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MDxHealth Q1 Revenues up 36 Percent

NEW YORK (GenomeWeb) – MDxHealth today reported a 36 percent year-over-year increase in its first quarter revenues as sales of its prostate cancer test grew nearly five-fold.

The company said that total revenues were up to $1.9 million for the three months ended March 31, compared to $1.4 million a year ago. Revenues generated from the ConfirmMDx prostate cancer test increased to $1.4 million from $300,000 in Q1 2013, MDxHealth said, as test volume rose to about 2,300 cases in the recently completed quarter from about 900 cases a year ago.

"This sharp increase in volume shows continued rapid adoption of our test by the urology community," MDxHealth CEO Jan Groen said in a statement. He added that "growing insurance payor coverage continues to provide strong evidence of the clinical utility of ConfirmMDx."

The company has signed payor contracts recently with Galaxy Health Network, Prime Health Services, HealthSmart, and Fortified Provider Network.

For the quarter, MDxHealth posted a loss of $4.0 million, up from $3.8 million a year ago. Its overall spending was up to $6.2 million, a $900,000 increase from Q1 2013 as it expanded its commercial operations to accelerate sales of ConfirmMDx. The firm increased its sales force to 20 sales representatives during the quarter, it said.

MDxHealth ended the quarter with $19.7 million in cash and cash equivalents.

For the second quarter it expects to recognize more accrual-based revenue, but added that it also anticipates an increase in the number of non-contracted private third-party payors, leading to continued delays in collection and revenue recollection.

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