KBC Securities - MDXHEALTH (MDXH) mdxhealth FIRST LOOK: FY25 highlights show revenue in line with guidance

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KBC Securities

Mathijs Geerts Danau

mdxhealth FIRST LOOK: FY25 highlights show revenue in line with guidance

Mdxhealth provides insights into key FY25 parameters, with preliminary revenue landing at $ 109m (VA CSS: $ 108.5m) and YE cash at $ 29m (VA CSS: $ 34.5m). Revenue guidance for FY26 is set at a narrow yet ambitious range of $ 137-140m, implying a 26-28% y/y increase. Additionally, mdxhealth managed to amend the Exact Sciences payouts to be more back-end loaded bringing some ease to the cash position. We believe that mdxhealth is well-positioned for growth in 2026 now that the commercial engine is firing on all cylinders, hence we maintain our $ 4.2 TP and Buy rating.

13/01/2026 1 EN

Underlying

MDXHEALTH

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BE0974461940 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Mathijs Geerts Danau

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Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

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KBC Securities

mdxhealth FY25 revenues slightly below preliminary figures but guidance maintained

mdxhealth's 4Q25 revenues come in $ 1m lower than the preliminary revenue figures shared in January ($ 30.5m). However the company maintains FY26 revenue guidance of $ 137-140m, implying 27-30% year-over-year revenue growth in FY26. Management also reiterated expectations for continued operating leverage, with a limited increase in OPEX despite significant revenue growth. As a result, mdxhealth expects to achieve a 10% adj. EBITDA run-rate by YE26. We reiterate our BUY and $ 6 TP.

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GlobeNewsWire

Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results

Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results Fourth quarter revenue growth of 19% to $29.5 million2025 revenue growth of 20% to $107.9 millionConference call with Q&A today at 4:30 PM EST / 22:30 CET IRVINE, California – February 26, 2026 () – MDxHealth SA (NASDAQ: MDXH) (the "Company" or "mdxhealth"), a leader in urology-focused precision diagnostics, today announced its financial results for the fourth quarter and year ended December 31, 2025. Michael K. McGarrity, CEO of mdxhealth, comme...

12h / 58m 12h / 58m 1 EN

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped  /

FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we also welcome the positive outlook comments on Offshore wind, although this is not yet reflected in th...

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Guy Sips ... (+7)

Guy Sips
Hilde Van Boxstael
Livio Luyten
Mathijs Geerts Danau
Michiel Declercq
Wim Hoste
Wim Lewi

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

: ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

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Lynn Hautekeete

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Qrf FY25 results: rental income above expectations, TP increase

QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (-6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from development gains, ERV growth and even cap rate compression. With these figures QRF demonstrates its e...

2h / 9m 2h / 9m 1 EN

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mdxhealth FIRST LOOK: FY25 highlights show revenue in line with guidance

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

mdxhealth FY25 revenues slightly below preliminary figures but guidance maintained

Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped &#x07; &#x07;/

Morning Notes : ACKB BB, FAGR BB, FUR NA, MTLS US, MDXH BB, PROX BB, RECT BB, WHATS BB

Qrf FY25 results: rental income above expectations, TP increase

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Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped /