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Billable test volume for the company's ConfirmMDx and SelectMDx prostate cancer test fell year over year, but rose sequentially from the third quarter.
The investment bank cited its expectation for a positive coverage decision from Medicare for the company's SelectMDx prostate cancer test, among other reasons.
For the three months ended Sept. 30, the Belgian molecular diagnostic firm's revenues fell to $4.5 million from $4.7 million in Q3 2019.
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.