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MDxHealth Posts Flat Year-Over-Year Revenues for 2018

NEW YORK (GenomeWeb) — MDxHealth reported today flat year-over-year revenues for 2018 amid a decline in US test volume of its flagship ConfirmMDx prostate cancer tissue test.

For the full-year 2018, MDxHealth posted revenues of $28.4 million, in line with the its January preliminary revenue estimate and unchanged from the year before. Including the one-time sale of its colorectal cancer-related patents to Exact Sciences last year, MDxHealth's 2017 revenues were $40.5 million.

ConfirmMDx — which accounted for 87 percent of MDxHealth's total product and service revenues in 2018 — experienced a 5 percent drop in US test volume to 20,300 from 21,400 the year before. Total test volume worldwide rose 18 percent to 39,100 from 33,100, benefitting from a 61 percent increase in test volume globally of MDxHealth's SelectMDx urine-based prostate cancer test.

MDxHealth's net loss for 2018 grew to $32.5 million, or $.54 per share, from $12.3 million, or $.25 per share, a year earlier. Contributing to the higher loss was a nearly 15 percent increase in the Belgian firm's operating expenses to $48.8 million from $42.6 million due to an expansion of its US sales force, as well as its European commercial and laboratory staff.

MDxHealth noted that it had a total of 186 employees at the end of 2018 versus 232 the year before, reflecting a recent reorganization designed to trim $10 million in annual costs by realigning US sales territories. That plan also includes focusing operational departments solely on supporting ConfirmMDx and SelectMDx, delaying planned investments in two new prostate cancer tests, and postponing the commercial rollout of the AssureMDx bladder cancer test until later this year in order to complete validation and health economic studies to support reimbursement in the US.

At the end of 2018, MDxHealth had cash and cash equivalents totaling $26.2 million.