MDxHealth SA(US:MDXH)2026-02-26 22:32Financial 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]