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MDxHealth's First-Half 2012 Revenues Rise 43 Percent

NEW YORK (GenomeWeb News) – MDxHealth today reported that its first-half 2012 revenues climbed 43 percent on a sharp uptick in commercial revenues.

The Liege, Belgium-based molecular diagnostics firm reported total revenues of €2 million ($2.5 million) for the six-month period ended June 30, compared to revenues of €1.4 million for the first half of 2011.

MDxHealth said that its PharmacoMDx revenues grew 54 percent to €908,000, while its ClinicalMDx revenues were up 122 percent to €413,000. It said that income from government grants and other sources fell 5 percent. Its commercial revenues for the first half totaled €1.5 million versus €819,000 for the comparable period in 2011.

During the first six months of 2012, MDxHealth inked a co-promotional deal with Plus Diagnostics aimed at building awareness of the firm's ConfirmMDx test through its national network of urologists. The firm also expanded a companion diagnostic agreement with Merck KGaA to include the continued development and worldwide commercialization of MDxHealth's PredictMDx for Glioblastoma test.

"In the first half of 2012, we accomplished many milestones to support the commercialization of our ConfirmMDx product for prostate cancer in the US market," MDxHealth CEO Jan Groen said in a statement. "To date, the test has been well received by urologists and sales are on track with our forecast. We saw double-digit growth of revenue in both our ClinicalMDx and PharmacoMDx businesses compared to the first half of 2011, and we expect full-year 2012 revenues to exceed 2011 levels as second half revenues continue to increase."

MDxHealth's net loss for the first half of 2012 was €4.3 million, up from €3.8 million as the firm's cahs use increased with the scale up of US sales and marketing efforts and expenses associated with the establishment of its CLIA lab.

MDxHealth finished the first half with €6.6 million in cash and cash equivalents. However, that amount does not include gross proceeds of €10 million from a private placement on July 4, 2012.

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