Detailed financial statements for Insight Molecular Diagnostics Inc. (IMDX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
OncoCyte Corporation functions as a molecular diagnostics firm specializing in the research, development, and market introduction of distinctive, laboratory-developed tests aimed at cancer identification. Its operations span both the United States and international territories. The company's key offerings include DetermaRx, a molecular diagnostic tool tailored for detecting early-stage adenocarcinoma of the lung, and DetermaIO, a proprietary gene expression analysis.
Analysis Summary
Insight Molecular Diagnostics Inc. reported revenue of $4.1M in the most recent fiscal year, growing at a 5-year CAGR of 27.2%.
Trailing-twelve-month margins: gross margin 11.2%, operating margin -25.6%, net margin -29.6%.
At the current price of $3.58, IMDX has negative trailing earnings (P/E not meaningful) and an ROE of 271.76%. Market capitalisation stands at $116M.
Balance sheet quality for IMDX: current ratio of 1.3, net cash position of $8.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $1.2M | $2.2M | $958000 | $1.5M | $1.9M | $4.1M |
| Cost of Revenue | $387000 | $580000 | $559000 | $344000 | $1.9M | $778000 | $976000 | $1.1M | $1.1M | $3.9M |
| Gross Profit | -$387000 | -$580000 | -$559000 | -$344000 | -$639000 | $1.4M | -$18000 | $413000 | $740000 | $190000 |
| Research & Development | $5.7M | $7.2M | $6.5M | $6.8M | $9.8M | $5.0M | $7.3M | $9.3M | $9.8M | $15.9M |
| Selling, General & Admin | $5.5M | $11.7M | $8.7M | $15.4M | $23.3M | $20.4M | $21.5M | $13.3M | $13.8M | $17.0M |
| Operating Expenses | $11.1M | $18.8M | $15.2M | $22.2M | $29.1M | $55.1M | $18.0M | $25.5M | $61.8M | $30.8M |
| Operating Income | -$11.1M | -$18.8M | -$15.2M | -$22.2M | -$29.7M | -$53.7M | -$18.0M | -$25.1M | -$61.0M | -$30.6M |
| EBITDA | -$11.1M | -$18.3M | -$15.2M | -$21.9M | -$30.5M | -$48.5M | -$13.3M | -$23.1M | -$59.0M | -$47.9M |
| Interest Expense | $28000 | $217000 | $216000 | $299000 | $252000 | $209000 | $83000 | $52000 | $84000 | $109000 |
| Pre-tax Income | -$11.2M | -$19.4M | -$15.8M | -$22.4M | -$31.2M | -$52.9M | -$18.6M | -$24.9M | -$60.7M | -$50.2M |
| Income Tax | 0 | 0 | 0 | 0 | -$1.3M | -$9.3M | 0 | 0 | 0 | 0 |
| Net Income | -$11.2M | -$19.4M | -$15.8M | -$22.3M | -$29.9M | -$64.1M | -$72.9M | -$27.8M | -$60.7M | -$50.2M |
| EPS | $-8.42 | $-12.83 | $-8.32 | $-8.71 | $-9.14 | $-14.40 | $-20.00 | $-3.75 | $-4.66 | $-1.65 |
| EPS (Diluted) | $-8.42 | $-12.83 | $-8.32 | $-8.71 | $-9.14 | $-14.40 | $-20.00 | $-3.75 | $-4.66 | $-1.65 |
| Shares Outstanding (Diluted) | $1.3M | $1.5M | $1.9M | $2.6M | $3.3M | $4.4M | $5.5M | $7.7M | $13.1M | $30.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $260000 | $1.1M | $32000 | $239000 |
| Gross Profit | $139000 | $496000 | -$605500 | $157000 |
| Operating Income | -$11.0M | -$9.9M | -$10.3M | -$11.4M |
| EBITDA | -$10.2M | -$22.4M | -$3.6M | -$10.6M |
| Net Income | -$10.9M | -$23.0M | -$4.3M | -$11.3M |
| EPS | $-0.34 | $-0.75 | $-0.12 | $-0.31 |
