Shares of MDxHealth plunged 8.9% to $0.55 after the Belgian-American diagnostics company pulled its full-year revenue forecast, citing a sales-force shakeup that blindsided management and investors alike. MDxHealth's Sales Team Walked Out the Door — Now What's Left of a $28 Million Market Cap?
Shares of MDxHealth cratered 8.9% to $0.55 after the prostate cancer diagnostics company yanked its full-year revenue forecast, revealing that a wave of sales-rep departures has thrown its growth story into disarray. With roughly 51 million shares outstanding, the stock now values the entire company at barely $28 million — a fraction of the $110–$115 million in revenue it had promised for 2026.
A Product Shutdown Triggered a Talent Exodus. CEO Michael McGarrity said Q3 revenue "fell short of our expectations" after MDxHealth discontinued a urinary-tract-infection test line earlier this year, and competitors swooped in to poach its sales reps through "aggressive targeting from recruiters."
The disruption "interrupted progress reported in the second quarter," erasing what had been a promising rebound. In a diagnostics business where revenue depends on reps persuading urologists to order specific tests, losing trained salespeople means losing territory — and losing territory means losing volume.
The Numbers Expose Stalled Growth. Q3 revenue from continuing operations came in at $22.7 million, flat with the same quarter a year ago.
Tissue-based test volume — the company's legacy bread-and-butter — fell 11% year over year to 11,232 tests.
Liquid-based test volume surged to 11,792 from just 4,600 a year earlier , driven by an acquisition, but it wasn't enough to move the top line. Management had guided for $110–$115 million for the full year, implying 20–26% growth over core 2025 revenue. That target is now effectively dead.
The Cash Cushion Is Thin. MDxHealth ended September with roughly $31.7 million in cash.
Just last quarter, the company reiterated guidance and said it was "firmly on track to return to positive adjusted EBITDA" — a measure of operating profit before certain accounting charges — by the end of 2026. That timeline now looks aspirational. For a company carrying $84 million in total debt against just $32.8 million in cash , prolonged sales disruption could force difficult financing decisions.
Investors Are Flying Blind Until November. Full Q3 results and details on "corrective actions" won't arrive until November 12. Until then, shareholders have no revised revenue target, no clarity on how many reps left, and no timeline for rebuilding coverage. The stock's collapse from $3.63 in February to $0.55 today tells you the market isn't waiting around for answers.