MDxHealth reports Q2 revenue growth, raises $20 million
MDxHealth said Q2 2026 revenue was $27.2 million, up 16% year over year and 14% sequentially, while adjusted EBITDA was negative $2.3 million and it raised $20 million in a registered direct placement.
On Thursday, MDxHealth (NASDAQ: MDXH ) discussed second-quarter financial results during its earnings call.
The full transcript is provided below.
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View the webcast at Summary MDxHealth reported a 14% sequential revenue increase in Q2 2026, marking the largest quarter-over-quarter revenue acceleration in the company's history, driven by strong performance in core operations.
The company completed the transition of Resolve UTI customers and ceased its Plano, Texas lab operations, eliminating a $10.4 million contingent liability.
Q2 2026 revenue was $27.2 million, a 16% increase over the same period last year, while adjusted EBITDA was negative $2.3 million compared to a positive $1.1 million the previous year.
MDxHealth raised $20 million through a registered direct placement, strengthening its cash position as it targets a return to positive adjusted EBITDA by the end of 2026.
Management expressed confidence in meeting or exceeding full-year revenue guidance of $110 to $115 million and highlighted progress in AI initiatives and data from the Oxford PROMPT study.
Full Transcript OPERATOR Hello and welcome everyone joining today's MDxHealth second quarter 2026 earnings conference call.
At this time, all participants are in a listen-only mode.
Later, you will have the opportunity to ask questions during the question and answer session.
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It is now my pleasure to turn the meeting over to John Fraunces with LifeSci Advisors.
Please go ahead.
John Fraunces, LifeSci Advisors Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call, whether in prepared remarks or during the Q&A session.
These forward-looking statements are subject to inherent risks and uncertainties.
These risks and uncertainties are detailed in the Risk Factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's Annual Report on Form 20-F.
I'll now turn the call over to Michael McGarrity, Chief Executive Officer.
Michael McGarrity, Chief Executive Officer Thanks, John, and thank you all for joining us for our second quarter 2026 earnings conference call.
With me today is Ron Kalfus, Interim Chief Financial Officer.
Q2 was a pivotal quarter for MDxHealth following the unanticipated reimbursement developments related to our Resolve test in April.
Our Q2 results reflect the strength of our core business, which was precisely what we committed to deliver with our sales force focused solely on this significant market opportunity.
More specifically, we communicated that we expected sequential revenue acceleration from Q1 to Q2.
We generated a 14% sequential revenue increase for $3.3 million, representing the largest quarter-over-quarter revenue acceleration in our company's history.
We also anticipated a recovery in our tissue-based business following the expected impact in Q4 and Q1 post integration and salesforce restructuring from the ExoDx acquisition.
We delivered that recovery with a sequential increase of greater than 1,400 tissue-based tests.
We aggressively set a goal to transition all of our Resolve customers by the end of Q2, an objective that we achieved while also building deep credibility with our customer base through the unwavering dedication and support of our sales and client services teams.
Based on our revenue growth expectations coupled with exceptional operating discipline, we are now firmly on track to return to positive adjusted EBITDA as we exit 2026.
Following the discontinuation of Resolve UTI testing, we completed the cessation of our Plano, Texas lab operations and eliminated the $10.4 million contingent liability to Novitas from our corporate structure as a discontinued operation through an organized wind down of that independently operated entity.
And finally, we strengthened our balance sheet and cash position through a registered direct financing that generated $20 million in proceeds priced at the market with no discount or warrant structure.
I want to express my sincere gratitude to our entire organization for their professionalism and perseverance over these challenging 90 days.
In my experience, you are defined not by what happens to you, but by how you respond.
Our entire team from sales and client services, revenue cycle management and laboratory operations demonstrated incredible character, professionalism and commitment to our customers and to each other.