| EPS (Diluted) | $-0.34 | $-0.75 | $-0.12 | $-0.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.2M | $7.6M | $8.0M | $22.1M | $7.1M | $32.9M | $20.0M | $9.4M | $8.6M | $11.6M |
| Short-term Investments | $2.2M | $760000 | $428000 | $379000 | $675000 | $904000 | $433000 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | $203000 | $1.4M | $2.0M | $484000 | $1.6M | $1.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $304000 | 0 | 0 | $410000 | $446000 |
| Total Current Assets | $12.7M | $8.5M | $8.6M | $23.0M | $9.2M | $39.1M | $25.5M | $10.7M | $11.8M | $15.3M |
| Property, Plant & Equipment | $688000 | $822000 | $614000 | $3.7M | $6.5M | $8.4M | $10.9M | $5.4M | $2.8M | $2.8M |
| Goodwill | 0 | 0 | 0 | 0 | $9.2M | $18.7M | 0 | 0 | 0 | 0 |
| Intangible Assets | $988000 | $746000 | 0 | 0 | $15.0M | $61.7M | $61.6M | $56.6M | $14.6M | 0 |
| Total Assets | $14.4M | $10.2M | $9.5M | $39.9M | $55.4M | $159.6M | $100.1M | $74.9M | $35.1M | $25.8M |
| Accounts Payable | $422000 | $175000 | $166000 | $469000 | $432000 | $1.8M | $1.3M | $953000 | $2.3M | $2.5M |
| Short-term Debt | 0 | $1.1M | $1.2M | $1.4M | $2.4M | $1.3M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.3M | $4.5M | $5.6M | $4.4M | $9.0M | $14.1M | $12.1M | $7.2M | $7.3M | $12.1M |
| Long-term Debt | 0 | $1.1M | $347000 | $1.9M | $1.5M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $4.6M | $5.8M | $6.1M | $9.0M | $21.9M | $94.3M | $60.5M | $54.4M | $47.4M | $57.2M |
| Retained Earnings | -$35.3M | -$54.7M | -$71.3M | -$93.7M | -$123.7M | -$187.8M | -$260.7M | -$289.9M | -$350.5M | -$400.8M |
| Total Equity | $9.9M | $4.4M | $3.4M | $30.8M | $33.5M | $65.2M | $39.6M | $20.5M | -$12.3M | -$31.5M |
| Total Debt | $512000 | $2.5M | $1.7M | $6.2M | $8.6M | $5.7M | $3.5M | $2.9M | $3.7M | $3.5M |
| Net Debt | -$11.9M | -$5.9M | -$6.7M | -$16.3M | $814000 | -$28.2M | -$16.9M | -$6.6M | -$5.0M | -$8.1M |
| Working Capital | $8.4M | $4.1M | $3.1M | $18.5M | $230000 | $25.0M | $13.4M | $3.5M | $4.5M | $3.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $18.7M | $11.6M | $28.2M | $17.8M |
| Total Assets | $43.9M | $25.8M | $40.4M | $29.4M |
| Total Liabilities | $53.1M | $57.2M | $51.1M | $50.7M |
| Total Equity | -$9.2M | -$31.5M | -$10.7M | -$21.3M |
| Total Debt | $3.1M | $3.5M | $3.1M | $2.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$11.2M | -$19.4M | -$15.8M | -$22.4M | -$29.9M | -$64.1M | -$72.9M | -$27.8M | -$60.7M | -$50.2M |
| Depreciation & Amortization | $387000 | $580000 | $559000 | $351000 | $394000 | $4.2M | $5.2M | $1.7M | $1.6M | $2.2M |
| Stock-based Compensation | $922000 | $1.6M | $1.5M | $3.0M | $5.1M | $6.8M | $10.0M | $6.6M | $1.9M | $2.2M |
| Change in Working Capital | $2.3M | -$686000 | $993000 | -$1.6M | $2.0M | $149000 | -$1.9M | -$4.0M | -$1.3M | $2.7M |
| Operating Cash Flow | -$7.5M | -$13.4M | -$11.6M | -$19.7M | -$26.0M | -$35.9M | -$45.6M | -$23.3M | -$20.7M | -$22.2M |
| Capital Expenditure | -$106000 | -$91000 | -$31000 | -$918000 | -$1.2M | -$2.2M | -$4.3M | -$281000 | -$516000 | -$3.2M |
