Insight Molecular Diagnostics (IMDX)
Market Price (8/8/2026): $4.83 | Market Cap: $166.7 MilSector: Health Care | Industry: Life Sciences Tools & Services
Insight Molecular Diagnostics (IMDX)
Market Price (8/8/2026): $4.83Market Cap: $166.7 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics. | Weak multi-year price returns3Y Excs Rtn is -19% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1792% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -49%, Rev Chg QQuarterly Revenue Change % is -99% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 130% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1231%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1410% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 230% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% High stock price volatilityVol 12M is 105% Key risksIMDX key risks include [1] the potential failure to secure timely FDA authorization for its flagship GraftAssureDx assay and [2] the subsequent challenge of driving market adoption and obtaining favorable reimbursement from third-party payers. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Advanced Diagnostics, and Personalized Diagnostics. |
| Weak multi-year price returns3Y Excs Rtn is -19% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1792% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -49%, Rev Chg QQuarterly Revenue Change % is -99% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 130% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1231%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1410% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 230% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% |
| High stock price volatilityVol 12M is 105% |
| Key risksIMDX key risks include [1] the potential failure to secure timely FDA authorization for its flagship GraftAssureDx assay and [2] the subsequent challenge of driving market adoption and obtaining favorable reimbursement from third-party payers. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/6/2026
Insight Molecular Diagnostics (IMDX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Favorable Medicare Coverage Decision for GraftAssure Assay Portfolio.
Insight Molecular Diagnostics (IMDX) experienced a significant positive catalyst with the announcement of a favorable Medicare coverage decision on July 16, 2026. This decision is crucial as it supports the commercial adoption of iMDx's GraftAssure Assay Portfolio, indicating a clear pathway for reimbursement and broader market access for its diagnostic tests.
2. Robust Clinical Validation and High-Impact Publications for GraftAssure.
The company garnered increased investor confidence through multiple positive clinical data presentations and publications for its GraftAssure assay. These included positive head-to-head data presented at the 39th European Immunogenetics and Histocompatibility Conference (EFI2026) in April 2026, further presentations at the 63rd European Renal Association (ERA) Congress in June 2026, and a favorable real-world evidence poster at the American Transplant Congress (ATC) in June 2026. Additionally, a new study in Lancet Regional Health – Europe in July 2026 highlighted the GraftAssure Assay's role in guiding the use of a potentially kidney-graft-saving drug, and the assay set a new standard in screening kidney transplant patients per the American Journal of Transplantation in June 2026. These validations underscore the clinical utility and market potential of IMDX's technology.
Show more
Insight Molecular Diagnostics (IMDX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Favorable Medicare Coverage Decision for GraftAssure Assay Portfolio.
Insight Molecular Diagnostics (IMDX) experienced a significant positive catalyst with the announcement of a favorable Medicare coverage decision on July 16, 2026. This decision is crucial as it supports the commercial adoption of iMDx's GraftAssure Assay Portfolio, indicating a clear pathway for reimbursement and broader market access for its diagnostic tests.
2. Robust Clinical Validation and High-Impact Publications for GraftAssure.
The company garnered increased investor confidence through multiple positive clinical data presentations and publications for its GraftAssure assay. These included positive head-to-head data presented at the 39th European Immunogenetics and Histocompatibility Conference (EFI2026) in April 2026, further presentations at the 63rd European Renal Association (ERA) Congress in June 2026, and a favorable real-world evidence poster at the American Transplant Congress (ATC) in June 2026. Additionally, a new study in Lancet Regional Health – Europe in July 2026 highlighted the GraftAssure Assay's role in guiding the use of a potentially kidney-graft-saving drug, and the assay set a new standard in screening kidney transplant patients per the American Journal of Transplantation in June 2026. These validations underscore the clinical utility and market potential of IMDX's technology.
Show more
Updated on 8/6/2026
Insight Molecular Diagnostics (IMDX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Favorable Medicare Coverage Decision for GraftAssure Assay Portfolio.
Insight Molecular Diagnostics (IMDX) experienced a significant positive catalyst with the announcement of a favorable Medicare coverage decision on July 16, 2026. This decision is crucial as it supports the commercial adoption of iMDx's GraftAssure Assay Portfolio, indicating a clear pathway for reimbursement and broader market access for its diagnostic tests.
2. Robust Clinical Validation and High-Impact Publications for GraftAssure.
The company garnered increased investor confidence through multiple positive clinical data presentations and publications for its GraftAssure assay. These included positive head-to-head data presented at the 39th European Immunogenetics and Histocompatibility Conference (EFI2026) in April 2026, further presentations at the 63rd European Renal Association (ERA) Congress in June 2026, and a favorable real-world evidence poster at the American Transplant Congress (ATC) in June 2026. Additionally, a new study in Lancet Regional Health – Europe in July 2026 highlighted the GraftAssure Assay's role in guiding the use of a potentially kidney-graft-saving drug, and the assay set a new standard in screening kidney transplant patients per the American Journal of Transplantation in June 2026. These validations underscore the clinical utility and market potential of IMDX's technology.
3. Progress Towards Commercialization and FDA Authorization of GraftAssureDx.
IMDX made notable advancements in the commercialization and regulatory pathway for its GraftAssureDx in vitro diagnostic (IVD) kit. In its Q1 2026 earnings report on May 13, 2026, the company highlighted growing customer demand for its kitted kidney transplant monitoring assay and reported encouraging dialogue with the FDA, supporting an expected marketing authorization later in 2026. Management also projects a substantial $2 billion annual market opportunity for GraftAssureDx. This progress, coupled with the announcement on August 4, 2026, of upcoming Q2 2026 earnings release and participation in the Needham Virtual MedTech & Diagnostics 1x1 Conference, further fueled positive sentiment, leading to a 2.88% gain in IMDX's stock on that day.
4. Positive Analyst Sentiment and Price Target Increases.
Analyst ratings and price targets have been a contributing factor to the stock's upward trend. As of May 13, 2026, the average analyst rating for IMDX was "Buy," with a 12-month stock price target of $8.33, indicating a potential increase of 79.14% from the then-current price. By June 13, 2026, at least one analyst provided a median price target of $12.00, suggesting a significant 113.90% upside from the price of $5.61. These optimistic outlooks from the financial community likely bolstered investor confidence in IMDX's future performance.
Show less
Insight Molecular Diagnostics (IMDX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Favorable Medicare Coverage Decision for GraftAssure Assay Portfolio.
Insight Molecular Diagnostics (IMDX) experienced a significant positive catalyst with the announcement of a favorable Medicare coverage decision on July 16, 2026. This decision is crucial as it supports the commercial adoption of iMDx's GraftAssure Assay Portfolio, indicating a clear pathway for reimbursement and broader market access for its diagnostic tests.
2. Robust Clinical Validation and High-Impact Publications for GraftAssure.
The company garnered increased investor confidence through multiple positive clinical data presentations and publications for its GraftAssure assay. These included positive head-to-head data presented at the 39th European Immunogenetics and Histocompatibility Conference (EFI2026) in April 2026, further presentations at the 63rd European Renal Association (ERA) Congress in June 2026, and a favorable real-world evidence poster at the American Transplant Congress (ATC) in June 2026. Additionally, a new study in Lancet Regional Health – Europe in July 2026 highlighted the GraftAssure Assay's role in guiding the use of a potentially kidney-graft-saving drug, and the assay set a new standard in screening kidney transplant patients per the American Journal of Transplantation in June 2026. These validations underscore the clinical utility and market potential of IMDX's technology.
3. Progress Towards Commercialization and FDA Authorization of GraftAssureDx.
IMDX made notable advancements in the commercialization and regulatory pathway for its GraftAssureDx in vitro diagnostic (IVD) kit. In its Q1 2026 earnings report on May 13, 2026, the company highlighted growing customer demand for its kitted kidney transplant monitoring assay and reported encouraging dialogue with the FDA, supporting an expected marketing authorization later in 2026. Management also projects a substantial $2 billion annual market opportunity for GraftAssureDx. This progress, coupled with the announcement on August 4, 2026, of upcoming Q2 2026 earnings release and participation in the Needham Virtual MedTech & Diagnostics 1x1 Conference, further fueled positive sentiment, leading to a 2.88% gain in IMDX's stock on that day.
