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MDxHealth Q3 Revenues Increase 145 Percent but Loss Widens

NEW YORK (GenomeWeb News) – MDxHealth said today that revenues in the third quarter rose 145 percent year over year, driven by a 141 percent increase in commercial revenues.

For the three months ended Sept. 30, MDxHealth's total revenues increased to €925,000 ($1.2 million) from €378,000 a year ago, as its commercial revenues climbed to €644,000 from €267,000.

The firm, based in Liege, Belgium, and with offices in Irvine, Calif., did not disclose its expenses for the third quarter. Its net loss for the period increased to €2.3 million from €1.9 million a year ago.

MDxHealth finished the quarter with €13.9 million in cash and cash equivalents.

Highlights in the third quarter included accreditation by the College of American Pathologists, as well as the expansion of an existing deal with Merck KGaA to include MDxHealth's PredictMDx for Glioblastoma test. The company also raised $12.4 million in July in a private placement.

In May, MDxHealth launched its ConfirmMDx for Prostate Cancer test. Today, CEO Jan Groen said the firm is "very pleased with the acceptance" of the test among urologists in the US "as evidenced by our sales growth."

"Based on the favorable market reception, it is clear that our epigenetic test provides urologists with valuable information to help address false-negative biopsy concerns with their patients," he added. "This early success gives me confidence that ConfirmMDx will also deliver value for the company and its shareholders."

The company said that its health economic study for the test, which will provide cost comparison data, is scheduled to be submitted for publication. It didn't provide a timeline for that submission.

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