IMDX earnings analysis
What we found in IMDX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
iMDx reported Q2 revenue of $239,000, down 53.9% year over year and below the $437,500 consensus estimate, while EPS was negative $0.31 versus negative $0.23 expected. Gross margin improved to 65.7%, and the July 16, 2026 MolDX LCD revision expanded potential surveillance coverage, but free cash flow was approximately negative $10 million and the company remains unprofitable. No numeric revenue or EPS guidance was provided; management expects outgoing free cash flow to narrow in the second half of 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue missed consensus
- Q2 revenue was $239,000, down 53.9% from $518,000 in Q2 2025 but up from $32,000 in Q1 2026. Revenue missed the $437,500 consensus estimate by approximately 45.4%.
- Gross margin rebounded
- Gross margin was 65.7%, improving from 46.9% in Q1 2026 and 67.6% in Q2 2025; the sequential improvement was 18.8 percentage points.
- Medicare coverage framework expanded
- MolDX revised the foundational LCD L40062 on July 16, 2026, adding surveillance coverage to previously covered for-cause testing, which management believes may support broader adoption of the GraftAssure family.
- Reimbursement milestones advanced
- The company confirmed Medicare reimbursement for monitoring certain high-risk patients in December 2024, and GraftAssureCore received a positive MolDx coverage decision in August 2023 before commercial availability in January 2024.
- Cash outflow expected to narrow
- Management expects outgoing free cash flow to narrow in the second half of 2026 and said it will remain disciplined on capital allocation, hiring, and expense growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Loss and EPS miss
- GAAP EPS was negative $0.31 versus negative $0.23 consensus and negative $0.30 in Q2 2025. The quarterly loss remains a material profitability risk.
- Cash burn remains elevated
- Free cash flow was approximately negative $10 million, compared with negative $8 million in Q1 2026 and negative $7 million in Q2 2025. Continued cash burn increases liquidity and financing risk.
- Medicare reimbursement remains uncertain
- The updated reimbursement risk factor states that CMS or its local contractors could reduce or deny coverage; the revised LCD L40062 became effective on July 16, 2026, but future reimbursement amounts and coverage breadth remain uncertain.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.31
- Gross margin
- 65.7%
What they said about what is next.
No numeric EPS or revenue guidance was provided. Management expects outgoing free cash flow to narrow in the second half of 2026 and stated it will remain thoughtful about capital allocation, hiring, and expense growth.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 13, 2026
- Insight Molecular Diagnostics reported a significant decline in revenue to $32,000 for Q1 2026 from $2.1 million in the same quarter last year. The company also experienced a net loss of $4.3 million, an improvement…
- 10-K · March 26, 2026
- iMDx is a clinical diagnostics company focused on decentralized transplant rejection testing (GraftAssure family) with near-term commercialization catalysts: CMS coverage in place and a May 2025 reimbursement increase…
- 10-Q · November 10, 2025
- iMDx reported quarterly revenue of $260,000 (three months ended Sept 30, 2025) and GAAP net loss of $10.9M (−$0.34 per share). Revenue more than doubled year-over-year (from $115,000 in Q3 2024 to $260,000), supported…
- 10-Q · May 12, 2025
- Oncocyte reported a sharp revenue increase to $2,138 (in thousands) in Q1 2025 from $176 (in thousands) in Q1 2024, materially improving gross profit and narrowing losses. The company raised capital in February 2025…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing IMDX makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever