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MDxHealth Q2 Revenues Rise 63 Percent on Higher Prostate Cancer Test Sales

NEW YORK (GenomeWeb) –MDxHealth reported today a 63 percent increase in second quarter revenues driven primarily by accelerated sales of its ConfirmMDx prostate cancer test. 

For the three-month period ended June 30, the firm reported revenues of $6.3 million compared to $3.9 million in Q2 2015.

"Inclusion of our ConfirmMDx test in the US National Comprehensive Cancer Network Clinical Guidelines in Q1 enabled us to effectively execute on key growth drivers, supporting further clinical adoption, facilitating contract negotiations with new payors, and resulting in a sharp increase in revenues," Jan Groen, MDxHealth's CEO, said in a statement.

In the first half of 2016, the firm said it negotiated ten new or expanded payor agreements for ConfirmMDx, driving year-over-year sales growth of 56 percent to $10.8 million from $6.9 million. The ConfirmMDx payor agreements were with Gilsbar 360, USA MCO, Fortified Provider Network, Vanderbilt, JVHL, Blue Cross Blue Shield of Alaska, Fallon Community Health Plan, Three Rivers, Prime Health Services, and Equian.

Q2 sales for ConfirmMDx were up 79 percent year-over-year to $5.6 million from $3.1 million. More than 3,000 urologists have ordered the test for clinical use with nearly 45,000 men at risk for prostate cancer. 

Following the US launch in March of SelectMDx, a reverse transcription PCR assay that provides the likelihood of detecting prostate cancer upon biopsy, MDxHealth signed six new payor agreements for the test — with MultiPlan, Interwest Health, Midland's Choice, Intergroup Network Services, Fortified Provider Network, and Equian. Greater clinical adoption by urologists yielded more than 1,000 people tested, the firm said, and results of a validation study published during H1 in European Urology spurred adoption.  

In June, MDxHealth granted a non-exclusive worldwide license for its patented methylation-specific PCR (MSP) technology to Qiagen for use in its QIAsure assay, a CE-marked test for use in differentiating patients' risk of developing cervical cancer.

MDxHealth's Q2 net loss widened to $4.2 million, or $0.09 per share, from $3.0 million, or $0.07 per share in the prior year quarter.

At the end of the first quarter, MDxHealth had cash and cash equivalents totaling $20.1 million.

The firm said that during the second half of this year, it expects revenue growth between 30 percent and 50 percent, and it has plans to introduce the AssureMDx urine-based bladder cancer test in the US.