| Acquisitions | 0 | 0 | 0 | -$11.2M | -$10.5M | -$11.7M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$14000 | -$239000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -$96000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.6M | -$13.5M | -$11.7M | -$20.6M | -$27.2M | -$38.2M | -$49.9M | -$23.6M | -$21.2M | -$25.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$4.5M | -$5.5M | -$7.6M | -$9.3M |
| Capital Expenditure | -$1.1M | -$1.5M | -$613000 | -$779000 |
| Free Cash Flow | -$5.6M | -$7.0M | -$8.3M | -$10.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $521000 | $721000 | $615000 | $661000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +80.8% | -56.4% | +56.9% | +25.1% | +115.6% | |||||
| Net Income Growth (YoY) | -73.5% | +18.7% | -41.7% | -34.0% | -114.1% | -13.7% | +61.9% | -118.4% | +17.2% | |
| EPS Growth (YoY) | -52.4% | +35.2% | -4.7% | -4.9% | -57.5% | -38.9% | +81.2% | -24.3% | +64.6% | |
| Shares Change (YoY) | +13.8% | +25.4% | +35.5% | +27.6% | +35.8% | +24.6% | +38.1% | +70.8% | +133.2% | |
| FCF Growth (YoY) | -76.7% | +13.3% | -76.7% | -31.9% | -40.4% | -30.7% | +52.7% | +10.1% | -19.5% | |
| Gross Margin | -52.5% | 64.6% | -1.9% | 27.5% | 39.3% | 4.7% | ||||
| Operating Margin | -2443.3% | -2444.3% | -1878.6% | -1672.4% | -3245.1% | -754.1% | ||||
| EBITDA Margin | -2511.5% | -2204.6% | -1389.2% | -1538.5% | -3137.4% | -1181.7% | ||||
| Net Margin | -2461.5% | -2916.2% | -7609.8% | -1848.4% | -3225.0% | -1238.5% | ||||
| FCF Margin | -2237.4% | -1737.4% | -5209.6% | -1570.6% | -1128.6% | -625.6% | ||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | 4.0% | 17.5% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-5.75 | $-8.93 | $-6.17 | $-8.04 | $-8.31 | $-8.59 | $-9.01 | $-3.09 | $-1.62 | $-0.83 |
| Dividends Per Share | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.3M | $1.5M | $1.9M | $2.6M | $3.3M | $4.4M | $5.5M | $7.7M | $13.1M | $30.5M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 271.76% |
| Return on Invested Capital | -204.78% |
| Return on Assets | -167.64% |
| Gross Margin | 11.17% |
| Operating Margin | -2558.74% |
| Net Margin | -2955.63% |
Financial Health
| Debt / Equity | -0.12 |
| Current Ratio | 2.00 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -16.75 | -7.25 | -3.32 | -5.17 | -5.23 | -3.01 | -0.32 | -0.67 | -0.51 | -4.55 |
| P/B | 18.96 | 31.89 | 15.26 | 3.74 | 4.67 | 2.96 | 0.90 | 0.93 | -2.53 | -7.26 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 128.69 | 87.79 | 37.13 | 12.73 | 16.54 | 56.37 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | -52.5% | 64.6% | -1.9% | 27.5% | 39.3% | 4.7% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -2443.3% | -2444.3% | -1878.6% | -1672.4% | -3245.1% | -754.1% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -2461.5% | -2916.2% | -7609.8% | -1848.4% | -3225.0% | -1238.5% |
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Explore sector: Healthcare · Medical - Diagnostics & Research
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