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MDxHealth H1 2019 Revenues Fall 37 Percent

NEW YORK – MDxHealth reported today that its total revenues for the first half of 2019 dropped 37 percent year over year due to instability in the commercial organization in late 2018 as well as the effects of non-recurring revenue in the year-ago period.

For the six-month period ended June 30, the Belgium-based firm posted total revenues of $10.9 million versus $17.2 million in the same period the year before.

Product revenues in the first half of 2019 fell 36 percent year over year to $10.6 million from $16.6 million, while service revenues fell 46 percent to $302,000 from $562,000.

The firm said that ConfirmMDx volume — a prostate cancer risk test which represented 90 percent of total H1 product revenues fell 20 percent to 8,732 billable tests in H1 from 10,864 a year ago. Meanwhile, total t US and European testing volume of SelectDx, which helps identify patients at increased risk for aggressive prostate cancer, jumped 98 percent year over year to 12,528 billable tests from 6,313 in Q1 2018.

MDxHealth reported a H1 net loss of $14.1 million, or $.24 per share, versus a year-ago net loss of $15.1 million, or $.27 per share.

At the end of June, MDxHealth had cash and cash equivalents totaling $12.2 million.

"While we view 2019 as a year of transition associated with the impact of non-recurring volume and revenue, as well as instability in the commercial organization and execution, we are encouraged by our sequential quarterly progress, " MDxHealth CEO Michael McGarrity said in a statement.

He also noted that the firm has signed a joint development agreement agreement with an undisclosed global diagnostic company to run the SelectMDx on the partner's point-of-care system.

McGarrity said that the agreement demonstrates "the opportunity for [MDxHealth] to build out SelectMDx as a standard of care in prostate cancer, utilizing our proprietary capabilities to ... aid in the diagnosis and rule-out of prostate cancer."