NEW YORK (GenomeWeb) – MDxHealth reported today that its first quarter revenues dropped 51 percent year over year due to the organizational changes during the transitory period.
For the three months ended March 31, the molecular diagnostics company's revenues fell to $4.7 million from $9.7 million in Q1 2018.
MDxHealth reported an operating loss of $8.6 million for the quarter, up 28 percent from $6.7 million a year ago.
ConfirmMDx — a prostate cancer risk test which represent 40 percent of product revenues — experienced a 7 percent drop in global test volume to 4,445 in Q1 from 5,800 a year ago. Total global commercial test volumes from SelectMDx, which helps identify patients at increased risk for aggressive prostate cancer, jumped 89 percent to 6,616 from 3,500 in the same period last year. Total test volumes for Q1 grew 19 percent to 11,061 from 9,263 in Q1 2018.
"The first-quarter results reflect the organization changes implemented during this transitional period for [the firm]," MDxHealth CEO Michael McGarrity — who was appointed to the role in February — said in a statement. "We are encouraged by the early uptake of SelectMDx in the market and are confident in its contribution along with ConfirmMDx to our growth and longer-term strategy."
The firm said that its 1,955-patient clinical validation study and optimization study yielded positive data for SelectMDx. The test, according to the study can accurately predict low-risk and aggressive prostate cancer across all patient groups. In addition, the firm presented another study that highlighted the potential for annual cost savings of nearly $500 million if the assay is used before multiparametric magnetic resonance imaging for identifying US patients at high risk of aggressive prostate cancer.
The firm ended the quarter with $17.4 million in cash and cash equivalents.