MDxHealth Reports Half Year 2018 Results
IRVINE, Calif. and HERSTAL, Belgium, Aug. 30, 2018 /PRNewswire/ -- MDxHealth SA (Euronext: MDXH.BR), today announced financial results for the half year ended June 30, 2018 and provided an update on its strategic outlook.
First half highlights and recent developments
Product and service revenue of $16.6 million, up 39% from $12.0 million in H1 2017. Total revenue of $17.2 million, compared to normalized total revenue of $12.2 million during H1 2017. Including the one-time $12.1 million revenue from the sale of patents, H1 2017 revenue amounted to a total of $24.3 million
ConfirmMDx remains the key revenue driver and grew 28% to $14.2 million driven by increased reimbursement, expanded Medicare coverage and overall improved cash collection
SelectMDx is now included in the 2018 European Association of Urology (EAU) guidelines. Total SelectMDx revenue grew 46% from $0.8 million in H1 2017 to $1.1 million
Expanding product portfolio through a licensing agreement with Royal Philips N.V. to finalize the development of InformMDx (a tissue-based test to stratify patients according to their risk of disease progression) in the course of 2019, and completion of a clinical validation study for MonitorMDx (a liquid biopsy test designed to guide the personalised treatment of castration resistant prostate cancer patients)
"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," said Dr. Jan Groen, Chief Executive Officer of MDxHealth. "Throughout the period, we continued to deliver on our stated four strategic objectives.
"We continue to be confident in our ability to achieve a higher level of product and services revenue growth than in 2017. We look forward to keeping the market updated as the year progresses."
For more detailed financial and operational highlights, view the full release on mdxhealth.com
MDxHealth is a multinational healthcare company that provides actionable molecular diagnostic information to personalize the diagnosis and treatment of cancer. The company's tests are based on proprietary genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, and prediction of response to a specific therapy. The Company's European headquarters are in Herstal, Belgium, with laboratory operations in Nijmegen, The Netherlands, and US headquarters and laboratory operations based in Irvine, California. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.
For more information:
*The SelectMDx IVD PCR kit is not available in all geographies and/or may not be approved for all uses discussed in this press release. It is currently not available for use in the United States.
This press release contains forward-looking statements and estimates with respect to the anticipated future performance of MDxHealth and the market in which it operates. Such statements and estimates are based on assumptions and assessments of known and unknown risks, uncertainties and other factors, which were deemed reasonable but may not prove to be correct. Actual events are difficult to predict, may depend upon factors that are beyond the company's control, and may turn out to be materially different. MDxHealth expressly disclaims any obligation to update any such forward-looking statements in this release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based unless required by law or regulation. This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.
NOTE: The MDxHealth logo, MDxHealth, ConfirmMDx, SelectMDx, AssureMDx, PredictMDx, InformMDx, MonitorMDx and UrNCollect are trademarks or registered trademarks of MDxHealth SA.