Financial Data and Key Metrics Changes - The reported revenue for Q4 2025 was $29.5 million, a 19% increase from $24.7 million in Q4 2024 [10] - Gross profit for Q4 2025 was $18.7 million, up 20% from $15.5 million in Q4 2024, with gross margins increasing to 63.2% from 62.7% [11] - The operating loss for Q4 2025 increased by 14% to $5.3 million compared to $4.6 million in Q4 2024 [11] - Net loss rose 31% to $8.9 million from $6.8 million in the prior year, driven by increased financial expenses [12] - Adjusted EBITDA for Q4 was -$2.1 million, compared to -$1.4 million in Q4 2024 [12] - Cash and cash equivalents as of December 31, 2025, were $29 million [12] Business Line Data and Key Metrics Changes - Total billable volume in Q4 was approximately 38,000 tests, with tissue-based tests decreasing by 5% and liquid-based tests increasing by 128% year-over-year [10] - The acquisition of ExoDx contributed to the growth in liquid-based tests, which include Select mdx, Resolve mdx, and ExoDx [10][34] Market Data and Key Metrics Changes - The company aims to balance revenue contributions from tissue and liquid tests, which previously saw tissue tests accounting for 85% of revenue [34] - The integration of ExoDx is expected to enhance the customer base and drive growth in both segments [34] Company Strategy and Development Direction - MDxHealth's strategy focuses on menu expansion, operational discipline, and customer experience, which are expected to drive sustained top-line growth [4][6] - The company is committed to integrating ExoDx and enhancing its sales organization to capitalize on the combined customer base [34] - The goal for 2026 is to achieve revenue guidance of $137 million to $140 million, reflecting a 28% year-over-year growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth and profitability, emphasizing the importance of operational discipline and customer experience [3][14] - The integration of ExoDx is seen as a significant growth opportunity, with expectations for improved operational efficiencies and market leadership in prostate cancer diagnostics [6][16] Other Important Information - The company amended its earn-out payment to Exact Sciences, reducing the upcoming payment by nearly $20 million, providing additional financial flexibility [8] - The collaboration with the University of Oxford is expected to enhance the utility of the GPS test in clinical guidelines, further solidifying MDxHealth's market position [16] Q&A Session Summary Question: Tissue ASP decline and mix shift - Management confirmed that the decline in tissue ASP was due to a mix shift towards Confirm and noted that ASPs reflect Medicare rates [19] Question: EBITDA performance and cash flow - Management acknowledged the lower EBITDA and higher cash burn, attributing it to the integration of ExoDx and expressed confidence in achieving a 10% EBITDA margin by year-end [20][21] Question: 2026 revenue guidance assumptions - Management indicated that the guidance reflects balanced growth from both tissue and liquid segments, with significant contributions expected from the ExoDx acquisition [32][34] Question: Operating leverage and gross margin expectations - Management stated that they expect to maintain flat OpEx while achieving growth and indicated that gross margins are expected to remain in the low 60s, with aspirations for improvement [44][46]

Financial Data and Key Metrics Changes - The reported revenue for Q4 2025 was $29.5 million, a 19% increase from $24.7 million in Q4 2024 [17] - Gross profit for Q4 2025 was $18.7 million, up 20% from $15.5 million in Q4 2024, with gross margins increasing to 63.2% from 62.7% [18] - The operating loss for Q4 2025 increased by 14% to $5.3 million compared to $4.6 million in Q4 2024 [18] - The net loss for Q4 2025 rose by 31% to $8.9 million from $6.8 million in the prior year [19] - Adjusted EBITDA for Q4 was -$2.1 million, compared to -$1.4 million in Q4 2024 [19] - Cash and cash equivalents as of December 31, 2025, were $29 million [19] Business Line Data and Key Metrics Changes - Total billable volume in Q4 was approximately 38,000 tests, with tissue-based tests at 11,000 and liquid-based tests at 27,000, representing a total unit growth of 62% year-over-year [16] - Tissue-based test volumes decreased by 5% year-over-year, while liquid-based test volumes increased by 128% [17] Market Data and Key Metrics Changes - The acquisition of ExoDx is expected to significantly contribute to revenue growth, with an anticipated contribution of $20 million or more in 2026 [45] - The company aims to balance revenue growth between tissue and liquid tests, which previously saw tissue tests account for 85% of revenue [45] Company Strategy and Development Direction - MDxHealth is focused on three core operating principles: focus, execution, and growth, which have positioned the company as a leader in precision diagnostics in urology [4][9] - The company is committed to improving the customer experience, achieving a turnaround time of five days or less for critical tissue-based patient samples [8] - The integration of the ExoDx business is expected to enhance operational efficiencies and drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained top-line growth while advancing operating profitability, with a target of reaching a 10% EBITDA margin by the end of 2026 [14][20] - The company anticipates some operational challenges in Q4 and Q1 due to the integration of the ExoDx acquisition but expects significant growth opportunities thereafter [32] Other Important Information - The company amended the Exact Sciences earn-out from the GPS acquisition, reducing the upcoming payment by nearly $20 million and deferring the full earn-out amount by an additional year [13] - The collaboration with the University of Oxford is expected to enhance the utility of the GPS test in clinical guidelines, positioning MDxHealth as a leader in risk stratification for prostate cancer [24][25] Q&A Session Summary Question: Tissue ASP decline - The decline in tissue ASP was attributed to a mix shift towards Confirm tests, with no significant issues related to denial rates [30] Question: EBITDA and cash flow concerns - Management acknowledged the lower-than-expected EBITDA and higher cash burn, attributing it to the integration of ExoDx and expressed confidence in future cash flow improvements [31][32] Question: 2026 revenue guidance assumptions - The guidance for 2026 implies 28% growth, driven by core volume growth and contributions from ExoDx, with a focus on balancing growth across tissue and liquid tests [43][45] Question: Operating leverage and gross margin - Management indicated confidence in maintaining flat OpEx while achieving growth, with gross margins expected to remain in the low 60s, aiming for improvements over time [56][60]