4. Positive Analyst Sentiment and Price Target Increases.
Analyst ratings and price targets have been a contributing factor to the stock's upward trend. As of May 13, 2026, the average analyst rating for IMDX was "Buy," with a 12-month stock price target of $8.33, indicating a potential increase of 79.14% from the then-current price. By June 13, 2026, at least one analyst provided a median price target of $12.00, suggesting a significant 113.90% upside from the price of $5.61. These optimistic outlooks from the financial community likely bolstered investor confidence in IMDX's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 20.4% change in IMDX stock from 4/30/2026 to 8/7/2026 was primarily driven by a 169.6% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.01 | 4.83 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 2 | -51.9% |
| P/S Multiple | 31.7 | 85.5 | 169.6% |
| Shares Outstanding (Mil) | 32 | 35 | -7.1% |
| Cumulative Contribution | 20.4% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| IMDX | 20.4% | |
| Market (SPY) | 7.6% | 39.9% |
| Sector (XLV) | 13.5% | -14.1% |
Fundamental Drivers
The -25.9% change in IMDX stock from 1/31/2026 to 8/7/2026 was primarily driven by a -55.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.52 | 4.83 | -25.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 2 | -55.7% |
| P/S Multiple | 47.4 | 85.5 | 80.3% |
| Shares Outstanding (Mil) | 32 | 35 | -7.2% |
| Cumulative Contribution | -25.9% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| IMDX | -25.9% | |
| Market (SPY) | 12.1% | 34.5% |
| Sector (XLV) | 7.5% | 6.3% |
Fundamental Drivers
The 91.7% change in IMDX stock from 7/31/2025 to 8/7/2026 was primarily driven by a 407.7% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.52 | 4.83 | 91.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 2 | -49.3% |
| P/S Multiple | 16.8 | 85.5 | 407.7% |
| Shares Outstanding (Mil) | 26 | 35 | -25.6% |
| Cumulative Contribution | 91.7% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| IMDX | 91.7% | |
| Market (SPY) | 23.4% | 30.9% |
| Sector (XLV) | 28.7% | 10.2% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| IMDX | ||
| Market (SPY) | 74.9% | 26.9% |
| Sector (XLV) | 29.3% | 8.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IMDX Return | - | - | - | - | 137% | -36% | 52% |
| Peers Return | -4% | -54% | 5% | 48% | 55% | 51% | 63% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| IMDX Win Rate | - | - | - | - | 71% | 38% | |
| Peers Win Rate | 60% | 28% | 50% | 55% | 55% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| IMDX Max Drawdown | - | - | - | - | - | -66% | |
| Peers Max Drawdown | -38% | -61% | -49% | -30% | -39% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NTRA, CDNA, GH, ILMN, TMO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
IMDX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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IMDX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Insight Molecular Diagnostics (IMDX)
OncoCyte Corporation, a molecular diagnostics company, researches, develops, and commercializes proprietary laboratory-developed tests for the detection of cancer in the United States and internationally. The company offers DetermaRx, a molecular test for early-stage adenocarcinoma of the lung; and DetermaIO, a proprietary gene expression assay. It also provides biomarker discovery testing, assay design and development, and clinical trial support services, as well as various biomarker tests for pharmaceutical companies. The company has a collaboration agreement with Life Technologies Corporation to develop and collaborate in the commercialization of Oncomine Comprehensive Assay Plus and Determa IO assay for use with Ion Torrent Genexus integrated sequencer and purification system. OncoCyte Corporation was incorporated in 2009 and is based in Irvine, California.
AI Analysis | Feedback
Here are a couple of analogies for Insight Molecular Diagnostics (IMDX):
- Like
Exact Sciences
, but specializing in molecular diagnostics primarily for lung cancer. - A focused
Guardant Health
, developing advanced molecular tests for specific early-stage cancers like lung cancer.
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- DetermaRx: A molecular test designed for early-stage adenocarcinoma of the lung.
- DetermaIO: A proprietary gene expression assay.
- Biomarker Discovery Testing: Services assisting pharmaceutical companies in identifying new biomarkers.
- Assay Design and Development: Services for creating and refining diagnostic tests.
- Clinical Trial Support Services: Support provided to pharmaceutical companies for their clinical trials.
- Biomarker Tests for Pharmaceutical Companies: Various specialized biomarker tests offered to pharmaceutical partners.
AI Analysis | Feedback
Insight Molecular Diagnostics (IMDX), based on the provided company description for OncoCyte Corporation, primarily sells its products and services to other companies and organizations.
