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MDxHealth Q1 Revenues Rise 20 Percent

NEW YORK – MDxHealth reported after the close of the market Wednesday a 20 percent increase in first quarter 2022 sales.

The Belgian molecular diagnostics company reported total revenues of $6.1 million for the three months ended March 31, up from $5.1 million for Q1 2021. Its service revenue jumped 27 percent to $6.1 million from $4.8 million year over year, while its license and royalty revenues were a mere $14,000 versus $258,000 in the comparable quarter of 2021.

Billable test volume for its ConfirmMDx test increased 6 percent year over year to 4,141 from 3,913, while test volume for its SelectMDx test inched up 2 percent to 3,311 from 3,259. ConfirmMDx is a tissue-based test intended to identify men at risk for undetected clinically significant prostate cancer after a negative biopsy, while SelectMDx is a urine-based test to identify men at risk for aggressive prostate cancer prior to an initial biopsy.

MDxHealth reported a Q1 net loss of $8.3 million, or $.05 per share, compared to a net loss of $6.2 million, or $.06 per share, for the first quarter of 2021.

The firm finished the quarter with $48 million in cash and cash equivalents.

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