Financial Data and Key Metrics Changes - The reported revenue for Q4 2025 was $29.5 million, a 19% increase from $24.7 million in Q4 2024 [11] - Gross profit for Q4 2025 was $18.7 million, up 20% from $15.5 million in Q4 2024, with gross margins increasing to 63.2% from 62.7% [12] - The operating loss for Q4 2025 increased by 14% to $5.3 million compared to $4.6 million in Q4 2024 [12] - The net loss for Q4 2025 rose 31% to $8.9 million from $6.8 million in the prior year [13] - Adjusted EBITDA for Q4 was -$2.1 million, compared to -$1.4 million in Q4 2024 [13] - Cash and cash equivalents as of December 31, 2025, were $29 million [13] Business Line Data and Key Metrics Changes - Total billable volume in Q4 was approximately 38,000 tests, with tissue-based tests decreasing by 5% and liquid-based tests increasing by 128% year-over-year [11] - The acquisition of ExoDx contributed to the growth in liquid-based tests, which include Select mdx, Resolve mdx, and ExoDx [11][36] Market Data and Key Metrics Changes - The company is focused on the urology market, aiming to balance growth between tissue and liquid biopsy products [4][34] - The integration of ExoDx is expected to enhance the company's market position and customer base [36] Company Strategy and Development Direction - MDxHealth's strategy emphasizes focus, execution, and growth, with a commitment to operational discipline and customer experience [3][14] - The company aims to achieve sustained top-line growth while advancing operating profitability, targeting a 10% EBITDA margin by the end of 2026 [9][14] - The integration of ExoDx is a key part of the growth strategy, aimed at enhancing the product offering and customer base [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth, citing a disciplined approach to capital allocation and a commitment to patient and customer experience [14][18] - The company anticipates continued growth driven by the integration of ExoDx and the expansion of its diagnostic menu [36][40] Other Important Information - The company amended the Exact Sciences earn-out, reducing the upcoming payment by nearly $20 million and deferring the full amount by an additional year [9] - The collaboration with the University of Oxford is expected to enhance the company's reputation and position in the market [17] Q&A Session Summary Question: Tissue ASP decline and mix shift - Management confirmed that the decline in tissue ASP was due to a mix shift towards Confirm, with ASPs reflecting Medicare rates [20] Question: EBITDA and cash flow concerns - Management acknowledged the lower EBITDA and higher cash flow use, attributing it to the integration of ExoDx and expressed confidence in achieving a 10% EBITDA margin [21][24] Question: 2026 revenue guidance assumptions - Management indicated that the 2026 revenue guidance reflects balanced growth across tissue and liquid products, with expectations of $20 million contribution from ExoDx [35][36] Question: Operating leverage and gross margin expectations - Management stated that they expect to maintain flat OpEx while achieving growth, with gross margins anticipated to remain in the low 60s [44][48]

Core Insights - MDxHealth reported a fourth quarter revenue growth of 19% to $29.5 million and a full-year revenue growth of 20% to $107.9 million, indicating strong commercial execution and operational discipline [1][2][6] - The company anticipates further acceleration in growth for 2026, projecting revenue between $137 million and $140 million, representing a growth rate of 27% to 30% [3][12] Financial Performance - Fourth quarter revenue increased by 19% to $29.5 million compared to $24.7 million in the prior year, with tissue-based tests contributing 59% of total revenue [5][6] - Gross profit for the fourth quarter rose 20% to $18.7 million, with gross margins improving to 63.2% from 62.7% year-over-year [5][9] - Operating expenses increased by 19% to $23.9 million, primarily due to headcount increases and costs related to the ExoDx acquisition [7][10] - The net loss for the fourth quarter was $8.9 million, a 31% increase from $6.8 million in the previous year [7][10] - Adjusted EBITDA for the fourth quarter was ($2.1) million, reflecting a 53% increase compared to ($1.4) million in the same period last year [8][11] Year-End Summary - For the full year 2025, revenue reached $107.9 million, a 20% increase from $90.0 million in 2024, with tissue-based tests accounting for 76% of total revenue [8][10] - Gross profit for the year increased by 26% to $69.6 million, with gross margins improving to 64.5% from 61.2% [9][10] - The net loss for the year decreased by 12% to $33.5 million compared to $38.1 million in 2024, driven by a significant increase in gross profit [10][11] Outlook - The company maintains its 2026 revenue guidance of $137-140 million and aims for an adjusted EBITDA margin of 10% by the end of 2026 [3][12]

