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ConfirmMDx Sales Drive up MDxHealth H1 Revenues 65 Percent

NEW YORK (GenomeWeb) – MDxHealth today said that its revenues for the first half of 2015 increased 65 percent on 77 percent growth in revenues from its ConfirmMDx prostate cancer test. 

The company reported total revenues of $7.9 million for the six months ended June 30, up from $4.8 million in H1 2014. ConfirmMDx revenues, meanwhile, increased to $6.9 million from $3.9 million as three health insurers began covering the test. Medicare contractor Palmetto GBA provided a draft local coverage decision on the test last year.

MDxHealth added that it expanded its billing department, which improved cash collections. 

ConfirmMDx volume, however, was flat year over year at about 5,500, reflecting the impact of severe weather in the northeastern US, as well as MDxHealth's decision to allocate "significant" resources to increase reimbursement for the test, the firm said. 

MDxHealth posted a net loss of $5.5 million, or $.12 per share, compared to a net loss of $8 million, or $.23 per share, in H1 2015. Its operating expenses were flat year over year at $10.4 million. 

The company said that in the first half of the year it completed enrollment of 600 patients for its PASCUAL randomized clinical utility trial for ConfirmMDx and expects to complete the study in early 2017 as originally planned. 

In a statement, MDxHealth CEO Jan Groen said that following an equity placement in June, the firm has increased its direct sales team by 50 percent to increase ConfirmMDx volume growth for the remainder of 2015. He added that a key focus for the company is developing liquid biopsy tests. 

The company maintained its guidance for full-year 2015 revenues of between $16 million and $20 million with ConfirmMDx case volumes of between 15,000 and 17,000.