MDxHealth Reports $0.16 Per-Share Loss and Flat Revenue of $22.7 Million
Key Facts
MDxHealth reported on November 12 results for the third quarter ended September 30, 2026, posting a basic and diluted loss of $0.16 per share and revenue from continuing operations of $22.7 million. Revenue was unchanged from the year-earlier period, while the per-share loss was $0.20 in the third quarter of 2025. Flat revenue did not prevent operating and net losses from widening, as test volumes showed a decline in tissue activity and growth in liquid tests. The company attributed some of the pressure to higher operating expenses related to the ExoDx acquisition and acknowledged temporary disruption to commercial execution as sales staff turnover accelerated. Addressing the commercial team's performance and restoring growth in 2027 are now among the challenges the company has identified.
The operating loss was $8.1 million in the third quarter, compared with $4.4 million a year earlier, with the company saying the increase was mainly due to operating expenses related to the ExoDx acquisition. Net loss reached $12.3 million, up 26% year over year. Adjusted EBITDA loss widened to $6.3 million, compared with a loss of $0.9 million in the same period last year. These figures highlight mounting pressure on profitability despite revenue holding at $22.7 million. The per-share loss improved year over year to $0.16 from $0.20, according to the company statement.
At the activity level, tissue tests, which include Confirm mdx and GPS mdx, totaled 11,232, down 11% from the year-earlier period. Exo mdx liquid test volume, by contrast, reached 11,792 during the quarter. The company had reported 4,600 Select mdx tests in the third quarter of 2025, the comparison its statement used when presenting liquid test volume. MDxHealth attributed the decline in gross margin largely to test mix; the margin was 61.8%, compared with 65.0% a year earlier. That represents a year-over-year decline of 3.2 percentage points, while total revenue was unchanged from the comparison period.
The chief executive said accelerated turnover within the sales team had caused "temporary disruption to our commercial execution." The company announced a restructuring of commercial roles and the elimination of the chief commercial officer position, with the sales and marketing teams reporting directly to the chief executive. The moves follow MDxHealth's suspension of its fiscal 2026 revenue guidance of $110–115 million before the full results were released. In announcing the suspension, the company forecast quarterly revenue of about $22.7 million, the level later reported in the results. Second-quarter revenue had risen 16% to $27.2 million, and the chief executive said at the time that the company was on track to meet or exceed its annual guidance. He also expected tissue test growth to accelerate in the second half and a return to positive adjusted earnings by the end of 2026.
Cash and cash equivalents totaled $31.7 million as of September 30, 2026, according to the results statement. The company said it expects to exit the fourth quarter with a fully staffed and trained sales team, in preparation for a return to growth in 2027. That timetable puts the restructuring plan to an execution test during the remaining months of 2026, following the announced elimination of the chief commercial officer position and changes to reporting lines across commercial functions. The company's prior statement had said it would provide details on corrective actions and progress during the results call on November 12, the date it released its quarterly results. MDXH shares closed at $0.1465 on November 11, according to EL7 data.