MDxHealth (MDXH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $27.2 million, up 16% year-over-year and $3.3 million sequentially, marking the largest sequential increase in company history after discontinuing the Resolve UTI/mdx business and focusing on core prostate cancer diagnostics.

• The company transitioned all Resolve customers, completed the wind-down of the Plano, Texas lab and Delta Lab, and eliminated a $10.4 million contingent liability.

• Integration of ExoDx and sales force restructuring contributed to recovery in tissue-based diagnostics.

• Operational discipline and focus on urology and prostate cancer diagnostics are expected to drive a return to positive adjusted EBITDA by year-end.

• Raised $20 million in a registered direct placement in August 2026, strengthening the balance sheet.

Financial highlights

• Q2 2026 revenue was $27.2 million, up 16% year-over-year; six-month revenue totaled $51.1 million, up 14% year-over-year.

• Gross profit for Q2 was $17.9 million (+11% YoY); gross margin declined to 65.7% from 68.6% due to product/test mix.

• Operating loss increased to $5.1 million (236% higher YoY); net loss rose 36% to $9.5 million, mainly due to OpEx from the ExoDx acquisition.

• Adjusted EBITDA was negative $2.3 million for Q2, compared to positive $1.1 million in Q2 2025; six-month adjusted EBITDA was negative $7.6 million.

• Cash and equivalents stood at $19.2 million at quarter-end; a $20 million direct placement post-quarter brings pro forma cash to $39.2 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $110–$115 million, representing 20–26% growth over 2025 (excluding Resolve), with expectations to return to adjusted EBITDA profitability by year-end.

• Revenue growth is expected to be generally linear in the second half, with some Q3 seasonality.

• Management expects accelerated tissue-based growth and sees significant opportunity for further expansion in 2027, driven by AI initiatives and new clinical data.