MDxHealth (MDXH) Q3 2026 Earnings Call Transcript

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DATE

Thursday, Nov. 12, 2026

CALL PARTICIPANTS

• Chief Executive Officer - Michael McGarrity
• Interim Chief Financial Officer - Ron Kalfus

TAKEAWAYS

• Revenue -- $22.7 million, representing flat performance year over year due to commercial execution disruptions and sales force turnover.
• Gross Profit -- $14.0 million, decreasing 5% from $14.8 million reflecting a shift in the diagnostic test mix.
• Gross Margin -- 61.8%, declining from 65% in the prior year period primarily due to increased liquid-based testing volume following the ExoDx acquisition.
• Operating Loss -- $8.1 million, increasing from $4.4 million in the third quarter of 2025 due to expanded headcount and footprint related to the ExoDx acquisition.
• Net Loss from Continuing Operations -- $12.3 million, representing a 26% increase year over year driven by higher operating expenses.
• Adjusted EBITDA -- negative $6.3 million, compared to negative $0.9 million for the same period last year following the strategic wind-down of the Resolve UTI business.
• Tissue-based Test Volume -- 11,232, decreasing 11% year over year due to accelerated turnover within the sales organization.
• Liquid-based Test Volume -- 11,792, compared to 4,600 Select mdx tests for the same period last year following the Exo mdx integration.
• Operating Expenses -- $22.2 million, increasing 16% year over year reflecting the inclusion of ExoDx acquisition operating expenses.
• Cash and Cash Equivalents -- $31.7 million, as of Sept. 30, 2026, compared to $29.0 million at the end of 2025.
• Revenue Mix -- 79% from tissue-based tests compared to 92% in the prior year period, driven by the strategic shift toward liquid-based diagnostics.
• Genomic Prostate Score ASP -- $3,850, representing the Medicare reimbursement rate for the GPS tissue-based test.
• Confirm mdx ASP -- $2,000, for the epigenetic diagnostic tissue-based offering.
• Exo mdx ASP -- $760, for the liquid-based prostate cancer diagnostic test.
• Loss from Discontinued Operations -- $2.1 million, for the quarter ended Sept. 30, 2026, following the permanent cessation of Resolve UTI operations in Plano, Texas.
• Proceeds from Share Issuance -- $20 million, net of transaction costs during the first nine months of 2026.
• Selling and Marketing Expenses -- $11.7 million, compared to $9.5 million in the prior year period.
• General and Administrative Expenses -- $7.5 million, compared to $7.2 million in the prior year period.
• Research and Development Expenses -- $2.4 million, compared to $2.0 million for the same period last year.
• GPS Acquisition Earnout Payments -- $7.5 million in investing activities and $6.5 million in financing activities during the first nine months of 2026.

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RISKS

• McGarrity stated that the third quarter results reflected "temporary disruption in our commercial execution, driven by accelerated turnover within our sales organization following the discontinuation of Resolve, which was catalyzed by aggressive targeting from outside recruiters."
• McGarrity noted that for the fourth quarter, "we don't expect heroic evidence" of recovery as new sales representatives require one to two quarters to reach full productivity.
• McGarrity indicated that the active surveillance population is a competitive space, with competitors on the "AI side" and in metastatic space impacting market dynamics.

SUMMARY

MDxHealth SA (NASDAQ:MDXH) reported third quarter results impacted by a significant restructuring of its commercial organization following the discontinuation of its Resolve UTI business. Management reported that the company eliminated the Chief Commercial Officer role and split sales and marketing into two distinct operating groups reporting directly to the Chief Executive Officer to increase accountability. The company completed the wind-down of its Plano, Texas, laboratory operations and is now focusing exclusively on its core prostate cancer diagnostic vertical. Management stated that it has made progress in backfilling its sales organization and expects to be fully staffed by the end of the fourth quarter. The company is preparing for several 2027 catalysts, including the rollout of strategic artificial intelligence initiatives and data from the PROTECT study conducted with the University of Oxford.

• CEO McGarrity stated, "Splitting our sales and marketing groups provides clear delineation and direct accountability for product strategy and sales execution, while simultaneously enhancing the overall customer experience."
• Management reported that the company expects to return to top-line growth in 2027, targeting a return to its historical performance of 20% growth as new sales representatives ramp up over one to two quarters.
• The company stated it remains on track to roll out strategic AI initiatives in the first half of 2027, leveraging a database of digital pathology samples to deliver incremental value to urology stakeholders.
• CEO McGarrity noted that the company continues to see "inbound" interest for partnerships and acquisitions despite current commercial challenges.
• CFO Kalfus noted that all financial metrics for the quarter reflect only continuing core operations, with the historical results of the Resolve business fully excluded and re-presented.

