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MDxHealth 2016 Revenues Up 70 Percent

NEW YORK (GenomeWeb) – Belgian diagnostics company MDxHealth reported before the opening of the market on Thursday that its full-year 2016 revenues rose 70 percent, driven by strong growth in its ConfirmMDx prostate cancer test and the launch of its SelectMDx liquid biopsy test.

The company reported total revenues of $30.0 million, up from $17.6 million in 2015. Of the total, US revenues rose 60 percent to $24.4 million from $15.2 million in 2015, and non-US revenues rose 133 percent to $5.6 million from $2.4 million.

"The strong progress made in 2016 with the accelerated adoption of ConfirmMDx and the successful launch of our first liquid biopsy test, SelectMDx, demonstrates the significant potential of MDxHealth's world leading urological oncology franchise," MDxHealth CEO Jan Groen said in a statement. "With the ongoing roll out of SelectMDx, together with the planned launch of our second liquid biopsy test AssureMDx for Bladder Cancer this year, the company continues to make rapid and meaningful progress in the expansion of its portfolio of products that address unmet medical needs for cancer patients, while leveraging the commercial infrastructure we have built over the last several years."

MDxHealth said it tested nearly 24,000 patients worldwide across all its products in 2016, with approximately 17 percent of the total using SelectMDx. The firm also noted that ConfirmMDx was included in the US National Comprehensive Cancer Network Clinical Guidelines, and that it signed 19 new reimbursement contracts during the year and received positive medical policies on ConfirmMDx in the US from 28 payors. Further, SelectMDx has received 11 positive coverage decisions since its launch.

The company also announced today that it has signed a distribution agreement to make SelectMDx available to Istituto Diagnostico Varelli's urology patients in central and southern Italy. Under the terms of the agreement, Istituto Diagnostico Varelli will serve as a non-exclusive distributor in five regions —Lazio, Apulia, Campania, Calabria, and Basilicata. Samples will be sent to MDxHealth's clinical diagnostic laboratory in the Netherlands for analysis.

The company's 2016 net loss narrowed to $13.2 million, or $.26 per share, from $14.5 million, or $.32 per share, in 2015.

At the end of the year, MDxHealth had cash and cash equivalents of $30.8 million, after having raised $21.7 million in a private placement of 4.5 million new shares.