NEW YORK – MDxHealth on Wednesday reported that its third quarter revenues rose 21 percent to $23.3 million from $19.4 million in Q3 2023.
When adjusted for a one-time backlog of Select MDx revenue in Q3 2023 following the finalization of Medicare coverage, revenues increased 27 percent.
Tissue-based testing volumes, which include the post-biopsy Confirm MDx test and the Genomic Prostate Score test, increased 36 percent to 10,767, the company said. Liquid-based testing volumes, which include the urine-based liquid biopsy Select MDx test, the Resolve MDx urinary tract infection test, and the Germline test, increased 24 percent to 12,028.
Tissue-based tests comprised 80 percent of Q3 revenues, the Irvine, California-based company said in a statement.
The firm said it had a net loss of $11.2 million for Q3, or $.40 per share, compared to a loss of $10.0 million, or $.37 per share, in the prior-year quarter. Net loss increased in the recently completed quarter due to the timing of clinical study expenses, the laboratory transition for the Genomic Prostate Score test, the backlog of approximately $1 million in Select MDx revenue in Q3 2023, and sales incentive compensation, MDxHealth said.
MDxHealth CEO Michael McGarrity said in a statement that the firm is raising its 2024 revenue guidance from between $85 million and $87 million to between $87 million and $89 million. He added that the company expects its 2025 revenue to meet or exceed its long-term objective of 20 percent sustainable growth.
"Demand for our comprehensive menu remains robust, and we have commercial and market access teams in place to drive sustainable growth," McGarrity said. "We also strengthened our balance sheet during the quarter, with participation from existing and new investors, which enables us to drive continued growth and deliver on our view of turning adjusted EBITDA positive in the first half of next year."
MDxHealth ended the quarter with $49.3 million in cash and cash equivalents.