Sub-Dollar Cancer Diagnostics Play Erupts on Q2 Revenue

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Friday, August 14, 2026

Precision diagnostics is becoming an increasingly important part of modern cancer care as physicians look for better tools to guide treatment decisions and avoid unnecessary procedures. Companies that can translate better testing into measurable revenue growth are beginning to attract serious investor attention.

Shares of MDxHealth SA (NASDAQ: MDXH) are surging Friday after the urology focused precision diagnostics company reported second quarter results showing double digit revenue growth and renewed momentum across its core prostate cancer business.

Second quarter revenue from continuing operations rose 16% year over year to $27.2 million, an increase of $3.3 million from the first quarter. Management said the sequential improvement establishes a clear path toward meeting or exceeding 2026 revenue guidance of $110 million to $115 million, which would represent growth of 20% to 26% over 2025, excluding the discontinued Resolve business.

Test volume told a similar story. Tissue based volume for Confirm mdx and GPS mdx reached 12,525, down 1% from a year ago but up 13% sequentially, a recovery management credits to the ExoDx integration and a sales force restructuring carried out over the past two quarters. Liquid based Exo mdx volume came in at 13,578 tests, compared with Select mdx volume of 4,455 in the year ago period.

That shift carries a cost. Tissue based tests accounted for 73% of revenue in the quarter, down from 96% a year ago, and gross margin narrowed to 65.7% from 68.6%. Gross profit still increased 11% to $17.9 million. Operating loss widened to $5.1 million from $1.5 million and net loss grew to $9.5 million from $7.0 million, while adjusted EBITDA came in at negative $2.3 million against positive $1.1 million a year earlier. Management pointed to expenses tied to the September 2025 ExoDx acquisition.

MDxHealth completed the wind down of its Resolve UTI business during the quarter, permanently closing subsidiary Delta Laboratories and its Plano, Texas facility. On August 3, Delta Lab executed an assignment for the benefit of creditors, transferring its assets and liabilities to a receiver to expedite an orderly sale and address claims in order of priority, including a previously disclosed $10.4 million recoupment claim from Novitas Solutions. The process is limited to Delta Lab, which has operated independently since its 2022 acquisition.

The balance sheet improved as well. On August 11, the company placed 44,052,862 ordinary shares with institutional investors, including several of its largest shareholders, at $0.454 for gross proceeds of $20 million. Cash stood at $19.2 million at quarter end, or $39.2 million on a pro forma basis including those proceeds.

With tissue volumes recovering and management targeting a return to positive adjusted EBITDA as it exits 2026, traders appear to be betting the restructuring is starting to show up in the operating numbers.

Shares of MDXH are up 66.7% to $0.7703 in Friday morning trading.

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