1.9M | $1.5M | $516,000 | $82,000 | $122,000 | $436,000 |
| Income before taxes | −$35.4M | −$37.7M | −$43.1M | −$44.0M | −$29.0M | −$28.7M | −$43.7M | −$32.5M | −$12.4M | −$13.3M |
| Income taxes | −$1.9M | $382,000 | $1,000 | $6.1M | $1.9M | $1.3M | −$575,000 | −$41,000 | −$113,000 | −$113,000 |
| Net income | −$33.5M | −$38.1M | −$43.1M | −$44.0M | −$29.0M | −$28.7M | −$43.1M | −$32.5M | −$12.3M | −$13.2M |
| EBITDA | −$14.0M | −$22.0M | −$30.5M | −$36.4M | −$24.1M | −$24.0M | −$39.7M | −$29.5M | −$10.2M | −$11.6M |
| EPS (diluted) | −$0.66 | −$1.16 | −$1.59 | −$2.80 | −$5.44 | −$0.83 | −$0.65 | −$1.20 | −$0.39 | −$0.20 |
| Gross margin | 59.7% | 61.2% | 62.6% | 51.9% | 47.5% | 43.6% | −1.2% | 58.9% | 74.8% | 66.2% |
| Operating margin | −14.3% | −27.5% | −38.9% | −102.3% | −120.7% | −146.9% | −366.3% | −113.3% | −30.3% | −43.0% |
| Net margin | −31.1% | −42.3% | −61.4% | −118.9% | −130.4% | −155.3% | −365.7% | −114.5% | −30.3% | −44.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.2M | $54.7M | $54.7M | $27.4M | $26.6M | $24.3M | $48.1M | $23.3M | $42.0M | $19.8M | $38.7M | $19.4M |
| Cost of revenue | $9.3M | $25.4M | $25.4M | $9.6M | $9.0M | $8.8M | $18.3M | $9.0M | $16.6M | $7.8M | $13.5M | $6.8M |
| Gross profit | $17.9M | $29.3M | $29.3M | $17.9M | $17.6M | $15.5M | $29.8M | $14.3M | $25.3M | $12.1M | $25.2M | $12.6M |
| Research & development | $2.0M | $10.3M | $10.3M | $2.0M | $2.6M | $2.5M | $5.5M | $2.7M | $5.1M | $2.2M | $1.0M | $1.6M |
| Sales, general & admin | $19.6M | $39.4M | $39.4M | $18.0M | $16.2M | $15.7M | $31.9M | $16.4M | $31.9M | $15.4M | $40.0M | $14.4M |
| Total operating expenses | $23.0M | $40.9M | $40.9M | $20.5M | $19.5M | $20.1M | $40.5M | $20.4M | $39.4M | $18.7M | $36.1M | $17.1M |
| Operating income | −$5.1M | −$11.6M | −$11.6M | −$2.6M | −$1.9M | −$4.6M | −$10.7M | −$6.1M | −$14.0M | −$6.6M | −$10.9M | −$4.6M |
| Interest income | $1.7M | $7.4M | $127,000 | $502,000 | $420,000 | $692,000 | $694,000 | $197,000 | — | $1.4M | — | $564,000 |
| Interest expense | $6.1M | $8.4M | $8.4M | $5.9M | $6.3M | $5.2M | $7.1M | $5.0M | $4.7M | $3.3M | $10.5M | $6.0M |
| Income before taxes | −$9.5M | −$19.8M | −$19.8M | −$8.0M | −$7.8M | −$9.1M | −$17.6M | −$10.9M | −$20.0M | −$8.5M | −$20.8M | −$10.0M |
| Income taxes | — | −$1.0M | −$1.0M | −$6,000 | −$416,000 | $137,000 | $382,000 | $334,000 | — | $1,000 | $1,000 | $1.9M |
| Net income | −$11.5M | −$18.8M | −$18.8M | −$8.0M | −$7.4M | −$9.2M | −$18.0M | −$11.2M | −$20.0M | −$8.5M | −$20.8M | −$10.0M |
| EBITDA | −$1.0M | −$6.9M | −$6.7M | $680,000 | $770,000 | −$1.6M | −$6.2M | −$3.7M | −$9.0M | −$3.3M | −$17.0M | −$2.1M |
| EPS (diluted) | −$0.18 | −$0.17 | −$0.17 | −$0.16 | −$0.14 | −$0.19 | −$0.14 | −$0.40 | −$0.31 | −$0.31 | −$0.39 | −$0.40 |
| Gross margin | 65.7% | 53.6% | 53.6% | 65.2% | 66.0% | 63.8% | 62.0% | 61.2% | 60.4% | 60.8% | 65.1% | 64.9% |
| Operating margin | −18.7% | −21.2% | −21.2% | −9.6% | −7.2% | −18.9% | −22.3% | −26.1% | −33.4% | −33.3% | −28.0% | −23.6% |
| Net margin | −42.4% | −34.3% | −34.3% | −29.2% | −27.7% | −37.9% | −37.5% | −48.0% | −47.7% | −42.9% | −53.6% | −51.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MDXH's financial statements (latest annual report filed April 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MDXH financial results
In fiscal year 2025 (ended December 31, 2025), MDxHealth reported revenue of $107.9 million, up 19.8% from the year before. It had a net loss of $33.5 million, a net profit margin of −31.1%. Diluted earnings per share came to −$0.66. Over five years revenue grew at an average rate of 42.3% a year.
See the MDXH stock overview for the latest quote and news, or the MDXH chart for price history and technical indicators.
MDXH income statement FAQ
What is MDxHealth's annual revenue?
MDxHealth reported total revenue of $107.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.8% from $90.0 million the previous year.
Is MDxHealth profitable?
No. MDxHealth reported a net loss of $33.5 million in fiscal 2025, a net profit margin of −31.1%; its operating margin was −14.3%.
What is MDxHealth's gross margin?
MDxHealth's gross margin was 59.7% in fiscal 2025: for every $100 of revenue, MDxHealth kept $60 after the direct cost of its products and services.
How much does MDxHealth spend on research and development?
MDxHealth spent $10.3 million on research and development in fiscal 2025, 9.6% of revenue.
How fast is MDxHealth growing?
Revenue grew 42.3% a year on average over the last five fiscal years, from $18.5 million to $107.9 million.
What are MDxHealth's earnings per share?
MDxHealth earned $-0.66 per diluted share in fiscal 2025, compared with $-1.16 a year earlier.
When will MDxHealth report its next earnings?
MDxHealth is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does MDxHealth's fiscal year end?
MDxHealth's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 3, 2026.