Q2 FY2026
Filed Aug 13, 2026Second quarter revenue growth of 16% to $27.2 million
Continuing-operations revenue grew 16% and tissue-based test volume rose 13% sequentially, but gross margin declined, operating and net losses widened, adjusted EBITDA turned negative, and cash declined before the subsequent $20 million registered direct placement.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, continuing operationsother | $27.2 million | $3.3 million | 16% |
| Cost of sales (exclusive of amortization of intangible assets), continuing operationsother | (9,320) Thousands of $ | – | 27% |
| Gross profit, continuing operationsother | $17.9 million | – | 11% |
| Gross margin, continuing operationsother | 65.7% | – | a reduction of 2.9 percentage points |
| Operating expenses, continuing operationsother | (22,988) Thousands of $ | – | 31% |
| Research and development expenses, continuing operationsother | (1,995) Thousands of $ | – | – |
| Selling and marketing expenses, continuing operationsother | (11,412) Thousands of $ | – | – |
| General and administrative expenses, continuing operationsother | (8,186) Thousands of $ | – | – |
| Amortization of intangible assets, continuing operationsother | (1,256) Thousands of $ | – | – |
| Other operating (expense) income, net, continuing operationsother | (139) Thousands of $ | – | – |
| Operating loss, continuing operationsother | $5.1 million | – | 236% |
| Financial income, continuing operationsother | 1,701 Thousands of $ | – | – |
| Financial expenses, continuing operationsother | (6,080) Thousands of $ | – | – |
| Loss before income tax, continuing operationsother | (9,478) Thousands of $ | – | – |
| Income tax benefit, continuing operationsother | 0 Thousands of $ | – | – |
| Net loss, continuing operationsother | $9.5 million | – | 36% |
| Adjusted EBITDA, continuing operationsnon-GAAP | $(2.3) million | – | – |
| Basic and diluted loss per share from continuing operationsother | $(0.18) | – | 29% |
| Loss from discontinued operations, net of taxother | (2,054) Thousands of $ | – | – |
| Loss for the period attributable to owners of the parentother | (11,532) Thousands of $ | – | – |
| Total basic and diluted loss per shareother | $(0.22) | – | – |
| Tissue-based (Confirm mdx and GPS mdx) test volumeother | 12,525 | 13% | a decrease of 1% |
| Liquid-based (Exo mdx) test volumeother | 13,578 | – | – |
| Revenue, continuing operations, six months ended June 30other | $51.1 million | – | 14% |
| Gross profit, continuing operations, six months ended June 30other | $32.6 million | – | 7% |
| Gross margin, continuing operations, six months ended June 30other | 63.7% | – | a reduction of 4.2 percentage points |
| Operating loss, continuing operations, six months ended June 30other | $13.3 million | – | 113% |
| Net loss, continuing operations, six months ended June 30other | $19.2 million | – | 18% |
| Adjusted EBITDA, continuing operations, six months ended June 30non-GAAP | $(7.6) million | – | – |
2026 outlook
- Revenue$110-115 million
- Note20-26% growth over 2025 (excluding Resolve)
- Notea return to positive adjusted EBITDA as we exit 2026
What drove it
- Revenue in the second quarter of 2026 was comprised of 73% from tissue-based tests, compared with 96% in the second quarter of 2025.
- The Company said gross-margin reduction was primarily attributed to test mix.
- The Company attributed higher operating expenses, operating loss, and net loss primarily to the ExoDx acquisition in September 2025.
- The Company completed the wind-down of Resolve in Q2, including the permanent cessation of Delta Lab operations and its Plano, Texas laboratory prior to June 30, 2026.
- All Resolve customers were transitioned by June 30, and management said the integration of the ExoDx business and sales-force restructuring were reflected in the recovery of its tissue-based business.
Concerns
- Gross margin was 65.7%, compared with 68.6% for the prior year.
- Adjusted EBITDA was $(2.3) million, compared with $1.1 million for the same period last year.
- Tissue-based test volume decreased 1% over the prior-year period.
- Cash and cash equivalents declined to $19.2 million as of June 30, 2026, from 29,032 Thousands of $ as of December 31, 2025.
- Delta Lab executed an Assignment for the Benefit of Creditors on August 3, 2026, inclusive of the previously disclosed Novitas Solutions’ $10.4 million recoupment claim.
What to watch
- Whether tissue growth rates accelerate further throughout the second half of the year, as management expects.
- Progress toward the Company’s 2026 revenue guidance of $110-115 million.
- The path to a return to positive adjusted EBITDA as the Company exits 2026.
- The effect of test mix on gross margin.
