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MDxHealth Posts 20 Percent Revenue Growth for 2021

NEW YORK — Belgian diagnostics firm MDxHealth on Wednesday reported a 20 percent year-over-year increase in revenues for 2021 on higher demand for its ConfirmMDx prostate cancer test.

For the 12-month period ended Dec. 31, 2021, MDxHealth's revenues rose to $22.2 million from $18.5 million the year before. Service revenues were up 21 percent to $21.9 million — 90 percent of which was derived from ConfirmMDx — from $18.1 million.

During 2021, billable test volume for ConfirmMDx, which analyzes prostate tissue, increased 3 percent to 15,324 from 14,945 a year earlier. Billable test volume for the company's SelectMDx urine-based prostate cancer test rose 3 percent year on year to 13,615 from 13,201.

In the fourth quarter of 2021, MDxHealth's revenues were up 46 percent to $6.0 million from $4.1 million in the year-ago period. Billable test volume for ConfirmMDx in Q4 was down 3 percent to 3,598 from 3,704, while SelectMDx billable test volume fell 4 percent during the quarter to 3,346 from 3,472.

MDxHealth's net loss for full-year 2021 rose to $29.0 million, or $.24 per share, from $28.7 million, or $.34 per share, in 2020.

Total operating expenses in 2021 were up 6 percent to $37.4 million from $35.2 million. Excluding noncash expenses including depreciation, amortization, and stock-based compensation, operating expenses for 2021 were up 10 percent to $33.1 million, largely due to R&D expenses related to pipeline products such as the AS-MDx and Monitor-MDx tests for active prostate cancer surveillance, the company said.

At the end of 2021, MDxHealth had cash and cash equivalents totaling $58.5 million, a number bolstered by the firm's $45 million initial public offering on the Nasdaq in November.

Looking ahead, MDxHealth said that it expects the issuance of a final Medicare local coverage determination for SelectMDx in the second half of 2022 and that its full-year revenues will be between $25 million and $27 million.