MDxHealth S.A. delivered a Q2 2025 performance that demonstrates meaningful topline progress but ongoing profitability challenges. Revenue reached $26.605 million, up 115.1% year over year and 93.96% quarter over quarter, supported by the continued commercialization of its prostate cancer genomic testing portfolio (SelectMDx and ConfirmMDx). Gross profit rose to $17.567 million, yielding a robust gross margin of approximately 66.0%, underscoring improved product mix and pricing discipline. Despite these topline gains, the company reported an operating loss of $1.916 million and a net loss of $7.372 million for the quarter, with EBITDA turning positive at $0.350 million. The discrepancy between EBITDA and net income is driven by high financing costs and other non-operating items, including interest expense of $6.292 million and a sizable negative swing from non-operating income/expenses.
From a liquidity perspective, MDxHealth ended the quarter with $32.811 million in cash and cash equivalents, while total debt stood at $84.011 million and net debt approximated $51.2 million. The balance sheet shows total assets of $140.633 million against liabilities of $141.516 million and negative stockholders’ equity of about $0.883 million. Free cash flow remained negative at approximately $1.961 million, reflecting ongoing investments to scale commercialization and R&D initiatives. Management commentary (not included in the data) would typically address near-term cost-control actions, deployment of sales and marketing resources, and progress on reimbursement and payer negotiations to support sustainable profitability. Overall, the quarter signals early-stage top-line momentum with meaningful execution risk tied to financing, margin progression, and cash burn intensity as the company advances its diagnostic platform.