Its major customers fall into the following categories:
- Pharmaceutical Companies: IMDX provides biomarker discovery testing, assay design and development, clinical trial support services, and various biomarker tests specifically for pharmaceutical companies. The provided description does not list specific pharmaceutical companies that are customers.
- Healthcare Providers and Institutions: These include hospitals, clinics, and medical practices that order IMDX's proprietary laboratory-developed tests, such as DetermaRx and DetermaIO, for the detection of cancer in their patients. The provided description does not list specific healthcare providers or institutions that are customers.
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- Thermo Fisher Scientific (TMO)
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Josh Riggs, President & Chief Executive Officer
Josh Riggs joined iMDx Corporation in August 2020 and was appointed Interim Chief Executive Officer in December 2022, and then President and Chief Executive Officer in February 2023. He previously served as Senior Director Business Development and General Manager, Transplant. Riggs is an experienced business leader, having been the founder and principal of Intelliger Consulting, an organization focused on consumer-driven healthcare. He also served as a principal at Bethesda Group, LLC, a consulting group assisting small and mid-stage diagnostic companies and investment groups in bringing emerging diagnostic content and platforms to market.
Andrea James, Chief Financial Officer
Andrea James was appointed Chief Financial Officer of Oncocyte (now iMDx) in June 2024. Prior to joining iMDx, she was the Chief Communications Officer and head of investor relations at Axon Enterprise, Inc. (Nasdaq: AXON), where she played a key role in the company's market capitalization growth from $1 billion to over $20 billion. She led Axon's repositioning within the investment community and established its corporate strategy function, overseeing capital stewardship, M&A, strategic partnerships, and investments, supporting over $550 million in equity capital offerings. Before Axon, she worked in a strategic investor relations role for Tesla, Inc. in 2016 and 2017. From 2009 to 2016, James was a sell-side analyst for Dougherty & Company, researching emerging technologies for institutional investors.
Ekkehard Schütz, Chief Science Officer
Ekkehard Schütz, also known as Ekke, joined iMDx in April 2021 following the acquisition of Chronix Biomedical. He is the managing director of Chronix Biomedical GmbH, a wholly-owned iMDx subsidiary, and serves as CMO for Europe. Schütz is an adjunct professor of molecular genetics and diagnostics at the Georg-August-University. His background includes training in laboratory medicine at the Department of Clinical Chemistry at the Georg-August-University of Göttingen, and he established the German subsidiary of Chronix Biomedical Inc. in 2002 as its R&D site.
Yuh-Min (Johnson) Chiang, PhD, Chief Technology Officer
Yuh-Min (Johnson) Chiang, PhD, joined iMDx Corporate in September 2021. Prior to this, he was the Chief Technology Officer at Alveo Technologies, an IVD company, where he led teams in developing the COVID-19 be. well Test, securing successful US clinical trial results, CE mark, and UK approval. He also contributed to fundraising efforts of approximately $50 million and won the XPrize Grand Award for Rapid Covid Testing Competition.
Sandra O'Donald, Senior Vice President, Business Operations
Sandra O'Donald joined iMDx Corporation in December 2019 and was appointed Senior Vice President, Business Operations, after holding roles as VP, Operations & PMO, and Director of PMO. She has over 20 years of experience in business management, strategy, operations, P&L management, commercialization, and integration. Her previous leadership positions include roles at consumer products company Georgia Pacific LLC, wastepaper recycling company Harmon Associates, and food manufacturing company Corbin Foods.
AI Analysis | Feedback
Insight Molecular Diagnostics (IMDX), operating as OncoCyte Corporation, faces several key business risks, primarily centered around the successful development and commercialization of its transplant diagnostic products.
- Regulatory Approval and Commercialization of GraftAssure: The company's core clinical business and its valuation are heavily reliant on the successful future regulatory clearance and commercialization of its kitted clinical transplant assay, GraftAssureDx (formerly GraftAssure). Insight Molecular Diagnostics is targeting an FDA submission by the end of 2025, with the goal of authorization in the first half of 2026. Any delays in the clinical trial or the FDA's de novo review process would significantly push back expected revenue generation, as its core clinical business is currently pre-revenue.
