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MDxHealth Q4 Revenues Drop 24 Percent as FY 2013 Sales Climb 29 Percent

NEW YORK (GenomeWeb News) – MDxHealth today reported a 24 percent drop in revenues for its fourth quarter.

For the three months ended Dec. 31, 2013, the company said revenues fell to $1.6 million, compared to $2.1 million in the year-ago period, as PharmacoMDx revenues decreased due to the timing of the completion of projects, and focus shifted to ClinicalMDx opportunities, it said.

Revenues from the company's ConfirmMDx for Prostate Cancer test increased to $1.2 million from $400,000 a year ago and comprised 75 percent of total revenues for the recently completed quarter, compared to 20 percent in the year-ago period. The epigenetics-based test was launched in May 2012.

MDxHealth's net loss in the quarter was $4.4 million, or $.13 per share, compared to a net loss of $3.1 million, or $.12 per share, a year ago.

Its total operating expenses in Q4 2013 dropped 16 percent year over year to $3.7 million from $4.4 million, MDxHealth said.

For full-year 2013, revenues increased 29 percent to $7.6 million from $5.9 million. ConfirmMDx revenues increased to $3.8 million from $400,000 in 2012. The test made up half of the company's total revenues for 2013, compared to 8 percent in 2012, it said.

MDxHealth reported a net loss of $16.2 million for 2013, or $.47 per share, up from $11.5 million, or $.45 per share, a year ago.

The firm's operating expenses were up 10 percent year over year to $17.8 million from $16.2 million.

It ended 2013 with $24.7 million in cash and cash equivalents.

"In line with our expectations, we experienced sharp growth in ConfirmMDx case volume with close to 7,000 patient cases reported in 2013," MDxHealth CEO Jan Groen said in a statement. "ConfirmMDx case volume in Q4 2013 grew to more than 2,300 patients, compared to approximately 660 patients tested in Q4 2012. Since launch, [more than] 1,000 urologists have ordered the ConfirmMDx test, representing approximately 10 percent of US practicing urologists."

The company said that it plans to expand its US sales force to 20 representatives from 15 and to double its billing and collections department in the first quarter of this year in order to accelerate its revenue cycle and reimbursement.

It added that in 2014 it anticipates a "significant increase" in ConfirmMDx test volume, and expects Medicare coverage of the test. While operating expenses are expected to increase, collections from private third-party payors and testing volume are projected to increase also, improving revenue recognition and cash inflow, MDxHealth said.

"Therefore the 2014 net loss and net cash burn are expected to improve compared to 2013," it said.