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MDxHealth Provides First Quarter 2018NEWS RELEASE REGULATED INFORMATION MDxHealth Provides First Quarter 2018 Business Update IRVINE, CA, and HERSTAL, BELGIUM - 07:00 CEST, April 24, 2018 - MDxHealth SA ("MDxHealth, or the "Company"), (Euronext: MDXH.BR), today issued its business update for the first quarter ended March 31, 2018. Dr. Jan Groen, Chief Executive Officer of MDxHealth, commented: "In the first quarter of 2018, we delivered strong growth in both patient test volumes and revenues. In particular, we are very pleased with the 50% growth of ConfirmMDx volumes compared to Q1 2017. In line with our growth strategy we are also seeing strong volume growth for our liquid biopsy test SelectMDx, with volumes nearly tripling in Europe. Going forward we expect the recent inclusion of this product in the European Association of Urology (EAU) clinical guidelines to contribute to continued growth and adoption of the test in Europe. "Despite a strong first quarter, we do not yet have full visibility on revenue projections going forward, however we remain confident in the positive outlook for the year and achieving higher levels of testing volume and product revenue compared to 2017. We will continue to keep the market updated as the year progresses." Financial highlights
Operational highlights
Summary by product ConfirmMDx®
SelectMDx®
Summary of patient test volume by product
Post Period Events
Amounts in USD as at, and for the three months ended March 31, 2018:
Total revenue for the first quarter was $9.7 million compared to $6.5 million during the same period in 2017. Included in the total revenue for the first quarter is a license fee payment of $0.5 million. Product revenue from ConfirmMDx and SelectMDX amounted to $7.9 million and increased 60% from $4.9 million a year earlier. Revenue from ConfirmMDx represented 91% of product revenue. Operating expenses in the first quarter were $13 million, up $3.3 million over the same period last year. The increase in operating costs can be primarily attributed to expansion of the Company's commercial operations to accelerate sales of the ConfirmMDx and support the launch of SelectMDx for Prostate Cancer, including the building out of a global sales force. Operating loss (EBIT) and net loss for the first quarter were $6.7 million, an increase over the same period in 2017 reflecting primarily further investment in commercialization. Cash and cash equivalents as of March 31, 2018 were $51.3 million. In March 2018, the Company raised $44 million (€36 million) in gross proceeds by means of a private placement of 9,989,881 new shares at an issue price of EUR 3.60 per share through an accelerated book building Q2 and 2018 Outlook The Company remains confident that ConfirmMDx will continue to drive momentum in the mid-term and increase market share. In the longer term, the Company expects SelectMDx to increasingly contribute to overall growth alongside numerous value creating inflection points due in the coming years. The Company is positive about the outlook for the current year and believes it can achieve a higher level of Product and Services revenue growth than in 2017. The Company will continue to update the market as the year progresses. The Company has a clear growth strategy for 2018 and beyond. This is centred around four key pillars:
This will be driven by:
MDxHealth is a multinational healthcare company that provides actionable molecular diagnostic information to personalize the diagnosis and treatment of cancer. The company's tests are based on proprietary genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, and prediction of response to a specific therapy. The Company's European headquarters are in Herstal, Belgium, with laboratory operations in Nijmegen, The Netherlands, and US headquarters and laboratory operations based in Irvine, California. 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:
*The SelectMDx IVD PCR kit is not available in all geographies and/or may not be approved for all uses discussed in this press release. It is currently not available for use in the United States. 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. 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. 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, ConfirmMDx, SelectMDx, AssureMDx, PredictMDx and UrNCollect are trademarks or registered trademarks of MDxHealth SA. All other trademarks and service marks are the property of their respective owners. Attachment |