Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data MDxHealth SA files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
11.8
18.5
22.2
37.1
70.2
90
108
Cost of revenue
11.8
10.4
11.7
17.8
26.3
34.9
38.2
Gross profit
0.03
8.04
10.6
19.2
43.9
55.1
69.6
Research and development
9
4.54
5.59
5.5
6.38
10.6
10.4
Selling and marketing
17.8
16.8
1
8.3
11.2
General and administrative
3.7
Operating income
-43.2
-27.1
-26.8
-37.9
-27.3
-24.7
-14.4
Interest expense
0.52
1.54
2.17
6.39
18.3
15.3
23
Interest income
0.01
0
0.01
0.24
2.57
2.36
2.06
Pre-tax income
-43.7
-28.7
-29
-44
-43.1
-37.7
-35.4
Income tax
-0.58
0
0
0
0
0.38
-1.86
Net income
-43.1
-28.7
-29
-44
-43.1
-38.1
-33.5
EBITDA
-41.6
-25.6
-26
-36.9
EPS, basic
-6.84
-3.37
-2.38
-2.78
-1.66
-1.16
-0.67
EPS, diluted
-6.84
3.37
2.38
-2.78
-1.66
-1.16
-0.67
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
16
58.5
15.5
22.4
46.8
29
Receivables
3.77
4.58
9.36
11.1
14.4
14.7
Inventory
2.32
1.91
2.33
2.78
3.87
6.74
Total current assets
23.1
66.6
29.1
38.2
66.9
53.4
Property, plant and equipment
0.97
1.67
3.79
4.96
4.36
4.86
Lease right-of-use assets
2.73
3.35
4.1
4.99
8.62
9.82
Goodwill
1.15
0
35.9
35.9
35.9
38.9
Intangible assets
5.06
3.45
46.2
44.3
40.6
39.4
Total assets
31.9
75.1
119
129
157
148
Accounts payable
5.32
7.46
10.2
8.81
8
10.3
Total current liabilities
13
16.4
18.3
19.5
42.7
49.5
Lease liabilities
2.02
2.62
3.09
3.58
7.41
8.51
Total liabilities
26
28.2
110
122
142
160
Total debt
34.9
35.6
Paid-in capital
136
153
153
153
153
153
Retained earnings
-215
-244
-288
-331
-370
-403
Total equity
19.7
5.85
46.9
9.32
7.21
14.8
-12.1
Total liabilities and equity
31.9
75.1
119
129
157
148
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-43.1
-28.7
-29
-44
-43.1
-38.1
-33.5
Depreciation and amortization
1.58
1.53
0.88
0.97
Cash from operations
-22.3
-20.2
-22.5
-34.1
-21.5
-18.5
-2.19
Capital expenditures
-0.07
-0.54
-0.9
-2.79
-2.75
-1.19
-1.16
Cash from investing
-0.07
-0.54
-0.89
-29
-3.93
-1.64
-18.6
Debt issued
2.32
0
34.3
53
24.3
Debt repaid
-0.83
-1.06
-10.8
-1.66
-39.5
-0.32
Stock issued
9.58
13.9
68.6
0
39.6
40.7
Cash from financing
18
14.3
66.5
20.7
32.3
44.6
2.97
Exchange rate effect
0.24
0.39
-0.52
-0.56
0.03
Net change in cash
-42.4
6.85
24.4
-17.8
Free cash flow
-22.4
-20.8
-23.4
-36.9
-24.2
-19.7
-3.35
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.57 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
64.5%
Gross profit / revenue.
Operating margin
-13.4%
Operating income / revenue.
Pre-tax margin
-32.8%
Pre-tax income / revenue.
Net margin
-31.1%
Net income / revenue.
FCF margin
-3.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2.0%
Cash from operations / revenue.
Return on assets (ROA)
-22.0%
Net income / average total assets.
R&D / revenue
9.6%
Research and development expense / revenue.
Capex / revenue
1.1%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.8%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
42.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
42.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
26.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
53.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
54.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-6.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
7.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
36.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.08x
Current assets / current liabilities.
Quick ratio
0.88x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.59x
(Cash + short-term investments) / current liabilities.
Liabilities / assets
108.2%
Total liabilities / total assets.
Interest coverage
-0.63x
Operating income / interest expense.
Working capital
$3.9M
Current assets - current liabilities.
Goodwill and intangibles / assets
53.0%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.71x
Revenue / average total assets.
Fixed asset turnover
23.4x
Revenue / average property, plant and equipment.
Inventory turnover
7.21x
Cost of revenue / average inventory.
Days inventory
51 days
365 x average inventory / cost of revenue.
Receivables turnover
7.41x
Revenue / average receivables.
Days sales outstanding
49 days
365 x average receivables / revenue.
Days payables
87 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
12 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.67
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.67
Net income per basic share, as reported (split-adjusted).
Valuation
Metric
Value
How it is calculated
Market cap
$53.9M
Share price x shares outstanding.
Enterprise value
$24.9M
Market cap + total debt - cash - short-term investments.
P/S
0.50x
Market cap / revenue.
EV/Sales
0.23x
Enterprise value / revenue.
FCF yield
-6.2%
Free cash flow / market cap.
Earnings yield
-62.2%
Net income / market cap (the inverse of P/E).
What was MDxHealth SA's revenue in fiscal 2025?
MDxHealth SA reported revenue of $107.9M for fiscal 2025, 19.8% higher than the year before.
Was MDxHealth SA profitable in fiscal 2025?
No. It reported a net loss of $33.5M.
How much free cash flow did MDxHealth SA generate in fiscal 2025?
Cash from operations of $2.2M minus capital expenditures of $1.2M left free cash flow of -$3.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.