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MDxHealth H1 2021 Revenues Up 9 Percent As Testing Volumes Rebound

NEW YORK – MDxHealth reported Thursday after the close of the Belgian stock exchange that its revenues for the first half of 2021 increased 9 percent year over year.

For the six months ended June 30, total revenues grew to $10.7 million from $9.9 million in H1 2020. Service revenues grew 9 percent to $10.5 million from $9.6 million in the prior-year period. Revenues from royalties and licenses fell 5 percent to $269,000 from $284,000.

The company saw growth of 4 percent in ConfirmMDx prostate cancer test volume to 7,978 from 7,662 in H1 2020. It also saw an increase of 9 percent in SelectMDx prostate cancer test volume compared to the prior year period to 7,051 versus 6,462.

Revenue from ConfirmMDx represented more than 90 percent of product revenue for all periods, the company said in a statement.

During the period, Medicare contractor Palmetto GBA released a draft local coverage determination for biomarkers to stratify patients at increased risk for prostate cancer. The LCD cited evidence of the clinical utility of SelectMDx and is expected to support coverage of the test for Medicare beneficiaries once it's finalized.

At the end of the half year, the company made a urinary tract infection diagnostic panel available to some urology practices as a first step into the urology market, MDxHealth CEO Michael McGarrity said in a statement.

"We have restructured our sales and overall commercial team to not only drive growth of our core and expanding prostate cancer menu, but to also take advantage of additional opportunities to serve our customer base and leverage this channel," he added.

The company is also developing active surveillance of prostate cancer tests that would "provide clinically actionable results for urologists evaluating cancer patients for consideration of active surveillance," he said.

The firm's H1 net loss decreased slightly to $13.3 million, or $.12 per share, from $13.7 million, or $.18 per share, a year earlier.

MDxHealth had cash and cash equivalents of $31.3 million as of June 30. 

The company noted that Timothy Still, an independent non-executive director, stepped down from the board of the company on July 28.