mdxhealth 3Q25 results continue adj. EBITDA profitability, guidance maintained

Yesterday evening mdxhealth reported 3Q25 results. The company had $ 27.4m in revenue up 18% y/y, with a gross margin of 65.2% representing a 4% improvement. OPEX was essentially flat leading to a second quarter of adj. EBITDA profitability of $ 1m. The company reiterated its FY25 revenue guidance and reported that it will fully focus on integrating the ExoDx acquisition into the business in the 4Q25. Therefore, it will postpone Germline and re-evaluate the opportunity in 2026. We reiterate our BUY rating and $ 4.2 TP.