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MDxHealth Q4 Revenues Bounce 89 Percent

NEW YORK (GenomeWeb News) – MDxHealth today said that revenues in the fourth quarter increased 89 percent year over year, though its net loss widened.

For the three months ended Dec. 31, 2012, the molecular diagnostics firm took in €1.7 million ($2.2 million) in revenues, compared to €900,000 a year ago. MDxHealth attributed the improvement to its ClinicalMDx and PharmacoDx products and services, though it did not elaborate.

Operating expenses in the fourth quarter increased 55 percent to €3.4 million from €2.2 million a year ago, as the firm built up its US operations in support of its commercialization of the ConfirmMDx for Prostate Cancer test.

MDxHealth's net loss increased to €2.4 million, or €.09 per share, up from a net loss of €1.3 million, or €.07 per share, a year ago.

Revenues for full-year 2012 jumped 70 percent to €4.6 million from €2.7 million in 2011. The company began recognizing revenues for its ClinicalMDx products and services during the year after launching the ConfirmMDx for Prostate Cancer test in May 2012. It began billing third-party payors in the US during the third quarter, it said, and added that it holds claims to Medicare and will pursue payment following a review and possible approval from the Centers for Medicare and Medicaid Services.

MDxHealth said it anticipates approval occurring this year.

Operating expenses for 2012 grew 33 percent to €12.6 million from €9.5 million in 2011.

The firm's net loss expanded to €9.0 million, or €.35 per share, from a net loss of €6.9 million, or €.37 per share, in 2011. MDxHealth said the loss in 2012 resulted from expanded development and commercialization efforts.

It ended the year with €11.7 million.

For 2013 the company said that it plans to accelerate the sales of its prostate cancer test, while also developing and validating tests in support of its ClinicalMDx services offerings through its CLIA laboratory. In Belgium, it will focus on assay development and service activities for its drug development partners.

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