MDxHealth Reports Preliminary Q3-2023 Revenues
NEWS RELEASE – INSIDE AND REGULATED
INFORMATION9 OCTOBER 2023, 4PM ET / 22:00
CET
MDxHealth Reports Preliminary Q3-2023
Revenues
IRVINE, CA, and HERSTAL,
BELGIUM – October 9, 2023 – MDxHealth SA (NASDAQ/Euronext:
MDXH), a commercial-stage precision diagnostics company, today
reported preliminary third quarter 2023 revenues, units, and cash
position.
For the third quarter ended September 30, 2023,
the Company expects to report revenues of approximately $19.3
million, representing an increase of 73% over the same period last
year and 15% versus the prior quarter; excluding GPS, Q3-2023
revenue increased by 45% over Q3-2022. Q3-2023 revenues of
approximately $19.3 million were comprised of $8.1 million from
GPS, $6.6 million from Confirm mdx, $2.7 million from Resolve mdx,
and $1.9 million from Select mdx.
Billable test volume for the quarter ended
September 30, 2023, for Confirm mdx increased by 15% to 4,932
versus the prior year period, for Select mdx decreased by 2% to
2,938 versus the prior year period, and for Resolve mdx increased
by 101% to 6,742 versus the prior year period.
The Company’s cash balance as of September 30,
2023, was $32.7 million.
Michael K. McGarrity, CEO of mdxhealth,
commented: “We are pleased to report strong preliminary
third quarter revenues, which we believe reflects our goal of
delivering sustainable growth. In addition to robust topline
growth, we also maintained strong operating discipline during the
quarter, as demonstrated by a nearly 23% reduction in use of cash
compared to the second quarter, and we anticipate continued
declines in use of cash over the next several quarters.”
The Company has elected to pre-release its third
quarter revenues, units and cash figures following its recent
communication regarding the consolidation of trading onto the
NASDAQ, which is currently pending shareholder approval at its
upcoming shareholder meeting scheduled for November 3, 2023. The
Company is scheduled to release its full third quarter results and
business update on November 8, 2023.
About mdxhealth®
Mdxhealth is a commercial-stage precision
diagnostics company that provides actionable molecular information
to personalize patient diagnosis and treatment. The Company’s tests
are based on proprietary genomic, epigenetic (methylation) and
other molecular technologies and assist physicians with the
diagnosis and prognosis of urologic cancers and other urologic
diseases. The Company’s U.S. headquarters and laboratory operations
are in Irvine, California, with additional laboratory operations in
Plano, Texas. European headquarters are in Herstal, Belgium, with
laboratory operations in Nijmegen, The Netherlands. For more
information, visit mdxhealth.com and follow us on social media at:
twitter.com/mdxhealth, facebook.com/mdxhealth and
linkedin.com/company/mdxhealth.
For more information:
mdxhealth info@mdxhealth.com |
LifeSci
Advisors (IR & PR)US: +1 949 271
9223ir@mdxhealth.com |
This press release contains forward-looking
statements and estimates with respect to the anticipated future
performance of MDxHealth and the market in which it operates, all
of which involve certain risks and uncertainties. These statements
are often, but are not always, made through the use of words or
phrases such as “potential,” “expect,” “will,” “goal,” “next,”
“potential,” “aim,” “explore,” “forward,” “future,” and “believes”
as well as similar expressions. Forward-looking statements
contained in this release include, but are not limited to,
statements regarding expected operating results and use of cash;
and statements regarding our strategies, positioning, resources,
capabilities and expectations for future events or performance.
Such statements and estimates are based on assumptions and
assessments of known and unknown risks, uncertainties and other
factors, which were deemed reasonable but may not prove to be
correct. Actual events are difficult to predict, may depend upon
factors that are beyond the company’s control, and may turn out to
be materially different. Examples of forward-looking statements
include, among others, statements we make regarding expected future
operating results, product development efforts, our strategies,
positioning, resources, capabilities and expectations for future
events or performance. Important factors that could cause actual
results, conditions and events to differ materially from those
indicated in the forward-looking statements include, among others,
the following: uncertainties associated with the coronavirus
(COVID-19) pandemic, including its possible effects on our
operations, and the demand for our products; our ability to
successfully and profitably market our products; the acceptance of
our products and services by healthcare providers; our ability to
achieve and maintain adequate levels of coverage or reimbursement
for our current and future solutions we commercialize or may seek
to commercialize; the willingness of health insurance companies and
other payers to cover our products and services and adequately
reimburse us for such products and services; our ability to obtain
and maintain regulatory approvals and comply with applicable
regulations; timing, progress and results of our research and
development programs; the period over which we estimate our
existing cash will be sufficient to fund our future operating
expenses and capital expenditure requirements; the possibility that
the anticipated benefits from our business acquisitions like our
acquisition of the Oncotype DX® GPS prostate cancer business will
not be realized in full or at all or may take longer to realize
than expected; and the amount and nature of competition for our
products and services. Other important risks and uncertainties are
described in the Risk Factors sections of our most recent Annual
Report on Form 20-F and in our other reports filed with the
Securities and Exchange Commission. MDxHealth expressly disclaims
any obligation to update any such forward-looking statements in
this release to reflect any change in its expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based unless required by law or
regulation. This press release does not constitute an offer or
invitation for the sale or purchase of securities or assets of
MDxHealth in any jurisdiction. No securities of MDxHealth may be
offered or sold within the United States without registration under
the U.S. Securities Act of 1933, as amended, or in compliance with
an exemption therefrom, and in accordance with any applicable U.S.
securities laws.
NOTE: The mdxhealth logo,
mdxhealth, Confirm mdx, Select mdx, Resolve mdx, Genomic Prostate
Score, GPS and Monitor mdx are trademarks or registered trademarks
of MDxHealth SA. The GPS test was formerly known as and is
frequently referenced in guidelines, coverage policies,
reimbursement decisions, manuscripts and other literature as
Oncotype DX Prostate, Oncotype DX GPS, Oncotype DX Genomic Prostate
Score, and Oncotype Dx Prostate Cancer Assay, among others. The
Oncotype DX trademark, and all other trademarks and service marks,
are the property of their respective owners.
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