mdxhealth ExoDx boosts 2026 growth expectations

Following mdxhealth preliminary 2025 full-year sales and 2026 sales guidance in the $ 137-140m range, we update our model and raise 2026 revenue estimates to $ 139.9m, driven by ExoDx and synergy potential with the GPS test. The ExoDx acquisition should ensure the company's high growth profile, and the increased scale should allow for further operational leverage. That said, we note that the company will likely require additional funding to cover cash outflow obligations. Given the high growth outlook and operational leverage potential, we reiterate our BUY and raise our TP to $ 6 from $ 4.2.