Publication - Annual Report & Financial Statements

EDX Medical Group PLC

03 September 2026

 

3 September 2026

EDX Medical Group plc · EDX

("EDX Medical" or the "Company")

Publication of Annual Report and Financial Statements

CAMBRIDGE, UK: EDX Medical Group, which develops and supplies innovative digital diagnostic products and services to improve early detection and treatment of major diseases, has today published its Annual Report and Financial Statements for the year ending March 31, 2026.

Highlights:

• Launch of highly accurate early detection testing services for testicular and bowel cancer.
• Partnership with Cambridge University, Cambridge University Hospitals NHS Foundation Trust & the UK Health Security Agency to provide a new pneumonia diagnostic test for critically ill patients with severe respiratory infections.
• Appointed lead delivery partner and supplier of diagnostic tests to Scottish Prostate Cancer Initiative which is conducting a testing project on 25,000 men.
• £5.5 million funding secured through the issue of new shares.
• Ongoing laboratory development of multi biomarker diagnostic panels for employee health testing screening service.
• Post period end move to AIM Market of the London Stock Exchange and subscription to raise £2.7 million.

Financial summary

The Group reported revenue of £330,000 and overall losses for the year of £5.7million (£3.7million, 2025). Administrative expenses rose to £5,493,436 (£4,381,634, 2025) and cost of sales (comprising £180,804 product costs and £296,387 laboratory related costs) rose to £477,191 from (£93,165, 2025).

The Company announced in April 2026 that it expected to record revenue for the year ended 31 March 2026 of £1.2 million - the quantum that the Company had invoiced for the provision of diagnostic tests during the financial year. The Company has received the bulk of the invoiced revenues but as processing of these orders ran beyond the end of the financial year, the Board - following discussion with the Company's auditors - have deferred recognition of £860,000 revenue into the current financial year.

Jason Holt, chairman, EDX Medical, commented: "The Group has continued to build its range of innovative diagnostic tests and services during the reporting period.  We have also invested substantially in our team and technologies in order for us to deliver the class-leading diagnostic solutions which are the hallmark of our business. The financial statements reflect that ongoing investment. We are still in the early stages of our commercial operations and have a high degree of confidence about the future. It is already evident that we are establishing our reputation as a trusted delivery partner in the burgeoning diagnostics market."

The full Annual Report and Financial Statements are available here https://edxmedical.co.uk/documents/ and key extracts are set out below.

The directors of EDX Medical accept responsibility for this announcement.

For enquiries, please contact:

EDX Medical Group plc
Dr Mike Hudson (Chief Executive Officer)	[phone]
Canaccord Genuity Limited (Nominated Adviser and Broker)
Stuart Andrews	[phone]
Media House International
Ramsay Smith Gary McQueen	[phone] [e-mail] + 44 (0)7834 694609 [e-mail]
IFC Advisory (Investor Relations)
Graham Herring Tim Metcalfe	[phone]​

CHIEF EXECUTIVE OFFICER'S STATEMENT

Introduction

Highlights

EDX is a pioneer in Digital Diagnostics - the integration of molecular diagnostics and digital health tools to assess a person's risk of disease, detect and characterise disease at the earliest stage, and guide the optimal selection of personalised treatments for individual patients.

EDX is focussed on becoming recognised as a key provider of clinically valuable diagnostic tests and services for healthcare professionals and their patients in the UK and Europe. EDX, provides clients with access to a portfolio of diagnostic products and services to help improve clinical patient management, based on our own, in-licensed or acquired products, alongside unique products distributed from partners.

EDX will continue to focus on providing biological testing solutions to inform clinical decision-making in three core areas of greatest impact:

-   Hereditary and Genetic Risk Assessment: tests and counselling to assess family members of patients who may 'carry' genes associated with cancer or cardiovascular diseases.

-   Early Disease Detection: Tests to confidently detect the earliest emergence of disease for primary care and screening, to enable early treatment

-   Disease Characterisation & Therapy Selection: Definitive profiling tools to enable rapid selection of the best therapies, improve outcomes whilst saving lives, time and money.

The Group is strongly committed to partnerships to achieve its goals, working with inventors of new tests to help improve and validate their breakthroughs to regulatory standards in partnership with ThermoFisher. Commercialisation of the portfolio includes globally established brands including the exclusive distribution partnership with Caris Life Sciences Inc. whose biological profiling tools are considered to be amongst the best in the world to identify the most effective therapies for cancer patients.

Products in development by EDX first appear as laboratory assay services from the company itself, combining new molecular tools with familiar biomarkers already used to help guide patients into the right clinical pathways.  Once proven, kit versions of these tests are validated to regulatory standards, ready for sale to other laboratories in the UK, Europe and internationally. The ability to unlock the potential economic and health benefits of a more personalised approach to healthcare is becoming widely recognised, with benefits for patients, healthcare providers and to society being realised.  