- Financial Challenges and Cash Burn: Insight Molecular Diagnostics is confronting notable financial difficulties, including a declining gross margin and minimal revenue projections from its GraftAssureIQ until mid-2026, pending IVD clearance. The company has a "weak" financial health score and is rapidly utilizing cash, with analysts not anticipating profitability in the current year (as of early 2025). The company is burning approximately $6 million in net cash per quarter.
- Competition and Market Adoption: The company operates in a competitive landscape within the diagnostics and pharmaceutical products industry, facing competitors such as LB Pharmaceuticals, MeiraGTx, Design Therapeutics, Larimar Therapeutics, and Allogene Therapeutics. The success of Insight Molecular Diagnostics' products, particularly its kitted assay strategy for decentralized testing, is also contingent on widespread physician adoption and obtaining sufficient insurer coverage. The U.S. transplant rejection testing market, estimated at $500 million annually, is currently dominated by a few central laboratories.
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Insight Molecular Diagnostics (trading as IMDX, OncoCyte Corporation) operates in several key markets with substantial addressable market sizes.
- DetermaRx (Molecular test for early-stage adenocarcinoma of the lung): The global total addressable market for DetermaRx is estimated to be approximately $500 million. This market addresses approximately 350,000 patients annually worldwide. More broadly, the global early-stage lung cancer diagnostics therapy market is projected to reach $6.5 billion by 2035, growing from an estimated $2.5 billion in 2025. The U.S. segment of this market is projected to reach $2.0 billion by 2035, from an estimated $863.3 million in 2025. Within the non-small cell lung cancer (NSCLC) diagnostics market, the molecular test segment accounted for 45.3% of the market revenue in 2025.
- DetermaIO (Proprietary gene expression assay): DetermaIO targets a multi-billion dollar addressable market in oncology diagnostics. OncoCyte's combined offering of DetermaIO and DetermaTx (a comprehensive genomic profiling test) aims to serve a total available market of $5 billion in the United States for the 1.8 million patients diagnosed with cancer annually. The global immuno-oncology (IO) market, a broader category for which DetermaIO is relevant, was estimated at USD 54.35 billion in 2025 and is projected to reach approximately USD 435.70 billion by 2035. The global gene expression analysis market, which includes gene expression assays, was valued at approximately $4.65 billion in 2025 and is projected to reach between $8.20 billion by 2032 and $11.92 billion by 2035.
- Biomarker discovery testing, assay design and development, and clinical trial support services for pharmaceutical companies:
- Biomarker Discovery Services: The global biomarker discovery outsourcing services market was valued at around USD 13 billion in 2024 and is estimated to grow to USD 41.8 billion by 2034. Other estimates for this global market include USD 17.42 billion in 2025, reaching USD 86.74 billion by 2034, and USD 14.53 billion in 2024, projected to reach USD 41.27 billion by 2030. North America held the largest share of this market, at 43.96% in 2024.
- Assay Design and Development Services: The global custom assay development market is projected to reach an estimated $28.6 billion by 2025. The global IVD (In Vitro Diagnostics) assay development market is projected to reach $8.39 billion by 2031.
- Clinical Trial Support Services: The global clinical trials support services market is projected to grow from $25.2 billion in 2023 to $47.1 billion by 2032. Another estimate for this global market is USD 25.62 billion in 2025, reaching USD 47.00 billion by 2033. North America is the largest market for these services, holding approximately 45% of the global market share, with the U.S. accounting for the largest revenue share within North America in 2025.
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Here are 3-5 expected drivers of future revenue growth for Insight Molecular Diagnostics (IMDX) over the next 2-3 years:
- Commercialization and Adoption of GraftAssureDx (IVD kit) for Organ Transplant Rejection Testing: Insight Molecular Diagnostics, operating as OncoCyte Corporation, is heavily focused on delivering a regulated in-vitro diagnostic (IVD) test kit for organ transplant rejection monitoring to the market, with a target launch in mid-2026. This kit is anticipated to generate "material and self-sustaining revenue within a few years," addressing an estimated $2 billion-plus market for regulated transplant rejection testing. The company projects significant revenue growth starting in 2027 from this product.
