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.