MDxHealth (NasdaqCM:MDXH) opened Q1 2026 with revenue of US$27.4 million and a basic EPS loss of US$0.17, alongside trailing 12 month revenue of US$111.0 million and a cumulative net loss of US$33.2 million that keeps the focus firmly on profitability. Over the last year, the company has seen revenue move from US$24.7 million in Q4 2024 to US$27.4 million in Q1 2026, while quarterly EPS has stayed in a tight range between a loss of US$0.14 and US$0.19, highlighting a situation where top line progress is still contending with margin pressure.

See our full analysis for MDxHealth.

With the latest numbers on the table, the next step is to see how this mix of revenue changes and ongoing losses lines up with the main narratives around MDxHealth and where those stories might be reinforced or tested.

Losses Hold Around US$8.9 Million Despite Revenue Progress

• Q1 2026 net loss excluding extra items came in at US$8.9 million on revenue of US$27.4 million, close to the Q4 2025 net loss of US$8.9 million on higher revenue of US$29.5 million, which shows that recent revenue changes have not yet shifted the loss line much.
• Consensus narrative expects revenue to grow about 21.3% a year with margins moving from a loss of 30.5% to a 3.2% profit over roughly three years, yet the trailing 12 month loss of US$33.2 million on US$111.0 million of revenue points to a business that still needs a meaningful margin swing before those expectations line up with current results.
  • Analysts pointing to future earnings of US$5.9 million are working off a very different picture than the recent annual loss of more than US$30 million.
  • The fact that quarterly net losses have stayed in a band between about US$7.4 million and US$9.2 million since early 2025 gives you a simple check against any story that assumes a rapid shift into strong profitability.

TTM Losses Widen Slightly While Revenue Growth Slows

• On a trailing 12 month basis, revenue moved from US$90.0 million in Q4 2024 to US$111.0 million in Q1 2026, while the trailing loss excluding extra items went from US$38.1 million to US$33.2 million, which the risk summary describes as losses widening at about 2.9% a year over five years despite revenue growing at 10.2% a year.
• Bears argue that the company is unlikely to reach profitability in the next three years, and the combination of a trailing loss of US$33.2 million, negative shareholders’ equity and recent share price volatility directly feeds that view.
  • Even with 10.2% trailing revenue growth, the inability so far to turn that into positive earnings supports the cautious argument that higher volumes alone may not be enough to fix margins quickly.
  • The fact that net losses on a trailing basis remain above US$30 million gives bears a clear data point when they question whether integration projects and sales force expansion will translate into near term profits.

Skeptics point to the steady losses and negative equity, while others see a potential inflection if execution improves. It can be useful to read how critics frame the downside case in more depth 🐻 MDxHealth Bear Case.

Deep Discount to 0.5x P/S and DCF Fair Value

• The stock trades around US$0.98 with a P/S of 0.5x, versus an industry context where peers average about 7.5x and the broader US biotech sector sits near 10.6x P/S. A DCF fair value of about US$20.63 per share highlights how far the current price is from that intrinsic estimate.
• Bullish investors argue that this gap between a 0.5x P/S multiple and higher peer multiples plus the DCF fair value reflects an opportunity, but the trailing 12 month loss of US$33.2 million and expectations for continued unprofitability over the next three years show why the discount exists.
  • The roughly US$110.97 million of trailing revenue against a sub US$1 share price is the kind of mismatch bulls point to when they say the stock is trading like the business will not fix its earnings profile.
  • At the same time, the ongoing losses and negative shareholders’ equity are the hard numbers that any bullish thesis has to grapple with, because they are exactly what can keep valuation multiples compressed even when revenue is growing.

Supporters of the upside case often focus on the low 0.5x P/S and the large gap to DCF fair value. If you want to see how that argument is built around growth and margin assumptions, it is worth reading the bullish side in full 🐂 MDxHealth Bull Case.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for MDxHealth on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With sentiment divided between concern over ongoing losses and optimism about potential rewards, it can be helpful to move quickly and review the underlying numbers yourself. A good starting point is to gain a clear view of the company’s 2 key rewards and 3 important warning signs 2 key rewards and 3 important warning signs

See What Else Is Out There

MDxHealth is still carrying steady quarterly losses, negative shareholders’ equity and a history of widening TTM losses, which keeps overall risk elevated for investors.

If that level of uncertainty feels uncomfortable, it is worth quickly checking out 67 resilient stocks with low risk scores to focus on companies where balance sheets and risk scores may offer more resilience.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.