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MDxHealth's Q1 Revenues Jump More Than 50 Percent

NEW YORK (GenomeWeb News) – MDxHealth today reported a roughly 53 percent increase in its first-quarter revenues year over year driven by sales of its prostate cancer molecular test.

The Liege, Belgium-based firm said that total revenues for the three months ended March 31 were €1.1 million ($1.4 million), up from €719,000 for the first quarter of 2012. All of its revenues were derived from commercial product and service sales. The first quarter of last year included €137,000 in grant revenue.

"In Q1 2013, we recorded considerable growth in the sales of our ConfirmMDx for Prostate Cancer test," MDxHealth CEO Jan Groen said in a statement. "At the time of this release, we have surpassed a key milestone of 1,500 ConfirmMDx tests sold this year, exceeding the total number of tests sold in 2012. We experienced an increased rate of adoption within the urology community, adding new clients and further establishing a solid base of repeat clients, with nearly 400 urologists ordering ConfirmMDx to date."

MDxHealth posted a net loss of €2.9 million for the quarter, up sharply from a loss of €1.9 million in Q1 2012. The firm said that the increase was due to a sharp uptick in spending, €4 million versus €1.4 million, due to expansion of the firm's commercial operations aimed at accelerating adoption of the ConfirmMDx test.

MDxHealth noted that it recognizes revenue from test sales based on cash collection, which can delay reported revenues from these sales by one or more calendar quarters. However, it noted today that as billing and reimbursement trends are established with payors, it will transition to an accrual-based revenue recognition policy. In addition, the firm said that it has "held claims to Medicare and will pursue payment once Medicare has reviewed and approved the company's medical dossier and finalizes reimbursement for the test, expected in 2013."

MDxHealth finished the quarter with €9.5 million in cash and cash equivalents.

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