INDUSTRY GLOSSARY

• ASP: Average Selling Price, the typical price a company receives for its diagnostic tests from payers.
• Confirm mdx: An epigenetic diagnostic tool used to identify clinically significant prostate cancer in tissue samples.
• Exo mdx: A non-invasive, liquid-based urine test used for prostate cancer risk assessment.
• GPS: Genomic Prostate Score, a tissue-based genetic test used to assess the aggressiveness of prostate cancer.
• NCCN: National Comprehensive Cancer Network, an alliance of cancer centers that publishes clinical practice guidelines.
• PROTECT Study: A landmark clinical trial in collaboration with the University of Oxford evaluating the Genomic Prostate Score in the active surveillance setting.
• Resolve mdx: A discontinued urinary tract infection (UTI) diagnostic product line.

Full Conference Call Transcript

Operator: Hello, and welcome, everyone, joining today's MDxHealth Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this call is being recorded, and we are standing by. It is now my pleasure to turn the meeting over to John Fraunces with LifeSci Advisors. Please go ahead.

John Fraunces: Before we begin, I would like to remind everyone that the company will make forward-looking statements during today's call. Whether in prepared remarks or during the Q&A session, these forward-looking statements are subject to inherent risks and uncertainties. These risks and uncertainties are detailed in the risk factors section of the company's filings with the Securities and Exchange Commission, specifically in the company's annual report on Form 20-F. I will now turn the call over to Michael McGarrity, Chief Executive Officer.

Michael McGarrity: Thanks, John. Thank you all for joining us for our third quarter 2026 earnings conference call. With me today is Ron Kalfus, Interim Chief Financial Officer. Since I joined MDxHealth, we have been consistent in our commitment to transparency, operating discipline, and our core principles of focus, execution, and growth. While our third quarter results fell short of our expectations, that commitment remains unchanged. Simply put, our Q3 results reflected temporary disruption in our commercial execution, driven by accelerated turnover within our sales organization following the discontinuation of Resolve, which was catalyzed by aggressive targeting from outside recruiters.

While our disciplined commercial process has served as the foundation of our forecast accuracy and consistent performance over the past four years, that process was clearly disrupted by this recent impact on our sales force. Importantly, we do not believe these factors represent a change in the credibility and reputation we have built with our customer base, the underlying clinical demand for our products, or our long-term market opportunity. However, as I have noted before, you are defined not by what happens to you, but how you respond. In direct response to this challenge, we have initiated a comprehensive restructuring of our commercial organization designed to reset our focus and process across our sales, marketing, and client services groups.

As part of this reorganization, we have eliminated the Chief Commercial Officer role and have effectively split our sales and marketing functions into two distinct operating groups, both of which will report directly to me. Splitting our sales and marketing groups provides clear delineation and direct accountability for product strategy and sales execution, while simultaneously enhancing the overall customer experience. Based on my prior experience operating under this exact model, separating these functions establishes a vital check and balance on what had become a vertical operating structure, giving direct visibility into both territory-level execution and commercial strategy.

Over the past several weeks, we have made considerable progress in backfilling and rebuilding our sales team, and we are highly encouraged by the caliber of talent and industry experience we are attracting to MDxHealth. Selection, development, and retention are the foundational pillars of our process through this commercial reset. With the rigor we are applying to our recruiting and onboarding, we expect to exit the fourth quarter with a fully staffed sales organization positioned to return to growth in 2027. Across the rest of the organization, our laboratory, revenue cycle management, and administrative teams continue to focus relentlessly on supporting our commercial organization under our core mandate of quality first and customers always.

We remain deeply proud of our team's commitment and resilience, not only in navigating this commercial transition, but also to what matters most, the patient and family on the other side of every sample we receive. I will follow up with some closing comments and our view forward into 2027, but first, let me turn the call over to Ron to walk through our third quarter financial results. Ron?

