MDXH Nasdaq Services-Medical Laboratories Financials FY2019βFY2025
MDxHealth SA had $108M of revenue in fiscal 2025, up 19.8% on the year before. Over five years, revenue changed +42.3% a year on average.
Hi! I read MDxHealth SAβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.8%
Yes. Sales grew 19.8% last year.
Does it make a profit?
β31.1%
No. It lost money last year.
Does profit turn into cash?
β3.1%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· MDxHealth SA had $108M of revenue in fiscal 2025, up 19.8% on the year before. Over five years, revenue changed +42.3% a year on average. Its operating margin was β13.4%, up 14.1Β pts: of every 100 in sales, about β13 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· MDxHealth SA lost $33.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$3.3M in fiscal 2025, β3.1% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $1.0M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$1.0M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Eric BednarskiDirector | Bought | 2,202,643 | $0.45 | $1.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· MDxHealth SA owes $47.2M more than it holds in cash.
Cash, debt and the ratios that show how comfortably MDxHealth SA can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $58.5M | $15.5M | $22.4M | $46.8M | $29.0M |
| Debt incl. finance leases | $4.4M | $34.9M | $35.6M | $51.3M | $76.2M |
| Debt / equity | 0.1x | 3.7x | 4.9x | 3.5x | β |
| Interest coverage | β117.2x | β120.7x | β77.0x | β64.4x | β18.3x |
| Current ratio | 4.1x | 1.6x | 2.0x | 1.6x | 1.1x |
| Quick ratio | 3.9x | 1.5x | 1.8x | 1.5x | 0.9x |
| Total assets | $75.1M | $119M | $129M | $157M | $148M |
| Total liabilities | $28.2M | $110M | $122M | $142M | $160M |
| Shareholders' equity | $46.9M | $9.3M | $7.2M | $14.8M | β$12.1M |
| Net debt (β = net cash) | β$54.1M | $19.4M | $13.2M | $4.5M | $47.2M |
KIRA Β· Its return on capital was β32.5%: every 100 invested in the business earned about β32 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· MDxHealth SA passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 6 / 9 | 4 / 9 | 6 / 9 | 3 / 9 | 4 / 9 |
| Accruals ratio | β | β26.4% | β12.1% | β10.2% | β17.4% | β13.6% | β20.5% |
| Altman Z'' | β | β25.44 | β6.88 | β9.34 | β8.78 | β7.59 | β9.44 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $11.8M | $18.5M | $22.2M | $37.1M | $70.2M | $90.0M | $108M |
| Gross profit | $0.0M | $8.0M | $10.6M | $19.2M | $43.9M | $55.1M | $69.6M |
| Research and development | $9.0M | $4.5M | $5.6M | $5.5M | $6.4M | $10.6M | $10.4M |
| Operating income | β$43.2M | β$27.1M | β$26.8M | β$37.9M | β$27.3M | β$24.7M | β$14.4M |
| Interest expense | $0.5M | $0.1M | $0.2M | $0.3M | $0.4M | $0.4M | $0.8M |
| Pretax income | β$43.7M | β$28.7M | β$29.0M | β$44.0M | β$43.1M | β$37.7M | β$35.4M |
| Income tax | β$0.6M | $0.0M | $0.0M | $0.0M | $0.0M | $0.4M | β$1.9M |
| Net income | β$43.1M | β$28.7M | β$29.0M | β$44.0M | β$43.1M | β$38.1M | β$33.5M |
| Net income to common | β$43.1M | β$28.7M | β$29.0M | β$44.0M | β$43.1M | β$38.1M | β$33.5M |
| Diluted EPS | β$0.69 | $0.34 | $2.38 | β$2.78 | β$1.66 | β$1.16 | β$0.67 |
| Diluted shares | 0.00B | 0.08B | 0.01B | 0.02B | 0.03B | 0.03B | 0.05B |
| Cash flow | |||||||
| Cash from operations | β$22.3M | β$20.2M | β$22.5M | β$34.1M | β$21.5M | β$18.5M | β$2.2M |
| Capital expenditure | $0.1M | $0.5M | $0.9M | $2.8M | $2.7M | $1.2M | $1.2M |
| Free cash flow | β$22.4M | β$20.8M | β$23.4M | β$36.9M | β$24.2M | β$19.7M | β$3.3M |
| Depreciation and amortization | $1.6M | $1.5M | $0.9M | $1.0M | $2.4M | β | β |
| Stock-based compensation | $0.9M | $1.3M | $1.2M | $0.9M | $0.7M | $1.7M | $2.2M |
| Acquisitions | β | $0.0M | $0.0M | $25.0M | β | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | β | $16.0M | $58.5M | $15.5M | $22.4M | $46.8M | $29.0M |
| Total debt | β | $2.8M | $4.4M | $34.9M | $35.6M | $51.3M | $76.2M |
| Loans, net | β | $0.0M | $12.1M | $35.5M | $36.2M | β | β |
| Current assets | β | $23.1M | $66.6M | $29.1M | $38.2M | $66.9M | $53.4M |
| Current liabilities | β | $13.0M | $16.4M | $18.3M | $19.5M | $42.7M | $49.5M |
| Inventory | β | $2.3M | $1.9M | $2.3M | $2.8M | $3.9M | $6.7M |
| Property and equipment, net | β | $1.0M | $1.7M | $3.8M | $5.0M | $4.4M | $4.9M |
| Goodwill | $1.1M | β | $0.0M | $35.9M | $35.9M | $35.9M | $38.9M |
| Intangible assets | β | $5.1M | $3.4M | $46.2M | $44.3M | $40.6M | $39.4M |
| Total assets | β | $31.9M | $75.1M | $119M | $129M | $157M | $148M |
| Total liabilities | β | $26.0M | $28.2M | $110M | $122M | $142M | $160M |
| Shareholders' equity | $19.7M | $5.8M | $46.9M | $9.3M | $7.2M | $14.8M | β$12.1M |
| Margins | |||||||
| Gross margin | 0.3% | 43.6% | 47.5% | 51.9% | 62.6% | 61.2% | 64.5% |
| Operating margin | β366.3% | β146.9% | β120.7% | β102.3% | β38.9% | β27.5% | β13.4% |
| EBITDA margin | β352.9% | β138.7% | β116.7% | β99.7% | β35.6% | β | β |
| Net margin | β365.7% | β155.3% | β130.4% | β118.9% | β61.4% | β42.3% | β31.1% |
| FCF margin | β189.7% | β112.6% | β105.4% | β99.6% | β34.5% | β21.9% | β3.1% |
| Returns | |||||||
| Return on capital | β | β | β | β104.2% | β105.9% | β101.0% | β32.5% |
| Return on capital employed | β | β144.0% | β45.8% | β37.6% | β24.9% | β21.6% | β14.6% |
| Return on equity | β218.5% | β224.2% | β110.0% | β156.7% | β521.7% | β345.3% | β2,440.4% |
| Return on assets | β | β90.0% | β54.2% | β45.4% | β34.7% | β26.6% | β22.0% |
| Return on tangible equity | β232.0% | β3,623.5% | β66.7% | β | β | β | β |
| Growth | |||||||
| Revenue growth | β | 56.6% | 20.5% | 66.6% | 89.4% | 28.3% | 19.8% |
| EPS growth | β | β | 600.0% | β216.8% | β | β | β |
| Share count change | β | 3,470.8% | β85.3% | 30.1% | 63.3% | 26.8% | 52.0% |
| Financial health | |||||||
| Debt / equity | β | 0.5x | 0.1x | 3.7x | 4.9x | 3.5x | β |
| Interest coverage | β83.7x | β304.8x | β117.2x | β120.7x | β77.0x | β64.4x | β18.3x |
| Current ratio | β | 1.8x | 4.1x | 1.6x | 2.0x | 1.6x | 1.1x |
| Quick ratio | β | 1.6x | 3.9x | 1.5x | 1.8x | 1.5x | 0.9x |
| Capital allocation | |||||||
| Capex / revenue | 0.6% | 2.9% | 4.0% | 7.5% | 3.9% | 1.3% | 1.1% |
| Stock comp / revenue | 7.4% | 7.0% | 5.5% | 2.3% | 0.9% | 1.9% | 2.0% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 6.0 | 4.0 | 6.0 | 3.0 | 4.0 |
| Altman Z'' | β | β25.4 | β6.9 | β9.3 | β8.8 | β7.6 | β9.4 |
| Accruals ratio | β | β26.4% | β12.1% | β10.2% | β17.4% | β13.6% | β20.5% |
Source: SEC EDGAR XBRL filings (CIK 0001872529). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only β not investment advice. Check the original filings before relying on any figure.
