NEW YORK (GenomeWeb) — MDxHealth today reported that its total revenues for the first half of 2018 dropped 29 percent year over year while product and service revenues grew 38 percent.
For the six-month period ended June 30, MDxHealth posted total revenues of $17.2 million, versus $24.3 million in the same period the year before. Revenues for the first half of 2017, however, included $12.1 million from the one-time sale of colorectal cancer-related patents to Exact Sciences.
Total product and service revenues in the first half of 2018 climbed to $16.6 million from $12.0 million, with sales of the company's SelectMDx and ConfirmMDx prostate cancer tests increasing nearly 29 percent to $15.3 million from $11.9 million.
Revenues from ConfirmMDx — which is designed to address false-negative biopsy concerns and is sold only in the US — accounted for 92 percent of total H1 product revenues, with patient test volume rising 11 percent to 11,139. Meanwhile, global volume of SelectMDx — which is used to identify patients at increased risk for aggressive disease — rose 67 percent year over year to 8,980 in the first half of 2018.
MDxHealth reported a H1 net loss of $15.1 million, or $.27 per share, versus a year-ago profit of $538,000, or $.01 per share — a change the company said reflects the impact of the Exact Sciences payment last year.
Operating expenses during the first six months of 2018 rose 36 percent to $25.5 million from $18.7 million as MDxHealth continued development of new products such as InformMDx — a tissue-based test to stratify prostate cancer patients according to risk of disease progression — and MonitorMDx — a liquid biopsy designed to guide clinical decision-making for castration-resistant prostate cancer.
At the end of June, Herstal, Belgium-based MDxHealth had cash and cash equivalents totaling $40.9 million.
"We have made good operational progress during the first half of 2018, and are pleased with the healthy double-digit growth of overall clinical testing volumes," MDxHealth CEO Jan Groen said in a statement. "Throughout the period, we continued to deliver on our stated four strategic objectives," which include driving provider and payor adoption of the company's tests; expanding clinical indications for SelectMDx; porting its tests onto in vitro diagnostic sample-to-answer platforms; and partnering with pharmaceutical companies.