During the period we took important steps forward in three areas which the Directors believe hold considerable potential for the Company: 

1.   Ventilator-acquired Pneumonia and acute respiratory infections remain a significant cause of loss of life and are also a high cost in western hospitals due to the intensive care required. EDX entered into an exclusive development and commercialisation license with Cambridge University, Cambridge University Hospital and UKHSA laboratories, to accelerate the development and validation of a multi-marker assay in collaboration with ThermoFisher. This enables ICU clinicians to rapidly determine the underlying cause of disease in patients in severe respiratory distress, leading to timely life-saving interventions, improved antibiotic custodianship, shorter ICU stays, and cost savings. Following a period of concordance testing between the EDX lab and the UKHSA lab, the assay has been transferred to EDX and clinical evaluation as part of regulatory documentation commenced in mid-May 2026, shortly after the year end.

2.   Scottish Prostate Cancer Initiative (SPCI)

EDX is the lead provider of testing services in a partnership with the Graham Fulford Trust, a non-profit organisation with a long history of facilitating access to PSA testing for men in the UK. There has been limited PSA testing in Scotland historically and coupled with a large % of the cases that are detected being already late-stage, it was decided to embark upon an open enrolment project to establish PSA levels in approximately 25,000 men during the 12 months from February 2026, and to also establish a biobank of donated samples for future research to identify the most reliable biomarkers to complement PSA in early detection testing and screening. In itself, this initiative is one of the largest UK studies of its kind and propels EDX into mainstream population health screening and real-world data collection in prostate cancer- a key area of commercial significance for EDX going forward.

Finance, Operations and Trading Results 

The company raised new equity financing of £5,500,000 in the financial year, at a small premium to its listed capitalisation, maintaining its working capital adequacy to fund current and planned operations.  The Group has continued to consolidate its technical, quality, regulatory and commercial team in Cambridge and remained in our current laboratory as part of carefully controlling overhead costs.

The Group's loss for the year was £5,757,996 (2025: £3,594,391)

Outlook: Well-positioned in an emerging high growth sector

As we continue to pursue our strategic goals we increasingly see both consumers and healthcare professionals embracing the new tools and technologies being pioneered by EDX.

The EDX business model is based on trusted partnerships at many levels. It combines the creation of valuable, proprietary bio-assets, with near-term revenues from advanced diagnostic products and services for clinical use, all delivered through an increasingly powerful and resilient digital infrastructure. This strategy provides the Group with a scalable and defensible business model with a clear commercial focus to its programmes and investment.

The Group is building an attractive pipeline of advanced tests and services which offer clear clinical utility, and which will be offered as both ISO-accredited laboratory assay services and in the future, as regulated (in-vitro diagnostic) IVDR tests or Point of Care devices. We remain committed to a balanced growth strategy, pursuing acquisition, licensing or distribution partnerships with teams or companies who have developed innovative assets that EDX can validate to regulatory standards and bring to market.

The Directors believe that EDX has established itself as a viable digital diagnostics provider in the UK and a partner of choice to a number of organisations with ambitions to now grow into Europe.

Dr Michael Hudson Chief Executive Officer

Date: 02 September 2026

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		Year ended	Year ended
		31 March 2026	31 March 2025
		£	£
Continuing operations
Revenue		330,541	122,608
Cost of sales		(477,191)	(93,165)
Gross (loss)/profit		(146,650)	29,443
Other income		-	200,342
Research and development costs		(94,320)	(98,394)
Administrative expenses		(5,493,436)	(4,381,634)
Impairment of intangible asset		(109,202)	-
Operating loss		(5,843,608)	(4,250,243)
Finance income		5,775	539,866
Finance expense		(3,926)	(14,249)
Net finance income		1,849	525,617
Loss before taxation		(5,841,759)	(3,724,626)
Taxation		83,763	130,235
Loss for the year		(5,757,996)	(3,594,391)
Other comprehensive income
Other comprehensive income for the year		-	-
Total comprehensive loss for the year attributable to owners of the parent		(5,757,996)	(3,594,391)
Earnings per share from continuing operations attributable to owners of the parent:
Basic and diluted loss per share (pence)		(1.50)	(1.03)

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Company registered number 13277385		31 March 2026	31 March 2025	1 April 2024
		£	£	£
ASSETS			(Restated)1	(Restated)1
Non-current assets
Intangible assets		139,811	234,161	113,852
Property, plant and equipment		245,638	245,087	291,593
Right-of-use assets		121,657	141,034	296,961
Total non-current assets		507,106	620,282	702,406
Current assets
Trade and other receivables		431,503	472,337	423,919
Other current assets		104,743	42,813	196,454
Cash and cash equivalents		2,915,765	2,402,630	4,070,705
Total current assets		3,452,011	2,917,780	4,691,078
Total assets		3,959,117	3,538,062	5,393,484
EQUITY AND LIABILITIES
Equity
Share capital		4,118,446	3,720,589	3,473,576
Share premium		16,884,880	12,043,737	9,155,014
Treasury shares		(224,083)	(224,083)	-
Share based payment reserve		116,141	5,729	-
Warrant reserve		-	-	17,567
Merger relief reserve		6,709,469	6,709,469	6,709,469
Reverse acquisition reserve		(8,461,500)	(8,461,500)	(8,461,500)
Contingent consideration		35,637	35,637	50,910
Retained losses		(17,013,666)	(11,255,670)	(7,661,279)
Total equity		2,165,324	2,573,908	3,283,757
Non-current liabilities
Non-current lease liability		-	-	123,270
Deferred tax		17,634	19,230	20,825
Borrowings		-	5,331	11,676
Total non-current liabilities		17,634	24,561	155,771
Current liabilities
Trade and other payables		1,698,362	815,531	665,409
Borrowings		886	792	-
Lease liability		76,911	123,270	159,489
Convertible loan - debt		-	-	631,319
Convertible loan - derivative		-	-	497,739
Total current liabilities		1,776,159	939,593	1,953,956
Total liabilities		1,793,793	964,154	2,109,727
Total equity and liabilities		3,959,117	3,538,062	5,393,484