- The outcome and financial effects of the Delta Lab Assignment for the Benefit of Creditors process.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026, were $19.2 million.
- Pro-forma cash balance as of June 30, 2026, including the $20 million in gross proceeds from the registered direct placement, equals $39.2 million.
- Loans and borrowings were 96,408 Thousands of $ as of June 30, 2026, compared with 76,197 Thousands of $ as of December 31, 2025.
- Net cash outflow from operating activities was (7,340) Thousands of $ for the six months ended June 30, 2026, compared with (4,229) Thousands of $ for the six months ended June 30, 2025.
- Net cash outflow from investing activities was (8,159) Thousands of $ for the six months ended June 30, 2026, compared with (19,576) Thousands of $ for the six months ended June 30, 2025.
- Net cash inflow from financing activities was 5,676 Thousands of $ for the six months ended June 30, 2026, compared with 9,800 Thousands of $ for the six months ended June 30, 2025.
- Net decrease in cash and cash equivalents was (9,823) Thousands of $ for the six months ended June 30, 2026, compared with (14,005) Thousands of $ for the six months ended June 30, 2025.
- On August 11, 2026, the Company executed a registered direct placement of 44,052,862 ordinary shares at the Nasdaq closing price-per-share of $0.454 on August 10, 2026, for total gross proceeds of $20 million before deducting estimated offering expenses.
Analysis
MDxHealth reported continuing-operations revenue of $27.2 million, up 16% from $23.4 million in the prior-year quarter. The company also reported a $3.3 million sequential revenue increase and a 13% sequential increase in tissue-based test volume to 12,525. Tissue-based volume was nevertheless down 1% year over year. Liquid-based Exo mdx volume was 13,578, compared with Select mdx volume of 4,455 in the prior-year period. The revenue mix changed materially, with tissue-based tests representing 73% of second-quarter revenue versus 96% a year earlier.
Profitability weakened despite revenue growth. Gross profit increased 11% to $17.9 million, but gross margin fell to 65.7% from 68.6%, with the company attributing the 2.9 percentage-point decline primarily to test mix. Operating expenses increased 31% to (22,988) Thousands of $, led by higher selling and marketing and general and administrative expenses. The company attributed the larger operating loss of $5.1 million and net loss of $9.5 million primarily to operating expenses related to the September 2025 ExoDx acquisition.
Adjusted EBITDA moved to $(2.3) million from $1.1 million in the prior-year quarter. For the first six months, continuing-operations revenue increased 14% to $51.1 million, while adjusted EBITDA was $(7.6) million compared with $(0.5) million in the prior-year period. The six-month gross margin was 63.7%, down from 67.9%, and the operating loss widened to $13.3 million from $6.2 million. These figures place margin recovery and expense control alongside revenue growth as central measures of execution.
The company completed the Resolve wind-down during Q2 and classified Resolve as a discontinued operation under IFRS. Delta Lab subsequently executed an Assignment for the Benefit of Creditors on August 3, 2026, including the previously disclosed Novitas Solutions’ $10.4 million recoupment claim. Reported current and prior-year metrics in the release exclude Resolve from continuing operations, which limits direct comparison with periods that had included that business before re-presentation.
Cash and cash equivalents were $19.2 million at June 30, 2026, after net cash outflow from operating activities of (7,340) Thousands of $ and a net decrease in cash of (9,823) Thousands of $ in the first half. On August 11, the company raised $20 million in gross proceeds through a registered direct placement, resulting in stated pro-forma cash of $39.2 million as of June 30, 2026. Management maintained 2026 revenue guidance of $110-115 million and expects tissue growth to accelerate in the second half, driving a return to positive adjusted EBITDA as it exits 2026.
Management, verbatim
We delivered sequential revenue growth of $3.3 million from Q1 to Q2, establishing a clear path toward meeting or exceeding our 2026 revenue guidance of $110-115 million, which represents 20-26% growth over 2025 (excluding Resolve).
Michael K. McGarrity, CEO of mdxhealth
We expect our tissue growth rates to accelerate further throughout the second half of the year, driving a return to positive adjusted EBITDA as we exit 2026.
Michael K. McGarrity, CEO of mdxhealth
Not in the filing
stated, not guessed- Revenue by reportable segment or product line
- Prior-quarter revenue amount
- Prior-quarter gross margin
- Prior-quarter operating loss, net loss, adjusted EBITDA, and loss per share
- Adjusted EBITDA margin
- Free cash flow
- Quarterly operating cash flow
- Quarterly investing cash flow
- Quarterly financing cash flow
- Share repurchases
- Dividend declaration or payment
- Forward guidance for gross margin, operating expenses, and tax rate
- A numerical guidance range for adjusted EBITDA
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.