NEW YORK – MDxHealth reported on Thursday that its third quarter revenues rose 23 percent year over year, largely due to a 23 percent increase in services revenues during the quarter.
For the three months ended Sept. 30, the diagnostics company said total revenues rose to $5.5 million from $4.5 million in the previous-year quarter.
Billable test volume for the firm's ConfirmMDx prostate cancer test grew 5 percent year over year to 3,748 in Q3 2021 from 3,579 in Q3 2020. However, test volume for the SelectMDx prostate cancer liquid biopsy test fell 1 percent to 3,218 in Q3 from 3,267 a year earlier.
"We remain firmly committed and focused on the execution of our growth strategy, despite the continued challenges presented by the virulent COVID-19 Delta variant," MDxHealth CEO Michael McGarrity said in a statement. "Despite the unavoidable challenges presented by the resurgent pandemic and its impact on screenings and patient flow, MDxHealth's strong business fundamentals and emphasis on focus and execution remain unchanged."
McGarrity further noted that SelectMDx has now been included in the National Cancer Center Network Guidelines. He also highlighted a decision made last quarter by Medicare contractor Palmetto GBA to release a draft local coverage determination that cited evidence of SelectMDx's clinical utility. The LCD is expected to support coverage of the test for Medicare beneficiaries once it's finalized.
Finally, McGarrity referred to the company's introduction at the end of the half year of a urinary tract infection diagnostic panel to some urology practices as a first step into the urology market. The panel provides both organism identification and drug susceptibility, McGarrity said, and the company is "encouraged by our initial introduction."
MDxHealth had $24.7 million in cash and cash equivalents at the end of the quarter.
Last week, MDxHealth publicly filed a registration statement with the US Securities and Exchange Commission relating to a proposed initial public offering of American depositary shares in the US for a maximum aggregate offering price of $30 million. The company — which has headquarters in Herstal, Belgium, and Irvine, California — has applied to list the ADSs on the Nasdaq Capital Market under the symbol MDXH.