NEW YORK (GenomeWeb) – MDxHealth today reported that its revenues for the first half of 2014 increased 20 percent over the first half of 2013, driven by sales of its ConfirmMDx prostate cancer test.
The Belgian molecular diagnostics firm reported total revenues of $4.8 million for the six months ended June 30, up from $4 million in the first half of 2013.
It said that sales of its ConfirmMDx for Prostate Cancer test jumped to $3.9 million from $900,000 in the first half of 2013. Test volume more than doubled year over year to 5,500 patient cases tested from 2,400 in H1 2013. ConfirmMDx sales represented 81 percent of the overall revenue mix in the first half of the year compared to 23 percent in H1 2013.
"The fast growth of revenue was due to a combination of factors including test volume growth and increased recognition of revenue based on broader non-Medicare insurance coverage and improving payment and collection trends," MDxHealth CEO Jan Groen said in a statement. "We also achieved a significant milestone in the Medicare coverage process during this reporting period."
The firm noted that more than 155 insurers now pay for the test, which uses methylation-specific PCR to determine the epigenetic status of genes associated with prostate cancer – GSTP1, APC, and RASSF1.
Earlier this year, researchers reported in the journal American Health & Drug Benefits that the use of ConfirmMDx reduced repeat biopsies by 10-fold in patients with negative epigenetic test results compared to those treated according to standard histopathological measures. The study involved 138 patients at five urology practices who had had cancer negative biopsies over a period of 18 months, and researchers analyzed these patients using the ConfirmMDx test.
MDxHealth posted a net loss of $8 million, or $.23 per share, compared to a loss of $7.8 million, or $.23 per share, in last year's first half.
Its R&D spending dropped sharply to $1.3 million from $3.2 million, while its SG&A expenses climbed 33 percent to $9.2 million from $6.9 million.
MDxHealth finished the first half of the year with $12.7 million in cash and cash equivalents.
The firm also noted that it will receive milestone payments and royalties from Exact Sciences, which last week gained US Food and Drug Administration approval for its Cologuard colorectal cancer screening test.