Ron Kalfus: Thank you, Mike. Before diving into our Q3 financials, I want to remind investors that following the strategic wind-down of our Resolve UTI business and the cessation of our Plano, Texas, laboratory operations prior to June 30, the Resolve business remains formally classified as a discontinued operation. Consistent with our reporting last quarter, all Q3 and prior year financial metrics discussed today reflect only our continuing core operations, with the historical results of the Resolve business fully excluded and re-presented. Our revenue from continuing operations for the third quarter ended September 30, 2026, was $22.7 million, which was flat compared to the third quarter of 2025.

Revenue in the third quarter was comprised of 79% from tissue-based tests, compared to 92% for the same period last year, reflecting the strategic integration of ExoDx liquid testing into our core offering. Moving below the revenue line, our gross profit for the quarter was $14 million, a decrease of 5% compared to $14.8 million for the third quarter of 2025. Gross margins were 61.8% compared to 65% for Q3 2025. This reduction of 3.2 percentage points is primarily attributed to the shift in our test mix towards liquid-based volume following the ExoDx acquisition. Our operating expenses for the quarter increased by 16% to $22.2 million.

This resulted in an operating loss of $8.1 million for the quarter, compared to $4.4 million for the third quarter of 2025. This increase in operating loss was primarily driven by the expanded footprint, headcount, and operating expenses related to the ExoDx acquisition, which were not present in our baseline run rate at this time last year. Our net loss from continuing operations increased 26% to $12.3 million, compared to $9.7 million for the prior year, again, driven by the acquired operating expenses from ExoDx. Adjusted EBITDA for the third quarter was a negative $6.3 million, compared to a negative $0.9 million for the third quarter of 2025.

As always, a reconciliation of IFRS to non-IFRS financial measures is provided in the tables included in today's press release. Finally, turning to the balance sheet, our cash and cash equivalents as of September 30, 2026, totaled $31.7 million. This concludes my overview of the financial results, and I will now turn the call back to Mike.

Michael McGarrity: Thanks, Ron. As we look forward, we are confident that the commercial reset we have undertaken is both necessary and timely. By fortifying our sales organization and establishing direct accountability across sales and marketing, we are ensuring that our commercial engine is operating at full strength as we enter a catalyst-rich period in 2027. Specifically, we continue to leverage the strength of our peer-reviewed ProMPT data in advance of our landmark ProtecT trial in collaboration with the University of Oxford, which carries the potential to transform the market landscape for GPS in the active surveillance setting.

Furthermore, we remain on track to roll out our strategic AI initiatives in the first half of 2027, which will build on the evidence-based excellence of our precision diagnostics and deliver meaningful incremental value to both our urology and pathology stakeholders. This company has a proven track record of execution. We remain confident in and fully committed to returning to the exemplary level of sales execution that has been the hallmark of our results over the past four years. We are confident that we are well-positioned to return MDxHealth to sustained top-line growth and operating profitability.

We remain a growth company focused exclusively on urologic cancers, and we will continue to build our unmatched vertical of clinically actionable precision diagnostics, Confirm, GPS, and Exo mdx, for our customers and patients across the entire prostate cancer continuum. As always, we carry a profound responsibility to all of our stakeholders, including our patients, clinicians, payers, and shareholders. Thank you for your continued interest in and support of MDxHealth, and I will now turn the call over to the operator for questions.

Operator: [Operator Instructions] We'll take our first question from Thomas Flaten with Lake Street Capital.

Thomas Flaten: First question, with respect to the restructuring of the commercial organization, was there something specific that you were trying to address, Mike, or was it more of just a general reinvigoration of the team?

Michael McGarrity: Yeah, Thomas, my comment on the-- with my vertical comment, I think we had built up the commercial organization in such a vertical way that I think getting closer to the street in the action, I mean, I believe that decisions and strategy should be as close to the street as possible, in my experience. We feel like these adjustments we've made, I mean, we still are confident in the people we had, still have going forward, but we've made a couple changes on the marketing side, and we're confident that pulling that together and setting our path into 2027, we have good visibility that this will serve us well as we go forward.

So it's really an adjustment in our structure that we think will allow for that. It's worked. It's not like it was broken, but we think it's time. We're taking the opportunity at this time to adjust it for those reasons.

Thomas Flaten: Got it. With respect to the hiring, just in your experience of having obviously normal kind of course of business turnover historically, Mike, how long do you think it'll take for the new batch of reps coming in this quarter to be up and running and kind of contributing the way that you would like them to be? Is it over the course of a quarter or two, or are we talking longer than that? I know you're not providing guidance, but I'm assuming they're not going to be contributing a whole lot to the fourth quarter. But how long into 2027 should we expect for them to get up and running?