Financial Data and Key Metrics Changes - Q3 revenue reached $27.4 million, representing an 18% increase compared to $23.3 million in Q3 2024 [6][11] - Adjusted EBITDA for Q3 was $1 million, a significant improvement from a negative $3.8 million in Q3 2024 [12] - Gross profit increased by 25% to $17.9 million, with gross margins improving to 65.2% from 61.2% in the prior year [12] - Net loss decreased by 28% to $8 million compared to $11.2 million in the previous year [12] Business Line Data and Key Metrics Changes - Total billable volume for Q3 was approximately 33,000 tests, with tissue-based tests increasing by 18% and liquid-based tests growing by 65% year-over-year [11][12] - Tissue-based tests accounted for 76% of revenues in Q3 [11] Market Data and Key Metrics Changes - The company reported a compound annual growth rate of 45% in its sales organization over the last four years, while reducing sales and marketing expenses as a percentage of revenue [4] - The integration of the Exosome Diagnostics business is expected to enhance the company's market position in precision diagnostics for urology [3][10] Company Strategy and Development Direction - The company is focused on integrating the ExoDx acquisition to optimize sales and operational efficiencies, with a strategic expansion of the sales organization from 50 to 60 direct sales representatives [7][10] - MDxHealth aims to maintain its revenue guidance of $108-$110 million for 2025, despite the decision to forgo the germline offering [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving sustained top-line growth and advancing operating profitability, following two consecutive quarters of positive adjusted EBITDA [5][14] - The company is committed to enhancing the customer experience and operational excellence, which are seen as critical to driving future growth [14][15] Other Important Information - Cash and cash equivalents as of September 30, 2025, were reported at $32 million [13] - The company is prioritizing the integration of ExoDx and expects to provide updates on progress in early 2026 [10][14] Q&A Session Summary Question: Contribution of ExoDx in the quarter - Management indicated that there was no material contribution from ExoDx in Q3 due to the timing of the acquisition, but they remain confident in meeting revenue guidance [18][19] Question: Performance of GPS - GPS and ConfirmMDx tests reported an 18% growth, with management confident in maintaining this performance despite a slight slowdown in patient flow [23][24] Question: Germline test strategy - The company decided to forgo the germline test for now, focusing resources on the ExoDx integration, but plans to reevaluate the opportunity in 2026 [10][56] Question: Gross margins and ExoDx impact - Management expects ExoDx to be neutral to accretive to gross margins, with a clearer view anticipated after a couple of quarters of integration [59][60] Question: Sales team expansion - The sales team was expanded by adding 10 reps from ExoDx, with territory adjustments made to optimize coverage [67][68]

Core Viewpoint - MDxHealth reported strong financial results for Q3 2025, with an 18% increase in revenues and a positive adjusted EBITDA of $1 million, alongside the strategic acquisition of Exosome Diagnostics from Bio-Techne Corporation [1][2][3]. Financial Performance - Q3 revenues reached $27.4 million, an 18% increase from $23.3 million in the same period last year [5][6]. - Year-to-date revenue growth was 20%, totaling $78.3 million compared to $65.3 million in the prior year [10][11]. - Gross profit for Q3 increased by 25% to $17.9 million, with gross margins improving to 65.2% from 61.2% [8][9]. - Operating expenses remained flat at $20.5 million, despite $1.5 million in acquisition-related expenses [9][11]. - The net loss for Q3 decreased by 28% to $8.0 million, compared to $11.2 million in the prior year [9][12]. Strategic Developments - The acquisition of Exosome Diagnostics was completed on September 15, 2025, which is expected to enhance the company's product offerings and sales capabilities [3][4]. - The company plans to focus on integrating the ExoDx business and has expanded its direct sales team from 50 to 60 representatives to leverage cross-selling opportunities [3][4]. - The introduction of germline products has been suspended to allocate resources towards ExoDx, Confirm, and GPS, with a reevaluation planned for 2026 [3][4]. Future Outlook - MDxHealth reaffirmed its full-year revenue guidance of $108 million to $110 million, expecting Q4 growth to meet or exceed 20% [4][12]. - The company reported a positive adjusted EBITDA of $1 million for Q3, marking a significant improvement from a loss of $3.9 million in the prior year [10][12].