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MDxHealth Revenues Up in First Four Months of 2017

NEW YORK (GenomeWeb) – Belgian diagnostics company MDxHealth announced today a 128 percent increase in revenues for the first four months of 2017.

For the four-month period ended April 30, MDxHealth's revenues climbed to $19.4 million from $8.5 million year over year. Contributing to the increase was a 25 percent rise in the number of patients tested with the company's ConfirmMDx and recently launched SelectMDx prostate cancer assays to 8,000 from 6,400.

MDxHealth also said that it had cash and cash equivalents totaling $35.1 million as of April 30, which includes $15 million received from Exact Sciences for the rights to its colorectal cancer-related patents.

Looking ahead, MDxHealth said that it is maintaining its full-year 2017 guidance of between 55 percent and 75 percent growth on product and service income, and that it anticipates increasing private payor adoption and securing favorable reimbursement rates for ConfirmMDx and SelectMDx in the US. The firm added that it continues to expect to launch its AssureMDx bladder cancer test — its second liquid biopsy test after SelectMDx — in 2017.