Michael McGarrity: Yeah, Thomas, I get the question. I think you hit on it, right? I mean, we have examples of -- depending on the profile of the rep that comes in, based on their experience in the territory, the call point similarity, if they're urology focused. I like your quarter or two, right? To your point, we're not expecting it to become obvious in Q4, candidly. But we would expect as we come into 2027 that, as I noted, that we expect to see and be able to guide to, which is obviously we're in this no-guide position right now, which I think you understand.

But we feel confident that at the beginning of the year, we'll be able to put out a view of 2027 that will provide our view of the year. And to your point, we would expect that to be a linear acceleration of return to growth throughout 2027, Q1, Q2, Q3, Q4. So one to two quarters, I like that view.

Operator: Our next question comes from Dan Brennan with TD Cowen.

Daniel Brennan: Maybe, Mike, you said confident, obviously after the sales force has kind of filled in some of the changes you made, you will grow in 2027. I know you are not guiding, but I am just wondering, if you are down 40% in the fourth quarter sequentially, maybe the growth is a little easier. Is there any way just to frame without a guide, like how we think about fourth quarter versus third quarter? Because I think when we get there, it will be important for the stock.

Michael McGarrity: Yeah. Dan, I mean, we're not guiding to Q4 right now, but to Thomas' question, we don't expect heroic evidence. The reps, our turnover accelerated through Q3, to my comment. We've been aggressive and fortunate in our backfilling, not like first rep we see, we hire. I think our process has not changed with our diligence on the rep and the type of profile, experience, and performance appetite that we want. I don't have a problem saying, our goal ultimately is to get back what we had demonstrated for 18 quarters in a row, which is 20% top-line growth.

That will not be guided to likely in 2027, of course, but that acceleration that we expect beginning Q1, Q2, Q3, Q4, your point's well taken on the comps. But we're confident that it starts to look like it did before as we go through 2027.

Daniel Brennan: Got it. Is there any color you can provide on just the level of turnover that you've seen, just so we can get a sense in terms of whether it's absolute numbers or just percentage of the sales force that turned over, just to get a sense of kind of how much you're rebuilding from?

Michael McGarrity: Yeah. I mean, we haven't, and we won't disclose exactly the numbers just for good form. But I think I've said to you, and I've commented in my experience with really high-performing sales organizations, and whether you want to look at the GE or Stryker models of old, if you're turning 10%, even to 20% of your sales organization over a full year period, I always view the sales organization as you kind of got, it's a rule of threes. You've got your high performers, those that are getting to that position, and those that you're working to get there.

If you made the assumption that accelerated materially over that, it was a profound challenge that we had that was catalyzed by the Resolve discontinuation and accelerated through Q3.

Daniel Brennan: Got it. Okay. Any color just -- obviously you guys sound good, you're rebuilding it now. Any color on kind of the messaging from before the changes occurred, your ability to retain and kind of hire, and now are you having to do things differently in order to get people to come? Obviously, the stock's gotten hit, and I'm just wondering kind of the impact and the ability to convince salespeople in the vision.

Michael McGarrity: Yeah, I get the question. That was a focus, I don't want to say concern, but it's a very, very reasonable question. We did not see that. I give credit to our sales managers and our process in looking at the talent and the profile. We are so focused on this, we didn't need this to drive that, but it's always about selection, development, and retention.

On the selection side, we have not compromised that, and my comment is that I'm very, very encouraged at the rate in which we've been able to attract and hire the same quality of rep that drove that performance over the last four years, based on our model and how we view what it takes. That was step one, and I think we've -- I would say we've virtually cleared that step one hurdle based on the work of the sales managers. That sets us up to bring them all on board, which we are.

I won't give exact numbers of how much progress we have there, but we're very confident that's completed and we're fully staffed as we go through Q4 and we enter Q1 ready to go per the previous question about how we expect the ramp to go. It's important to note that obviously everything got set back, the whole P&L, but our OpEx discipline hasn't changed. As we get the top line going again, we'll be able to have clear visibility to the return we expected to come out of this year with the Adjusted EBITDA post the Resolve discontinuation, which set us back on the Adjusted EBITDA side.

