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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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.

Mdxhealth Announces Fourth Quarter and Full-Year 2025 Financial Results

Morning Notes : AGFB BB, DSFIR NA, IVA FP, MDXH BB

mdxhealth ExoDx boosts 2026 growth expectations

Sequana Medical Reports 5 centres with alfapump implants since launch

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

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