 

CONSOLIDATED STATEMENT OF CASHFLOWS

		31 March 2026	31 March 2025
		£	£
Cash flows from operating activities
Loss before taxation		(5,841,759)	(3,724,626)
Adjustments for:
Amortisation - right-of-use assets		152,094	155,927
Amortisation - intangible assets		33,890	10,767
Depreciation of property, plant and equipment		127,968	119,676
Loss on disposal of property, plant and equipment		-	31
Fair value gain on convertible loan - derivative		-	(497,739)
Finance income		(5,775)	(42,127)
Finance expense		3,926	14,249
Equity-settled share-based transactions		110,412	5,729
Impairment of intangible asset		109,202	-
Net cash used in operating activities before changes in working capital		(5,310,042)	(3,958,113)
Changes in working capital
Decrease in trade and other receivables		40,833	57,432
Increase in trade and other payables		882,925	150,361
(Increase)/decrease in other current assets		(61,930)	153,643
Cash outflow from operations		(4,448,214)	(3,596,677)
Taxation received		82,167	128,640
Net cash used in operating activities		(4,366,047)	(3,468,037)
Cash flow from investing activities
Investment in property, plant and equipment		(128,519)	(73,201)
Initial payments for right of use asset		(16,620)	-
Investment in intangible assets		(48,742)	(131,076)
Interest received		5,775	42,127
Net cash flow used in investing Activities		(188,106)	(162,150)
Cash flow from financing activities
Proceeds from issue of share capital		5,554,000	2,560,000
Cost of issue of share capital		(315,000)	(179,536)
Repurchase of warrants		-	(241,650)
Repayment of borrowings		(5,330)	(5,795)
Other interest paid		(93)	(242)
Lease interest paid		(3,833)	(11,176)
Principal paid on leases		(162,456)	(159,489)
Net cash generated from financing activities		5,067,288	1,962,112
Increase/(decrease) in cash and cash equivalents in the year		513,135	(1,668,075)
Cash and cash equivalents at beginning of year		2,402,630	4,070,705
Cash and cash equivalents at the end of the year		2,915,765	2,402,630

Major non-cash transactions

No major non-cash transactions during the year.

COMPANY STATEMENT OF CASHFLOWS

		31 March 2026	31 March 2025
		£	£
Cash flows from operating activities
Loss before taxation		(1,243,891)	(1,047,609)
Adjustments for:
Expected credit loss		243,783	146,269
Loss on write off convertible loan note		-	600,000
Equity-settled share-based transactions		110,412	5,729
Net cash used in operating activities before changes in working capital		(889,696)	(295,611)
Changes in working capital
(Increase)/decrease in trade and other receivables		(7,175)	863,560
Increase in trade and other payables		533,528	62,101
Net cash (used in)/generated from operating activities		(363,343)	630,050
Cash flow from investing activities
Loans to subsidiaries		(4,875,657)	(2,775,382)
Net cash flow used in investing activities		(4,875,657)	(2,775,382)
Cash flow from financing activities
Proceeds from issue of share capital		5,554,000	2,560,000
Cost of issue of share capital		(315,000)	(179,536)
Repurchase of warrants		-	(241,650)
Net cash generated from financing activities		5,239,000	2,138,814
Decrease in cash and cash equivalents in the year		-	(6,518)
Cash and cash equivalents at beginning of year		-	6,518
Cash and cash equivalents at the end of the year		-	-

Ends

About EDX Medical Group plc

The EDX Medical Group plc is listed on the AIM market (TIDM: EDX). The Company develops and supplies class-leading clinical diagnostics products and services.

EDX Medical was founded by Professor Sir Christopher Evans, OBE, a medical and life sciences entrepreneur with more than 30 years of experience, together with CEO, Dr Mike Hudson. The Company operates its own laboratory facilities in Cambridge UK, and has strategic product and technology partnerships with leading life sciences and healthcare organisations. Products and services are available to healthcare providers and individuals, and the Company also offers an employee health screening programme to employers.

By translating clinical insights into pragmatic solutions combining advanced biological and digital technologies, EDX Medical seeks to cost effectively improve the early detection and characterisation of disease to enable personalised treatment. Early disease detection and personal treatment optimisation is considered to be the most impactful way of improving patient outcomes.

www.edxmedical.com

 

END