Publication - Annual Report & Financial Statements
EDX Medical Group PLC has published its Annual Report for the year ending March 31, 2026, reporting revenue of £330,000 and overall losses of £5.7 million, an increase from the previous year's £3.7 million loss. Administrative expenses rose to £5.5 million, and cost of sales increased to £477,191. The company secured £5.5 million in funding through new share issues and noted a post-period £2.7 million fundraising. Key developments include the launch of early detection tests for testicular and bowel cancer, a partnership for a pneumonia diagnostic test, and becoming the lead delivery partner for a Scottish Prostate Cancer Initiative testing 25,000 men. The company also deferred £860,000 in revenue recognition to the current financial year.
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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.
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.
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:
| Year ended | Year ended | ||
|---|---|---|---|
| 31 March 2026 | 31 March 2025 | ||
| £ | £ | ||
| 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 | - | - |
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