NEW YORK (GenomeWeb) – MDxHealth reported today a 66 percent increase in first quarter revenues as the company benefitted from the inclusion of its ConfirmMDx prostate cancer test in the 2016 National Comprehensive Cancer Network (NCCN) guidelines.
For the three-month period ended March 31, MDxHealth's revenues increased to $6.7 million from $4 million the year before. In March, the NCCN included ConfirmMDx in its guidelines for prostate cancer screening — a "major milestone" for the company that "continues to pay dividends in terms of driving market adoption and reimbursement," MDxHealth CEO Jan Groen said in a statement.
MDxHealth's net loss in the quarter grew to $3.4 million from $2.5 million, an increase the company attributed to a 58 percent jump in operating costs to $7.9 million from $5 million, amid the expansion of its commercial operations to boost sales of ConfirmMDx and to support the recent launch of its SelectMDx urine-based prostate cancer test in the US.
At the end of the first quarter, Herstal, Belgium-based MDxHealth had cash and cash equivalents totaling $25.1 million.
Looking ahead, MDxHealth said that it expects revenues to grow between 30 percent and 50 percent over the remainder of 2016. It also said that it plans to introduce the AssureMDx urine-based bladder cancer test in the US in the second half of the year.