The company said revenues declined primarily as a result of adjustments in accounts receivable, payor mix, and the timing of test kit collections.
A bi-weekly listing of recent local coverage determinations from Medicare Administrative Contractors.
The company said the money from the transactions will help it boost adoption of its ConfirmMDx and SelectMDx prostate cancer tests with urologists and payors.
For the six-month period ended June 30, the molecular diagnostic company's revenues fell to $10.9 million from $17.2 million in H1 2018.
A bi-weekly listing of recent local coverage determinations from Medicare Administrative Contractor Palmetto for the week of 8/22/2019.
For the three month-period ended March 31, the molecular diagnostics company's revenues fell to $4.7 million from $9.7 million in Q1 2018.
The company also reported higher operating costs due to an expansion of its US sales force, as well as its European commercial and laboratory staff.
As part of the agreement, LifeLabs will serve as an exclusive distributor for MDxHealth's non-invasive liquid biopsy prostate cancer assay In Canada.
The firm has also begun an initiative to reduce and deliver sustainable revenue growth for 2019 to compensate for commercial challenges in the US market.
With the approval, MDxHealth can now offer its liquid biopsy molecular diagnostic assay in all 50 US states.