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MDxHealth Q3 2020 Revenues Drop 6 Percent

NEW YORK – MDxHealth reported on Wednesday that its third quarter revenues fell 6 percent year over year, primarily due to the impact from the COVID-19 pandemic.

For the three months ended Sept. 30, the Belgian molecular diagnostics firm's revenue for the fell to $4.5 million from $4.7 million in Q3 2019.

The firm saw a 17 percent decline in ConfirmMDx prostate cancer test volume to 3,579 tests from 4,305 in Q3 2019. It also saw a 24 percent decline in SelectMDx prostate cancer test volume to 3,237 from 4,273 compared to the prior year period.

"While the pandemic continues to have an impact on our business mainly through reduced patient flow and access, our results clearly indicate that we are outperforming the market for both ConfirmMDx and SelectMDx testing volumes," MDxHealth CEO Michael McGarrity said in a statement.

MDxHealth expects ConfirmMDx volumes to trend upward as patient flow and access improves in the US. The firm said it is seeing a consistent trend among its key clinician customers to obtain ConfirmMDx results for their patients earlier in the diagnostic pathway.

"We were also very encouraged by the recent inclusion of SelectMDx into the National Comprehensive Cancer Network guidelines," McGarrity added. "This recognition of our SelectMDx test signifies the highest standard of acknowledgement for clinical utility in the diagnosis and treatment of prostate cancer."

MDxHealth finished the quarter with $21.4 million in cash.