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MDxHealth Q3 Revenues up 62 Percent

NEW YORK (GenomeWeb News) – MDxHealth today reported that revenues in its third quarter climbed 62 percent year over year.

It said that total revenues for the three months ended Sept. 30 reached €1.5 million ($1.4 million), up from €925,000 a year ago. During the recently completed quarter MDxHealth tested more than 23,000 prostate biopsies from more than 2,100 patients, its CEO Jan Groen said, adding that the company made "strong progress toward equitable Medicare reimbursement."

It is in negotiations with Medicare administrator Palmetto to participate in the MolDx program run by the Centers for Medicare and Medicaid Services, and anticipates "a positive outcome in 2014," Groen said.

MDxHealth recorded a net loss of €3.0 million, compared to a net loss of €2.3 million a year ago, and exited the third quarter with €21.1 million in cash and cash equivalents.

During the quarter, MDxHealth signed on a number of payors, including FedMed, America's Choice Provider Network, Stratose, MultiPlan, and Three Rivers Provider Network. Also, New York certified the firm's ConfirmMDx test for prostate cancer, and MDxHealth inked deals with Bostwick Laboratories to market the test, and with HistoGeneX to provide molecular diagnostic testing services to drug manufacturers and oncologists.

Additionally, it signed a deal with Summit Pharmaceuticals International to bring MDxHealth's molecular diagnostic products to the Japanese market.