I was signaling coming out of this year back in the green on Adjusted EBITDA. Candidly, our inside expectations were that would be Q4. It's not as far off as it may seem based on getting the sales force back staffed, which is virtually completing here in Q4, and just running our same model that we were running prior.

Daniel Brennan: Got it. I'm going to slip one final one in. Just any update on the GPS market? Obviously, a lot of volatility from your largest competitor that brought down numbers there. Seems to be a lot of moving factors. Just wondering kind of what you're seeing in the market, what the opportunity looks like. Has anything changed?

Michael McGarrity: Thanks, Dan. I mean, I wouldn't comment on anything materially. I don't want to comment on anybody else's results. Q3, I would respect, is -- can always show a little bit of difference. I pick up on your comment that I think there's a reference to where everybody plays well, right? I've made comments that of the three competitors in that space, we think one is formidable, and does exceptionally well in the high-risk RP metastatic space.

We believe GPS, and have always believed, that the active surveillance population is where GPS is the strongest, and that we have the data, continue to have the data, accelerating the data, to prove that and validate that, and we think that's starting to take hold. Our recent challenges notwithstanding, that's not obvious yet, but we expect that to continue where we were heading before, where we were picking up, we think, the two aspects of growth in that market space from our view, is market conversion and share. We think we were running both of those well. We've had this setback. We would anticipate that we return to that same progress as we go forward.

Operator: Our next question comes from Mark Massaro with U.S. Bancorp, BTIG.

Mark Massaro: Hey, guys. Thank you for taking the questions. Mike, I appreciate the comments about the restructured commercial organization. I wanted to ask a little bit about just some of the numbers. So, Q2, you were a little over $27 million. Q3, you were approximately $23 million. I guess my question is, do you think Q3 marks the low point in the year? Because we're obviously needing to update models soon, and I just wanted to get a sense for, do you think Q3 might be the low point in the year, or do you think it might step down even further here?

Michael McGarrity: Well, Mark, seems like you're asking for guidance or model updates on our goal. Yeah, I mean, I think that's a reasonable assumption. Our mix obviously affects that, right? I mean, based on our ASPs, GPS is $3,850, Medicare rates $3,850, $2,000 for Confirm, $760 for Exo. So depending on the mix of progress we make in Q4 over Q3, that sorts out our revenue, right? We're, it's called halfway through the quarter. It's too early to predict, and we're not guiding to a number for Q4, but we would expect that we've hit Q3 and Q4 running about in line with each other.

Yes, we expect that, but that's the nadir, and the recovery begins in Q1, Q2, Q3, Q4 of next year. Hopefully that's fair, Mark.

Mark Massaro: It is. Super helpful. I appreciate that. In your press release, you talk about strategic AI initiatives. I'd be curious if some of these are on the product development side, others could perhaps be in revenue cycle management. Can you just speak to some of the initiatives you have there and what your plans might look like?

Michael McGarrity: Yeah, Mark. I can to a certain degree, right? We kind of view AI in two ways with MDxHealth, right? We view it as an engine for the company. We brought new leadership on the IT information side about a year ago, and the progress we've made on AI, and your point's well taken, right? We have a lot of AI improvements or opportunities that we are running right now that exactly what you stated, right, that can influence our laboratory operations, our territory CRM, customer information that informs our incentive comp plans, our quota setting, our CRM and our customer retention, right?

Our business, not unique to us, is so important that we focus on both customer retention and growth. The third component is on the product side, which I've noted that our partnership there, we think is maybe a little bit of a different model that's been taken where there's an AI standalone company or there's a company like us that partners with an AI company. We're partnering with another database of digital pathology samples of GPS that we have hundreds of thousands of samples, and they have through a pathology service group that we think can deliver. Again, I referred to the fact that we expect that to begin to show evidence in the first half of 2027.

We're very excited about that.

Mark Massaro: Okay, fantastic. One last one for me. Obviously, the commercial rework seems to be priority number 1. But in the past, Mike, you've done a nice job of looking in the market and either doing tuck-ins or finding tests to add to the bag. I just wanted to get a sense for whether or not you continue to look in terms of corp dev and continue to look at ways to try to strengthen the portfolio if you find the right type of deal.

Michael McGarrity: Yes, Mark. What I would say is it kind of goes to my comment about the sales force and the -- what I would call the supply side of really good reps that are coming as part of our restructure. I think that applies similar to growth strategy, right? I've commented over time with you and the whole audience on this call that we were always looking out and saying, well, the two aspects of it, right? What do we see that we think is interesting, and how do we avoid that? How do we let that happen, or how do we miss that? That kind of flipped over the last two years to inbound.