- Expansion of GraftAssure Customer Base and Market Share in Transplant Centers: Prior to the full IVD launch, the company is actively pursuing a "land-and-expand strategy" to drive commercial adoption of its GraftAssure research-use-only (RUO) kit and GraftAssureCore (laboratory-developed test) within transplant centers. The goal is to sign up at least 20 transplant centers by the end of 2025, which is expected to "spring load back half 2026 revenue" as these centers integrate the tests into their protocols.
- Commercialization and Reimbursement of DetermaIO for Oncology: Insight Molecular Diagnostics anticipates commercializing its oncology product line, including the DetermaIO assay, within the next 18 months (from October 2024, placing it in early to mid-2026). DetermaIO is a proprietary gene expression assay designed to predict response to immunotherapies. The company is actively working towards securing CMS reimbursement coverage for DetermaIO, and its collaboration with Life Technologies Corporation to commercialize DetermaIO on the Ion Torrent Genexus integrated sequencer system could facilitate broader market access.
- Extension of the GraftAssure Product Line to Other Organ Transplants: The company plans to expand its GraftAssure product offering beyond kidney transplant rejection testing to include other organs, such as heart transplant rejection testing. A recent capital raise in February 2026 provides funds specifically for research and development to support this expansion into new market segments within transplant diagnostics.
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Share Issuance
- Insight Molecular Diagnostics (formerly OncoCyte Corporation) raised $57 million in equity from new and existing investors between January 2023 and March 2025.
- In February 2025, the company completed an equity offering, including a registered direct offering and a concurrent private placement, that resulted in gross proceeds of $29.1 million.
- In April 2024, Oncocyte reported receiving $15.8 million in gross proceeds from a private placement offering.
Inbound Investments
- Bio-Rad Laboratories, Inc. invested in the company and committed to providing financial support for upcoming clinical trials and commercialization assistance, leading a $29.1 million funding round in February 2025.
- From January 2023 to March 2025, the company secured $57 million in equity from various new and existing investors.
Outbound Investments
- In February 2021, the company acquired all outstanding shares of Razor Genomics, Inc., making it a wholly-owned subsidiary.
- In February 2023, the company sold approximately 70% of the equity interests of Razor Genomics, Inc.
Capital Expenditures
- Capital expenditures for the last 12 months (prior to March 11, 2026) were approximately $214,000.
- Capital expenditures for Q4 2024 were $0.2 million.
- The company has focused investments on developing manufacturable versions of assays, including DetermaIO™, VitaGraft, and DetermaCNI™, as well as software development costs for its clinical kitted product development.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Insight Molecular Diagnostics Earnings Notes | 12/16/2025 | |
| With Insight Molecular Diagnostics Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 178.22 |
| Mkt Cap | 25.4 |
| Rev LTM | 1,945 |
| Op Inc LTM | -20 |
| FCF LTM | 68 |
| FCF 3Y Avg | 19 |
| CFO LTM | 161 |
| CFO 3Y Avg | 76 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.8% |
| Rev Chg 3Y Avg | 23.8% |
| Rev Chg Q | 24.1% |
| QoQ Delta Rev Chg LTM | 5.4% |
| Op Inc Chg LTM | 4.6% |
| Op Inc Chg 3Y Avg | 10.8% |
| Op Mgn LTM | -5.8% |
| Op Mgn 3Y Avg | -15.3% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 13.9% |
| CFO/Rev 3Y Avg | 5.7% |
| FCF/Rev LTM | 8.8% |
| FCF/Rev 3Y Avg | 2.1% |
Price Behavior
Price Behavior
| Market Price | $4.83 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 01/04/2016 | |
| Distance from 52W High | -43.0% | |
| 50 Days | 200 Days | |
| DMA Price | $4.65 | $3.54 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 3.9% | 36.6% |
| 3M | 1YR | |
| Volatility | 99.8% | 105.7% |
| Downside Capture | 462.09 | 211.32 |
| Upside Capture | 360.14 | 231.73 |
| Correlation (SPY) | 50.0% | 30.8% |
IMDX Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.20 | 2.90 | 3.27 | 2.98 | 2.51 | 0.33 |
| Up Beta | 3.70 | -0.38 | 1.74 | 4.30 | 3.77 | -0.68 |
| Down Beta | 1.76 | 4.29 | 4.81 | 1.66 | 2.21 | 0.27 |
| Up Capture | 177% | 288% | 430% | 332% | 477% | 31% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 31 | 59 | 127 | 135 |
