MDxHealth SA
MDXH evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MDXH—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MDXH
MDxHealth SA is a precision diagnostics company commercializing a portfolio of urine-based and tissue-based tests for prostate cancer, with total revenue of $107.9M and a net loss of $33.5M as of 2025-12-31 [sec].
Key risk: Going concern uncertainty
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Dec 31, 2025.
MDxHealth SA is a precision diagnostics company commercializing a portfolio of urine-based and tissue-based tests for prostate cancer, with total revenue of $107.9M and a net loss of $33.5M as of 2025-12-31 [sec].
- Total revenue of $107.9M and net loss of $33.5M as of 2025-12-31 [sec].
- Cash & equivalents of $29.0M and total debt of $110.5M as of 2025-12-31 [sec].
- Shareholders' equity of $9.3M as of 2025-12-31 [sec].
- Management estimates current cash and cash flows from product sales will be sufficient for at least the next 12 months from the date of the 2025 annual report [sec · filed 2026-04-03].
- R&D costs were $10.4M for the year ended 2025-12-31, primarily for pipeline product development [sec · filed 2026-04-03].
What works
- The company has a portfolio of marketed prostate cancer tests (Confirm mdx, Select mdx, Resolve mdx, Monitor mdx, Genomic Prostate Score) and a commercial channel into urology [sec · filed 2025-03-31].
- Management expects current cash and anticipated cash flows from product sales to meet cash requirements for at least the next 12 months [sec · filed 2026-04-03].
- Revenue growth is expected, which may increase accounts receivable and inventory balances [sec · filed 2026-04-03].
What to weigh
- The company has a history of net losses and significant cash outflows, with a net loss of $33.5M as of 2025-12-31 [sec].
- Substantial additional funding may be required to continue operations, repay outstanding debt, or pursue business opportunities, and such funding may not be available on acceptable terms [sec · filed 2026-04-03].
- Total debt of $110.5M significantly exceeds shareholders' equity of $9.3M as of 2025-12-31 [sec].
- The company's ability to achieve profitability depends heavily on successful commercialization and favorable reimbursement for its products [sec · filed 2026-04-03].
From the filings
Quoted directly from source documents.
Management's assessment of cash runway
“we estimate that our current cash and cash equivalents and our anticipated cash flows generated from sales of our products, will be sufficient to meet our anticipated cash requirements over at least the next 12 months from the date of this annual report”
SEC filings · April 3, 2026
Risks & what to watch (4)›
Key risks
- Going concern uncertainty — The company may require substantial additional funding to continue operations and repay debt, which may not be available on acceptable terms [sec · filed 2026-04-03].
- High debt burden — Total debt of $110.5M far exceeds shareholders' equity of $9.3M as of 2025-12-31, creating financial leverage risk [sec].
- Dependence on commercialization — Profitability depends on successful commercialization and favorable reimbursement for marketed tests [sec · filed 2026-04-03].
- Dilution from capital raises — Future equity or debt funding could dilute shareholders or impose restrictive terms [sec · filed 2026-04-03].
What to watch
- Revenue growth trajectory and ability to narrow net losses [sec].
- Cash burn rate and any need for additional financing [sec · filed 2026-04-03].
- Progress in pipeline product development and R&D spending [sec · filed 2026-04-03].
- Reimbursement developments for the company's prostate cancer tests [sec · filed 2025-03-31].
Sources: SEC filings · Generated August 6, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
49.8 months
OCF -$2M · Net income -$34M
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
46
Total value held
$296.8M
| Holder | Shares | Value |
|---|---|---|
| orbimed advisors llc | 124,306,000 | $285.9M |
| perkins capital management inc | 1,476,441 | $3.4M |
| millennium management llc | 544,728 | $1.3M |
| northern trust corp | 494,523 | $1.1M |
| renaissance technologies llc | 304,700 | $701K |
| susquehanna international group, llp | 267,692 | $616K |
| panoramic capital, llc | 238,668 | $549K |
| kennedy capital management llc | 205,438 | $473K |
| landscape capital management, l.l.c. | 163,655 | $376K |
| shay capital llc | 150,000 | $345K |
Showing top 10 of 46 institutional holders of MDxHealth SA. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 0.1%
- Days to cover
- 0.3
- Shares short
- 52,208
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MDXH short interestGovernance
Frequently asked questions
What is the AI investment thesis for MDxHealth SA?
MDxHealth SA is a precision diagnostics company commercializing a portfolio of urine-based and tissue-based tests for prostate cancer, with total revenue of $107.9M and a net loss of $33.5M as of 2025-12-31 [sec].
Who is the CEO of MDxHealth SA?
Mr. Michael K. McGarrity is the chief executive officer of MDxHealth SA (MDXH).
Where is MDxHealth SA headquartered?
MDxHealth SA (MDXH) is headquartered in Herstal, Belgium.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.