NEW YORK — MDxHealth on Wednesday said that its second quarter revenues grew 33 percent year over year as volume for both its tissue-based and liquid-based testing businesses rose.
The firm said last month that its Q2 revenues were expected to rise about 32 percent.
For the three months ended June 30, the company's revenues increased to $22.2 million from $16.7 million a year ago. Volume for MDxHealth's tissue-based Confirm mdx and GPS tests rose 15 percent year over year to 10,050 tests in the recently completed quarter, the company said, while volume for its liquid-based Select mdx and Resolve mdx tests grew 35 percent to 11,047 tests.
"We continue to see strength in both adoption and pricing for both the Confirm and GPS tests, which will drive sustainable growth as we go forward," MDxHealth CEO Michael McGarrity said in a statement.
The company, which has offices in Irvine, California and Herstal, Belgium and develops molecular diagnostic tests for prostate cancer and other urologic diseases, posted a net loss of $11.5 million, or $.42 per share, for Q2 compared to a net loss of $10.6 million, or $.39 per share, a year ago.
The firm's R&D costs rose 71 percent year over year to $2.9 million from $1.7 million, while its SG&A expenses rose 10 percent to $16.5 million from $15.0 million.
MDxHealth finished the quarter with $21.3 million in cash and cash equivalents.