| Down Capture | 474% | 329% | 260% | 232% | 154% | 82% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 22 | 31 | 65 | 119 | 136 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMDX | |
|---|---|---|---|---|
| IMDX | 82.7% | 105.5% | 1.05 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 9.6% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 30.6% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 9.1% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -12.1% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 5.1% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | 12.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMDX | |
|---|---|---|---|---|
| IMDX | 8.9% | 107.3% | 0.84 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 8.9% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 26.9% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 8.8% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -6.9% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 4.0% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 9.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMDX | |
|---|---|---|---|---|
| IMDX | 4.4% | 107.3% | 0.84 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 8.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 26.9% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 8.8% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -6.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 4.0% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 25.9% | 21.4% | 10.0% |
| 3/26/2026 | -13.4% | -8.5% | -6.6% |
| 11/10/2025 | 10.7% | -1.5% | -23.5% |
| 8/11/2025 | -3.8% | 2.3% | 14.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 18.3% | 11.8% | 12.5% |
| Median Negative | -8.6% | -5.0% | -15.0% |
| Max Positive | 25.9% | 21.4% | 14.9% |
| Max Negative | -13.4% | -8.5% | -23.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 25.9% | 21.4% | 10.0% |
| 3/26/2026 | -13.4% | -8.5% | -6.6% |
| 11/10/2025 | 10.7% | -1.5% | -23.5% |
| 8/11/2025 | -3.8% | 2.3% | 14.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 18.3% | 11.8% | 12.5% |
| Median Negative | -8.6% | -5.0% | -15.0% |
| Max Positive | 25.9% | 21.4% | 14.9% |
| Max Negative | -13.4% | -8.5% | -23.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 04/12/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/24/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 04/12/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/19/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/26/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/14/2019 | 10-Q |
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.64 | 250,923 | 913,134 | 46,161,561 | Form | |
| 2 | Broadwood, Partners, LP | Footnote | Buy | 4272026 | 0.00 | 0 | Form | |||
| 3 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.53 | 38,880 | 137,083 | 43,839,660 | Form | |
| 4 | Broadwood, Partners, LP | Footnote | Buy | 4272026 | 0.00 | 0 | Form | |||
| 5 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.50 | 280,381 | 982,034 | 43,413,771 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.64 | 250,923 | 913,134 | 46,161,561 | Form | |
| 2 | Broadwood, Partners, LP | Footnote | Buy | 4272026 | 0.00 | 0 | Form | |||
| 3 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.53 | 38,880 | 137,083 | 43,839,660 | Form | |
| 4 | Broadwood, Partners, LP | Footnote | Buy | 4272026 | 0.00 | 0 | Form | |||
| 5 | Broadwood, Partners, LP | Direct | Buy | 4272026 | 3.50 | 280,381 | 982,034 | 43,413,771 | Form | |
| 6 | Broadwood, Partners, LP | Footnote | Buy | 4272026 | 0.00 | 0 | Form | |||
| 7 | Broadwood, Partners, LP | Direct | Buy | 4202026 | 3.88 | 40,690 | 157,967 | 47,031,688 | Form | |
| 8 | Broadwood, Partners, LP | Footnote | Buy | 4202026 | 0.00 | 0 | Form | |||
| 9 | Broadwood, Partners, LP | Direct | Buy | 4202026 | 3.57 | 40,114 | 143,251 | 43,117,497 | Form | |
| 10 | Broadwood, Partners, LP | Footnote | Buy | 4202026 | 0.00 | 0 | Form | |||
| 11 | Broadwood, Partners, LP | Direct | Buy | 4202026 | 3.45 | 102,057 | 351,658 | 41,465,195 | Form | |
| 12 | Broadwood, Partners, LP | Footnote | Buy | 4202026 | 0.00 | 0 | Form | |||
| 13 | Broadwood, Partners, LP | Direct | Buy | 2122026 | 5.75 | 521,739 | 2,999,999 | 68,608,074 | Form | |
| 14 | Broadwood, Partners, LP | Footnote | Buy | 2122026 | 0.00 | 0 | Form |
Investor Activity (13F)
Updated Aug 8, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Life Sciences Tools & Services Resources |
| GenomeWeb |
| BioSpace |
| The Scientist |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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