NEW YORK (GenomeWeb News) – Molecular diagnostics company MDxHealth today said that revenues for the first quarter more than doubled year over year as its Pharmaco Diagnostic business grew 203 percent.
For the three months ended March 31, revenues totaled €719,000 ($915,459), up from €335,000 a year ago. The bulk of the revenues came from its Pharmaco Diagnostics business, which posted €582,000 in revenues during the quarter. MDx Health added that royalty income grew in the quarter as Predictive Biosciences launched a bladder cancer test called CertNDx, based on MDx's methylation biomarkers.
The balance of MDxHealth's revenues came from grants, which are anticipated to decline as a percentage of the Belgium-based company's total revenues during the year.
Overall, spending increased about 17 percent year over year to €2.7 million, driven by the buildup of its US operations as it prepared for the launch of the Prostate ConfirmMDx test for prostate cancer, an effort which included the hiring of its own sales team, the company said. The test was launched earlier this week.
In April, MDxHealth and Plus Diagnostics reached an agreement to co-promote the test.
MDxHealth's net loss declined 5 percent in the first quarter to €1.9 million from €2 million a year ago.
The company finished the quarter with €9.6 million in cash and cash equivalents.