MDxHealth

For the three months ended March 31, the molecular diagnostics company's revenues fell to $4.7 million from $9.7 million in Q1 2018. 

The company also reported higher operating costs due to an expansion of its US sales force, as well as its European commercial and laboratory staff.

As part of the agreement, LifeLabs will serve as an exclusive distributor for MDxHealth's non-invasive liquid biopsy prostate cancer assay In Canada.

The firm has also begun an initiative to reduce and deliver sustainable revenue growth for 2019 to compensate for commercial challenges in the US market.

With the approval, MDxHealth can now offer its liquid biopsy molecular diagnostic assay in all 50 US states.

Though the firm's total revenues were down year over year, its product and service revenue soared on sales of its ConfirmMDx Prostate cancer assay.

Excluding the impact of the one-time sale of patents last year, the company's revenues climbed 38 percent on strong product and service revenue growth.

The final LCD, which expands Medicare coverage of the firm's ConfirmMDx test to all providers, becomes effective on Sept. 3.

The agreement grants MDxHealth the rights to manufacture and market the phosphodiesterase-4D7 biomarker as a prognostic test.