Mdxhealth Reports Preliminary Second Quarter 2025 Results, Reaches Positive Adjusted EBITDA, and Announces Acquisition of Exosome Diagnostics Business from Bio-Techne
Mdxhealth Reports Preliminary Second Quarter 2025 Results, Reaches Positive Adjusted EBITDA, and Announces Acquisition of Exosome Diagnostics Business from Bio-Techne
Year-over-year Q2 revenues increased by 20% to $26.6 millionAdjusted EBITDA profitability of $1.4 million for Q2
Agreement to acquire ExoDx Business from Bio-Techne for $15 million in cash and stock over 5 years; acquisition expected to accelerate revenue growth and be accretive to adjusted EBITDA
Conference call with Q&A today at 4:30 PM ET / 22:30 CET
IRVINE, CA, and HERSTAL, BELGIUM, August 5, 2025 (GlobeNewswire), MDxHealth SA (NASDAQ:MDXH) (the "Company" or "mdxhealth"), a leading precision diagnostics company, today announced preliminary financial results for the second quarter and half year ended June 30, 2025. The Company also announced that it has entered a definitive agreement to acquire the ExoDx business from Bio-Techne Corporation, which includes the ExoDx Prostate test.
Michael K. McGarrity, CEO of mdxhealth, commented: "We are pleased to report our 17th consecutive quarter of 20% or greater revenue growth, driven by our continued execution and strong demand for our leading tissue-based tests, GPS and Confirm mdx. This quarter also marks a key milestone for mdxhealth, as we reached adjusted EBITDA profitability of $1.4 million for Q2, in line with our guidance since the beginning of 2024.
We are also excited to announce that we have entered into a transformative agreement with Bio-Techne to acquire its Exosome Diagnostics business, enabling us to significantly expand our liquid-based diagnostic capabilities in prostate cancer. The ExoDx Prostate test is a leading, non-invasive, urine-based diagnostic that assesses risk of having clinically significant or high-grade prostate cancer. The addition of the ExoDx Prostate test to our portfolio of products will accelerate our revenue growth and is expected to be accretive to our adjusted EBITDA. Additionally, we are reaffirming our 2025 revenue guidance of $108-110 million."
Kim Kelderman, President and CEO of Bio-Techne commented, "Mdxhealth is the ideal acquirer of our ExoDx Prostate test and CLIA-certified laboratory. Mdxhealth has made several strategic moves over the past few years to position the company as a leader in urology and prostate cancer diagnostics. The addition of ExoDx Prostate to their portfolio accelerates their leadership in this high growth market."
Preliminary Key Highlights for the second quarter:
Revenue of $26.6 million, an increase of 20% over prior year period, marking the 17th consecutive quarter of 20% or greater revenue growth
Operating loss of $1.9 million, a 74% improvement over prior year period
Net loss of $7.4 million, a 36% improvement over prior year period
Positive adjusted EBITDA of $1.4 million, a $6.2 million improvement over prior year period
Tissue-based (Confirm mdx and GPS) test volume of 12,623, an increase of 26% over prior year period
Liquid-based (Select mdx, Resolve mdx, Germline) test volume of 13,012, an increase of 18% over prior year period
Acquisition of ExoDx Business
On August 5, 2025 mdxhealth signed a definitive agreement to acquire the Exosome Diagnostics, Inc. business from Bio-Techne, including the ExoDx Prostate (EPI) test, CLIA-certified clinical laboratory and related assets. Total consideration for the acquisition is $15 million, with $5 million in stock to be paid at closing and $2.5 million annually over the following 4 years with 50% payable in cash and 50% payable in cash or stock at mdxhealth's discretion. The transaction is subject to customary closing conditions and is expected to close in September. Mdxhealth anticipates that in 2026 the ExoDx business will contribute more than $20 million in revenue and accelerate the Company's revenue growth rate to approximately 30%. Additionally, mdxhealth expects the contribution of the acquired business to be accretive to Adjusted EBITDA beginning in Q4 of 2025.
XMS Capital Partners acted as sole financial advisor and K&L Gates acted as lead legal counsel to the Company for this acquisition; Baker McKenzie served as lead legal counsel for Belgian corporate matters.
Preliminary Financial review for the three and six months ended June 30, 2025
USD in ‘000 (except per share data)Unaudited
Three months ended June 30
Six months ended June 30
2025
2024
% Change
2025
2024
% Change
Revenue
26,605
22,159
20%
50,897
41,993
21%
Cost of sales (exclusive of amortization of intangible assets)
(9,038)
(8,873)
2%
(17,826)
(16,644)
7%
Gross Profit
17,567
13,286
32%
33,071
25,349
30%
Operating expenses
(19,483)
(20,704)
