MDxHealth SA (MDXH) Stock Forecast & Price Target

MDxHealth is viewed positively because it has de-risked the balance sheet and sharpened its strategic focus by winding down Resolve, removing the related Novitas liability, and narrowing toward a pure-play prostate cancer diagnostics platform. The completed $20M equity raise lifted pro forma cash to about $39 million, while the acquired ExoDx test and Oncotype DX GPS should each strengthen revenue, gross margin mix, and commercial leverage in a market the company sees as growing 5% to 10%+ annually. Management’s path toward positive Adj. EBITDA in Q4’26 and roughly 20% margin exiting 2028, alongside 2025 revenue of about $108M and low valuation versus peers, supports the constructive outlook.

MDxHealth is facing a materially weaker investment case after the discontinuation of its Resolve UTI test, which followed a $10.4M recoupment notice from Medicare contractor Novitas and eliminated a test that had represented about 16% of sales. The company’s 1Q'26 results missed expectations, with revenue of $27.4M versus $29.6M expected, adjusted EBITDA of -$4.3M, gross margin of 60.7%, and total operating expenses of $22.7M, while the pro-forma cash balance ended at $28.2M. With 2026 revenue guidance cut by $25M-$27M to $110M-$115M and both tissue volume weakness and higher cash burn outside Resolve, the remaining prostate-cancer portfolio appears too narrow to offset reimbursement risk, execution volatility, and slower-than-expected growth.