I would say that regardless of the stock price, two things we're seeing that are very encouraging is our ability to restructure our sales organization, with that being in the background, and the dashboard of opportunities that are coming to us for anybody who's looking for a partner in our space, I think still views us as an absolute must-stop to pursue partnerships, relationships. What you're referring to in our experience with two acquisitions or tuck-ins or Resolve being a developed product, we're confident that, at this point, is unchanged.

Operator: We'll go next to Bill Bonello with Craig-Hallum.

William Bonello: I feel like maybe I'm living on a different planet than everyone else, but as I look at this, right now, it's sort of all about cash. I guess I'm just curious if you can give us some sense of the expected cash burn over the next several quarters. I mean, I assume you have some cash outlay with the restructuring, maybe some cash outlay for hiring the new reps and maybe rep retention. You still have to, I would assume, fund the completion of the ProtecT study. I think you still owe some payments to Exact.

Can you just kind of tell us what you think the outlay is needed over the next 6 to 9 months and how you're planning on dealing with that?

Michael McGarrity: I can, Bill. I would say that I wouldn't read too much into the costs associated with restructuring. I would say that some of the initiatives that I referenced, even with AI, you would expect us to be looking at. I've always commented, and I think we've demonstrated it, where we've been able to hold our OpEx organizationally in a very disciplined way. I mean, we've doubled our revenue without materially changing our OpEx profile, and that allowed for a 30% swing on our EBITDA margin prior to the Resolve development. That only happens if you've got the operating part of the organization running at that discipline level.

The second part of that, though, is with the commercial organization, is looking at efficiencies that we can drive there, and we've taken this opportunity to look at that and really understand how we can use information to offset some of the aspects of our business, candidly, that have been very, very manual. So, that's not going to satisfy you from a guide perspective, but we don't see a material change to our cost structure unfavorable as we go forward. While I'm not guiding to that, we are confident that we can look to some efficiencies as we go forward over the next couple quarters to speak to that.

The third part of your question of what's coming, it's clear our relationship with Exact and Abbott and our debt facility with OrbiMed, I would just comment that those are our two long-term partners, right? I think they've both demonstrated with us as a company that we have worked really well together in a productive, supportive way. If you made the assumption that we expect that to continue as we navigate through this difficulty, candidly, yes, we do. It's probably the only comment I would make at this point, but your question is astute, and I would respond in that way. We're not delusional about all the aspects of how we navigate through.

We know we will get on the other side of this, both from a performance, from a return to our P&L, and from our track record of doing that. We're confident that the partners we have that are materially can influence that have demonstrated that partnership is real.

William Bonello: Sure. And then just -- so I appreciate the cost control piece, and I'd agree, you've held things really flat through growth. I just want to make sure, though, there's no anticipated uptick in cash outflow related to the final stretch of getting the ProtecT study out?

Michael McGarrity: We don't have any material view of that.

William Bonello: Okay. And then I'll ask last one that has nothing to do with asking you to look forward. This is another shot at GPS. I'm just curious if you saw any decline in demand in your portion of the market following the change in guidelines that occurred at the end of last year?

Michael McGarrity: Well, I mean, the way we reported our GPS or commented on our GPS results, I mean, you can imagine that when we're demonstrating, we were growing post that NCCN. I mean, actually the NCCN guideline changes go back a couple iterations prior to that, and we didn't see a material effect on that. Now, what we saw was a lot of, candidly, misinformation related to what those guideline changes said. Your embedded question might be related to a couple different competitors, one on the AI side and one on Nobody has level 1 evidence in the active surveillance population today. I think that has been probably maybe still is misunderstood.

So, that is a competitive space, but I don't know that I would pin anything on our performance specifically related to any guidelines change, whether our positive performance or the difficulty that we're navigating through right now. I think the root cause has been noted and the corrective action has been noted.

William Bonello: Okay. Yes. And just for what it's worth, I was referring specifically to taking out some of the language related to the low-risk population. But that is helpful.

Operator: Thank you. At this time, we have reached our allotted time for questions. This will bring us to the end of today's question and answer session, as well as the MDxHealth third quarter 2026 earnings conference call. We appreciate your time and participation. You may now disconnect.

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