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Stocks · Health care · Services-Medical Laboratories

MDxHealth SA

MDXH Clue Score54
Belgium CIK 0001872529
$0.59 +1.58% Close, 9 Oct 2026
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Price $0.59 −95.09% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 4 Nov 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue11.8Operating income−43.2Net income−43.1EPS, diluted−0.69Fiscal year 2020Revenue18.5 +56.6%Operating income−27.1Net income−28.7EPS, diluted0.34Fiscal year 2021Revenue22.2 +20.5%Operating income−26.8Net income−29.0EPS, diluted2.38Fiscal year 2022Revenue37.1 +66.6%Operating income−37.9Net income−44.0EPS, diluted−2.78Fiscal year 2023Revenue70.2 +89.4%Operating income−27.3Net income−43.1EPS, diluted−1.66Fiscal year 2024Revenue90.0 +28.3%Operating income−24.7Net income−38.1EPS, diluted−1.16Fiscal year 2025Revenue107.9 +19.8%Operating income−14.4Net income−33.5EPS, diluted−0.67
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 11.8 18.5 22.2 37.1 70.2 90.0 107.9
Growth +56.6% +20.5% +66.6% +89.4% +28.3% +19.8%
Operating income −43.2 −27.1 −26.8 −37.9 −27.3 −24.7 −14.4
Net income −43.1 −28.7 −29.0 −44.0 −43.1 −38.1 −33.5
Growth
EPS, diluted −0.69 0.34 2.38 −2.78 −1.66 −1.16 −0.67

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2019Gross margin0.3%Operating margin−366.3%Net margin−365.7%Free cash flow margin−189.7%Fiscal year 2020Gross margin43.6%Operating margin−146.9%Net margin−155.3%Free cash flow margin−112.6%Fiscal year 2021Gross margin47.5%Operating margin−120.7%Net margin−130.4%Free cash flow margin−105.4%Fiscal year 2022Gross margin51.9%Operating margin−102.3%Net margin−118.9%Free cash flow margin−99.6%Fiscal year 2023Gross margin62.6%Operating margin−38.9%Net margin−61.4%Free cash flow margin−34.5%Fiscal year 2024Gross margin61.2%Operating margin−27.5%Net margin−42.3%Free cash flow margin−21.9%Fiscal year 2025Gross margin64.5%Operating margin−13.4%Net margin−31.1%Free cash flow margin−3.1%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 0.3% 43.6% 47.5% 51.9% 62.6% 61.2% 64.5%
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

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−22.3Capital expenditure−0.1Free cash flow−22.4Fiscal year 2020Operating cash flow−20.2Capital expenditure−0.5Free cash flow−20.8Fiscal year 2021Operating cash flow−22.5Capital expenditure−0.9Free cash flow−23.4Fiscal year 2022Operating cash flow−34.1Capital expenditure−2.8Free cash flow−36.9Fiscal year 2023Operating cash flow−21.5Capital expenditure−2.7Free cash flow−24.2Fiscal year 2024Operating cash flow−18.5Capital expenditure−1.2Free cash flow−19.7Fiscal year 2025Operating cash flow−2.2Capital expenditure−1.2Free cash flow−3.3
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −22.3 −20.2 −22.5 −34.1 −21.5 −18.5 −2.2
Capital expenditure −0.1 −0.5 −0.9 −2.8 −2.7 −1.2 −1.2
Free cash flow −22.4 −20.8 −23.4 −36.9 −24.2 −19.7 −3.3
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Shareholders’ equity19.7Fiscal year 2020Cash16.0Total debt2.8Net cash (debt)13.1Shareholders’ equity5.8Debt to equity0.48Fiscal year 2021Cash58.5Total debt4.4Net cash (debt)54.1Shareholders’ equity46.9Debt to equity0.09Fiscal year 2022Cash15.5Total debt0.6Net cash (debt)14.9Shareholders’ equity9.3Debt to equity0.07Fiscal year 2023Cash22.4Total debt36.2Net cash (debt)−13.8Shareholders’ equity7.2Debt to equity5.02Fiscal year 2024Cash46.8Total debt51.3Net cash (debt)−4.5Shareholders’ equity14.8Debt to equity3.46Fiscal year 2025Cash29.0Total debt76.2Net cash (debt)−47.2Shareholders’ equity−12.1
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 16.0 58.5 15.5 22.4 46.8 29.0
Total debt n/a 2.8 4.4 0.6 36.2 51.3 76.2
Net cash (debt) n/a 13.1 54.1 14.9 −13.8 −4.5 −47.2
Shareholders’ equity 19.7 5.8 46.9 9.3 7.2 14.8 −12.1
Debt to equity n/a 0.48 0.09 0.07 5.02 3.46 n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
11.8 18.5 22.2 37.1 70.2 90.0 107.9
Growth +56.6% +20.5% +66.6% +89.4% +28.3% +19.8%
11.8 10.4 11.7 17.8 26.3 34.9 38.2
0.0 8.0 10.6 19.2 43.9 55.1 69.6
Growth +26,713.3% +31.3% +81.9% +128.6% +25.5% +26.3%
9.0 4.5 5.6 5.5 6.4 10.6 10.4
15.2 14.0 13.9 23.3 23.0 22.8 26.9
−43.2 −27.1 −26.8 −37.9 −27.3 −24.7 −14.4
Growth
−43.7 −28.7 −29.0 −44.0 −43.1 −37.7 −35.4
−0.6 0.0 0.0 0.0 0.0 0.4 −1.9
−43.1 −28.7 −29.0 −44.0 −43.1 −38.1 −33.5
Growth
Per share
−0.69 −0.34 −2.38 −2.78 −1.66 −1.16 −0.67
−0.69 0.34 2.38 −2.78 −1.66 −1.16 −0.67
Growth +600.0% −216.8%
2.3 83.2 12.2 15.9 25.9 32.9 50.0
n/a 83.2 12.2 15.9 25.9 32.9 50.0
Growth −85.3% +30.1% +63.3% +26.8% +52.0%

† The diluted share count jumps at 2021 and 2023 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 42.3% a year over five years.
  • Operating margin is up 133.6 points on five years ago, at -13.4%.
  • A net loss in 7 of 7 years on file.