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MDxHealth Posts 17 Percent Q3 Revenue Growth

NEW YORK (GenomeWeb) – MDxHealth today reported that its third quarter revenues increased 17 percent year over year, driven by sales of its ConfirmMDx for Prostate Cancer test.

The Belgian molecular diagnostics firm reported total revenues of $4.1 million for the three months ended Sept. 30, up from $3.5 million in the third quarter of 2014.

It said that sales of the ConfirmMDx test comprised 85 percent of its Q3 revenues and case volume increased 30 percent to more than 4,500 tests compared to 3,500 tests in Q3 2014. The firm added that more than 31,000 ConfirmMDx tests, which gauges the methylation status of biomarkers associated in the published literature with prostate cancer, have been ordered since its launch in 2012.

MDxHealth reported a net loss of $4.8 million for the quarter, up from a loss of $4.2 million in the comparable period of 2014.

It finished the quarter with $35.1 million in cash and cash equivalents.

"The strategic investments made in our managed care team during the first half of 2015, coupled with the expansion of our sales force shortly after our June capital raise have bolstered both revenue growth and adoption of ConfirmMDx for Prostate Cancer in the US," MDxHealth CEO Jan Groen said in a statement.

"With the acquisition of NovioGendix and continued development of our existing pipeline this past quarter, we have established a solid foundation for our expanded uro-oncology product offering and the progression of our global commercial strategy," he added. "Additionally, with promising data to date, and ongoing validation studies for our urine-based bladder cancer test, we continue to expand our novel liquid biopsy product pipeline, which we expect to be a key focus of our future commercial portfolio."