MDxHealth Reports Q4 Earnings, Highlights Continued Growth and Integration of ExoDx

Company sees revenue rise 19% in Q4, but operating and net losses widen amid ExoDx acquisition costs

Published on Feb. 26, 2026

Got story updates? Submit your updates here. ›

MDxHealth (NASDAQ:MDXH) reported its fourth-quarter and full-year 2025 results, with management highlighting continued revenue growth, ongoing integration work following the ExoDx acquisition, and expectations for improving profitability over the course of 2026. The company saw a 19% increase in Q4 revenue to $29.5 million, but operating and net losses widened due to higher expenses related to the ExoDx deal.

Why it matters

The ExoDx acquisition is a key part of MDxHealth's strategy to expand its precision diagnostics menu across the prostate cancer patient pathway. While the integration has led to some short-term financial pressures, the company is confident it can leverage the combined customer base and achieve improved profitability and operating leverage in 2026.

The details

MDxHealth reported that fourth-quarter total billable volume was approximately 38,000 tests, including about 11,000 tissue-based tests and 27,000 liquid-based tests. Total unit growth was 62% versus the prior-year quarter. Tissue-based test volumes decreased 5% year over year, while liquid-based test volumes increased 128%. Revenue rose 19% in Q4 to $29.5 million, but operating loss increased 14% to $5.3 million and net loss increased 31% to $8.9 million, primarily due to higher headcount and other operating expenses related to the ExoDx acquisition.

  • MDxHealth reported fourth-quarter and full-year 2025 results on February 26, 2026.
  • The company expects to complete the integration of the ExoDx sales organization by the end of the first quarter of 2026.

The players

MDxHealth

An American molecular diagnostics company focused on improving the accuracy of cancer diagnosis and treatment decision making through epigenetic biomarker assays.

Michael McGarrity

Chief Executive Officer of MDxHealth.

Ron Kalfus

Interim Chief Financial Officer of MDxHealth.

Exact Sciences

A company that MDxHealth has an amended earn-out agreement with related to the GPS acquisition.

University of Oxford

A research institution that MDxHealth is collaborating with on clinical efforts, including the GPS ProMPT study.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.