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MDxHealth Revenues Down 35 Percent for Nine-Month 2019 Period

NEW YORK – MDxHealth reported on Monday that its revenues for the first nine months of 2019 fell 35 percent year over year, primarily as a result of adjustments in accounts receivable, payor mix, and the timing of test kit collections.

For the nine months ended Sept. 30, the diagnostics company reported revenues of $15.6 million, down from $24.0 million in the year-ago period. Product revenues fell 31 percent to $15.3 million from $22.1 million, and income from royalties and patents fell 82 percent to $342,000 from $1.9 million.

Billable test volume for the company's ConfirmMDx prostate cancer test was down 13 percent to 13,037 from 14,975 a year ago. This was primarily due to non-recurring volume from a utility study conducted last year as well as instability and restructuring of the firm's commercial organization. For the three months ended Sept. 30, billable test volume rose 5 percent to 4,305 from 4,111.

Global billable test volume for MDxHealth's SelectMDx prostate cancer test during the nine months rose 84 percent to 16,801 from 9,153 for the same period last year. For the three months ended Sept. 30, global billable test volume was up 50 percent to 4,273 from 2,840 year over year.

"During this transitional period for MDxHealth we have set a foundation that will enable us to drive growth into our best-in-class menu which provides a pathway for both clinicians and patients screened for prostate cancer. We are confident that our refocused commercial organization, strengthened leadership team, financial operating discipline, and clear strategic focus will serve as drivers of revenue growth," MDxHealth CEO Michael McGarrity said in a statement.

McGarrity also noted that the firm received a draft local coverage determination during the third quarter for SelectMDx, and said that the final issuance of coverage "will drive immediate revenue growth for that segment of our customer base."

For the nine-month period, the company's net loss narrowed to $20.9 million, or $.35 per share, from $22.8 million, or $.40 per share, a year ago.

MDxHealth ended the period with cash and cash equivalents of $16.4 million.