Weak 1Q With Medicare Claims Issue, Sales Miss & Guidance Cut

研报英文原文证据摘录

Weak 1Q With Medicare Claims Issue, Sales Miss & Guidance Cut

Life Science & Diagnostic Tools: Diagnostics

MDxHealth SA

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 14, 2026

Price: $1.95 (05/13/2026) Weak 1Q With Medicare Claims Issue, Sales

Price Target: $1.50 (Prior $7.00) Miss & Guidance Cut

BUY (1)

ESG SCORE: 70/100

Dan Brennan, CFA THE TD COWEN INSIGHT

646 562 1317

1Q was disappointing, with pro forma sales ~9% below cons and MDXH announced its

dan.brennan@tdsecurities.com

discontinuing its Resolve UTI test (~16% of sales; growth > corp. avg.) after a notice from

Kyle Boucher its local Medicare MAC, seeking to recoup $10.4M in past payments related to a review of

617 946 3735 historical Resolve claims (MDx strongly disagrees & is contesting the decision). Guidance was

kyle.boucher@tdsecurities.com

also cut (to account for shutting Resolve).

William Ruby

646 562 1325 Tough 1Q; Management Confidence Tissue Growth To Re-accelerate as Sales Restructuring

william.ruby@tdsecurities.com Is Complete

Pradeep Ambrose, Ph.D. MDXH was trading down >(30%) post close following 1Q results, with the biggest news the

646 562 1378

disclosure that MDXH received notice from its local TX Medicare Administrative Contractor

pradeep.ambrose@tdsecurities.com

(MAC) who is seeking recoupment of $10.4M of past claims paid citing a retrospective review

Key Data of certain claims. MDXH strongly disagrees (citing the strong clinical utility of its UTI test)

Symbol NASDAQ: MDXH and will contest the ruling. The company is nonetheless shutting the Resolve business down

Beta: (510,311.97) (given resolution here can take years) and lowering '26 sales guidance (due to this closure).

52-Week Range: $5.00-$1.78 Unfortunately, results ex-Resolve were weaker than expected, with both tissue and liquid