MDxHealth announced on November 12, 2025 that it had closed its $15 million acquisition of Bio‑Techne’s ExoDx business, a transaction that transferred the exosome‑based diagnostics unit to MDxHealth’s precision‑diagnostics portfolio.
The deal was structured with $5 million paid in MDxHealth stock at closing and the remaining $10 million to be paid in annual installments over four years. Bio‑Techne originally purchased ExoDx for $250 million in 2018, making the sale a significant markdown that reflects the company’s shift away from CLIA‑based testing toward higher‑margin reagent and kit development.
MDxHealth’s Q3 2025 results showed revenue of $27.4 million, up 18 % year‑over‑year, and an adjusted EBITDA of $1.0 million, a turnaround from a $11.2 million loss in the same quarter a year earlier. The acquisition is expected to contribute more than $20 million in revenue by 2026 and to become accretive to adjusted EBITDA beginning in Q4 2025, reinforcing the company’s guidance of $108 million to $110 million in full‑year revenue.
Bio‑Techne’s fiscal 2025 Q4 results ended June 30, 2025, with an adjusted EPS of $0.53 versus $0.49 a year earlier and an adjusted operating margin of 32.0 % compared with 33.5 % previously. GAAP EPS fell to $(0.11) from $0.25, and GAAP operating income dropped to $(23.9) million, largely due to an impairment charge on the Exosome Diagnostics business. The divestiture is expected to lift the company’s operating margin by roughly 100 basis points in fiscal 2026.
MDxHealth CEO Michael McGarrity said the acquisition of ExoDx Prostate “is a strong strategic fit with our rapidly growing urology and prostate cancer diagnostic business” and highlighted the expected cross‑selling opportunities. Bio‑Techne CEO Kim Kelderman noted that the divestiture “delivers an immediate uplift to our already sector‑leading operating margin profile” and allows the company to redirect investments toward its core growth pillars of cell & gene therapy, spatial biology, and molecular diagnostics.
Investors reacted to MDxHealth’s Q3 earnings with a revenue miss relative to the $28.7 million consensus estimate, prompting a review of the company’s growth trajectory. The market’s focus on the revenue shortfall underscores the importance of meeting analyst expectations while the company continues to integrate ExoDx and pursue cross‑selling synergies.
The transaction positions MDxHealth to capture a larger share of the expanding precision‑diagnostics market, particularly in prostate cancer, while Bio‑Techne sharpens its portfolio around higher‑margin, high‑growth areas. The financial impact of the sale—both the markdown for Bio‑Techne and the accretive contribution for MDxHealth—highlights the strategic trade‑offs each company is making to strengthen its long‑term competitive stance.
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