MDxHealth S.A.

Revenue for Q2 2026 was $27.2 million, up 16% from Q2 2025, and up 14% sequentially, or $3.3 million, from Q1. Gross profit was $17.9 million versus $16.1 million a year ago, while gross margin was 65.7% compared with 68.6% in Q2 2025, down 2.9 percentage points due primarily to tissue versus liquid mix. Operating loss was $5.1 million versus $1.5 million last year, net loss was $9.5 million versus $7.0 million, and adjusted EBITDA was negative $2.3 million versus positive $1.1 million. Cash and cash equivalents were $19.2 million at June 30, and the company noted a subsequent $20 million registered direct placement, implying pro forma cash of $39.2 million. Management reiterated full-year 2026 revenue guidance of $110 million-$115 million and said it is on track to return to positive adjusted EBITDA as it exits 2026.

Michael McGarrity framed Q2 as a turning point after the Resolve UTI discontinuation, saying the company’s core urology business showed the strength he expected once the sales force was focused solely on the core menu. He emphasized that the quarter demonstrated both operational resilience and a “blessing in disguise” from the Resolve shutdown, with the team now singularly focused on prostate cancer diagnostics, ProMPT/ProtecT data, and AI initiatives. His tone was confident and upbeat, repeatedly pointing to stronger focus, a more streamlined business, and a path back to growth and profitability.

Ron Kalfus said the Resolve business is now formally classified as a discontinued operation after the Plano, Texas lab was permanently ceased before June 30, so current and prior-year metrics now reflect only continuing core operations. He highlighted Q2 revenue of $27.2 million, gross profit of $17.9 million, gross margin of 65.7%, operating loss of $5.1 million, net loss of $9.5 million, and adjusted EBITDA of negative $2.3 million. On liquidity, he said cash and cash equivalents were $19.2 million at quarter-end and that the later $20 million registered direct placement would bring pro forma cash to $39.2 million. He linked the margin and loss profile largely to ExoDx acquisition-related OpEx and said revenue growth should absorb those costs over time.

Analysts focused on whether the Q2 tissue rebound reflected internal sales-force disruption rather than competitive pressure, and management said the weakness was mostly due to territory reorganization, cross-training, and the need to transition Resolve customers, not a deterioration in the market position. They also asked about the pace of revenue in the second half, and management said Q3 and Q4 should be generally linear, with Q3 carrying some seasonal variability but with acceleration expected across both quarters. On liquidity and capital needs, management said the $20 million financing improves runway and that future funding needs should increasingly be supported by operating leverage and cash generation, though options with partners remain available. Analysts also pressed on low-risk prostate market share, ExoDx growth, and the 2027 outlook; management said tissue growth is driven by both share gains and market conversion, Exo integration is still early, and 2027 is too early for formal guidance though they see multiple growth drivers.