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MDxHealth Reports Sharp Rise in Q4 Revenues

NEW YORK (GenomeWeb) – MDxHealth today reported that its fourth quarter revenues more than doubled year over year on a sharp rise in ConfirmMDx sales. 

The company said that total revenues increased to $3.4 million in the quarter, up from $1.6 million in Q4 2013. Revenues from the ConfirmMDx prostate cancer test rose to $2.4 million from $1.2 million as test volume increased 46 percent to more than 3,300 tests from 2,300 tests in the year-ago quarter. 

Its net loss for the quarter shrank to $3 million, or $.08 per share, from a net loss of $4.4 million, or $.13 per share, a year ago. 

Company highlights in the recently completed quarter included a local coverage determination for Medicare reimbursement of ConfirmMDx through Palmetto GBA.

For full-year 2014, MDxHealth's revenues rose 54 percent year over year to $11.7 million from $7.6 million in 2013, the firm said. ConfirmMDx revenues shot up to $9.4 million from $3.7 million as test volume increased 76 percent to 12,300 patients last year from about 7,000 patients in 2013. 

The firm's net loss for 2014 narrowed to $15.3 million, or $.40 per share, from a net loss of $16.2 million, or $.47 per share, in 2013. 

MDxHealth finished the year with $18.9 million in cash and cash equivalents. 

In a statement, MDxHealth CEO Jan Groen said that the company continues to make enhancements to ConfirmMDx. "Based on recent clinical and scientific studies, we developed a risk score for ConfirmMDx methylation-positive men," he said. "We believe this score will improve the risk stratification of biopsy-negative men who may be harboring undetected, aggressive prostate cancer, further augmenting the clinical value provided by ConfirmMDx." 

For FY 2015, the firm guided to revenues of between $16 million and $20 million and ConfirmMDx volume of 15,000 to 17,000 tests. It said that it anticipates completing its PASCUAL randomized clinical utility trial for ConfirmMDx during the year and to publish research on the test's risk score profile, as well as results from a validation study for the ConfirmMDx test for bladder cancer.