NEW YORK (GenomeWeb) — MDxHealth reported today that its first quarter 2015 revenues increased 114 percent year over year.
The Belgian molecular diagnostics firm, which has its US office in Irvine, California, said that for the first three months of 2015 it took in $4.0 million in total revenues, up from $1.9 million in the year ago quarter.
Revenues from the firm's ConfirmMDx prostate cancer test shot up 177 percent in the quarter to $3.8 million from $1.4 million in Q1 2014. "This continued growth in revenue, in line with our 2015 revenue expectations, was driven by sustained adoption within the US urology community and positive reimbursement from payors," MDxHealth CEO Jan Groen said in a statement.
MDxHealth posted a net loss of $2.5 million in the quarter compared to $4.0 million for the previous year's quarter.
The firm said that it increased its overall spending to $5.0 million in Q1 2015 from $4.3 million the year before, primarily due to the expansion of its commercial operations.
As of March 31, 2015, MDxHealth had $14.3 million in cash and cash equivalents.
Looking ahead to the remainder of Fiscal Year 2015, the firm said that recent coverage of ConfirmMDx by Palmetto should increase test volume and revenue. The firm also said it planned to add at least 24 people to its sales staff by the end of 2015, which it expects to help grow ConfirmMDx test volume in line with its forecast for the year.