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The company said billable volume for its ConfirmMDx prostate cancer test fell 12 percent year over year, and volumes for its SelectMDx test fell 48 percent.
The funds will be used to support the molecular diagnostics company's growth strategy and for general corporate purposes, MDxHealth said.
The company said that contact between its sales reps and clinicians began to decline in March due to the COVID-19 pandemic, affecting mainly SelectMDx volumes.
Billable test volume for the company's ConfirmMDx prostate cancer test fell 5 percent year over year, but global volume for its SelectMDx test rose 61 percent.
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.