VolitionRx Limited, a multi-national epigenetics company, develops blood tests to help detect and monitor a range of cancers, and diseases associated with NETosis in the United States, Europe, and Asia. The company offers Nu.Q Vet, a cancer screening test for dogs and other animals; Nu.Q Nets, detects diseases associated with NETosis, such as sepsis; Nu.Q Discover, a solution to profiling …
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Competitive advantage assessment
Key strengths
Elite Gross MarginsGross margin quality is top-tier vs peers (score 1.00). This signals strong consumable attach-rate economics.
Superior Capital ReturnsCapital return quality is top-tier (score 0.96). High ROIC indicates the business is reinvesting at attractive rates.
Key risks
Weak FCF GenerationFCF margin quality lags peers (score 0.16). Below-peer FCF conversion is a MedTech quality warning.
Below-Peer Operating MarginOperating margin level is below peers (score 0.17). SG&A leverage needs improvement to close the gap.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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VolitionRX Limited ranks #46 of 160
scored companies in Medical Devices by moat score — the top 29%.
The widest moat in the group is iRadimed Corporation (IRMD)
at 83/100.
Moat scores for companies ranked near VNRX in Medical Devices
How VNRX scores on the Medical Devices & Diagnostics defenses
Pricing Power & Consumable Moat
Score 100
· 25% of the moat score
In MedTech, pricing power is rarely about the machine — it is about what the machine consumes.
R&D Pipeline & Capital Returns
Score 55
· 20% of the moat score
Research spending is how a device company keeps its installed base current, but spending alone proves nothing.
FCF Quality & Cash Conversion
Score 52
· 20% of the moat score
MedTech companies grow by acquisition, and the resulting intangible amortisation depresses reported earnings without consuming any cash.
Commercial Execution
Score 49
· 15% of the moat score
Devices are sold into hospitals and labs through committees, tenders and long qualification cycles, which makes the sales organisation expensive and hard to replicate.
Capital Structure & Resilience
Score 44
· 12% of the moat score
Serial acquirers carry debt, and the question is whether the cash flows underneath it are dependable enough to service it through a downturn.
Growth Durability
Score 3
· 8% of the moat score
Growth durability separates an expanding installed base from a good product cycle.
VolitionRX Limited (VNRX) scores 60 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #46 of 160 scored companies in Medical Devices, the top 29%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 159 companies in Medical Devices. Its strongest defense is Pricing Power & Consumable Moat (100/100) and its weakest is Growth Durability (3/100).
How does VolitionRX Limited compare with other Medical Devices companies?
VolitionRX Limited ranks #46 of 160 scored companies in Medical Devices by moat score. The widest moat in Medical Devices is iRadimed Corporation (IRMD) at 83/100. The companies ranked closest are Neuropace, Inc. (NPCE) at 61 just above it and NovoCure Limited (NVCR) at 60 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Medical Devices & Diagnostics in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 159 companies in Medical Devices. The defenses are then weighted to produce the overall score out of 100.
Why is VolitionRX Limited scored with the Medical Devices & Diagnostics template?
Medical device and diagnostics companies place an instrument once and then sell the consumables, reagents and service that instrument needs for the next decade. The economics are a razor-and-blade model wrapped in regulatory approval and clinician habit, so the MedTech template scores the durability of that installed base rather than the size of any single product launch.
Which competitive defenses are measured for VolitionRX Limited?
The Medical Devices & Diagnostics template measures 6 defenses, and VNRX scores: Pricing Power & Consumable Moat (100), R&D Pipeline & Capital Returns (55), FCF Quality & Cash Conversion (52), Commercial Execution (49), Capital Structure & Resilience (44), Growth Durability (3). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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