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MDxHealth Q4 Revenues Down 43 Percent, Continues Preparation for Prostate Cancer Test Launch

NEW YORK (GenomeWeb News) – MDx Health today reported that revenues in the third quarter declined 43 percent year over year.

For the period ended September 30, total revenues were €378,000 ($511,000), down from €669,000 a year ago, with commercial revenues of €267,000 down 41 percent from €451,000 a year ago.

Net loss for the quarter increased 27 percent to €1.9 million from a net loss of €1.5 million a year ago.

In August, MDxHealth established a laboratory in Irvine, Calif., and filed for CLIA certification of the facility. The company said in a statement today that through its Irvine laboratory, it is preparing to sell its Prostate ConfirMDx test for prostate cancer across the US in the first half of 2012.

For the fourth quarter, it anticipates monthly costs and cash burn to be up by about 25 percent "compared to earlier quarters of 2011 as the company prepares its US CLIA lab for the commercial launch of its first test." Revenues are anticipated to increase only when the prostate cancer test is launched. Overall costs are expected to be lower in 2011, compared to 2010, it added, and cash burn for the year is also expected to be down from 2010.

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