Business
MDxHealth Reports Financial Year 2021 Results and Provides Outlook and Guidance for 2022
NEWS RELEASE - REGULATED INFORMATION2 MARCH 2022, 4:00 PM EST / 22:00 CET MDxHealth Reports Financial Year 2021 Results and Provides Outlook and Guidance for
About this update from Mdxhealth Sa
[{"type":"text","content":" NEWS RELEASE - REGULATED INFORMATION2 MARCH 2022, 4:00 PM EST / 22:00 CET MDxHealth Reports Financial Year 2021 Results and Provides Outlook and Guidance for 2022 Conference call with Q&A today at 4:30 PM EST / 22:30 CET IRVINE, CA, and HERSTAL, BELGIUM – March 2, 2022 – MDxHealth SA (NASDAQ/Euronext: MDXH), a commercial-stage precision diagnostics company, today announced its financial results for the fourth quarter and year ended December 31, 2021 and provided a business update and outlook for 2022. 2021 Business Highlights Revenues for the fourth quarter ended December 31, 2021, increased by 46% to $6.0 million compared to the same period last yearRevenues for full year 2021 increased by 20% to $22.2 million compared to full year 2020Draft Local Coverage Determination (LCD) for Biomarkers for Prostate Cancer published by Palmetto GBA (under its MolDx program) citing evidence of the clinical utility of SelectMDx®Strengthened balance sheet through successful initial public offering (IPO) on the NASDAQ, raising gross proceeds of $45 million Michael K. McGarrity, CEO of MDxHealth, commented: “While 2021 presented continued headwinds related to the pandemic and its continued effect on patient flow for our particular patient population in prostate cancer, we have made significant progress and we believe our results provide evidence that MDxHealth will emerge from this challenging period with strong and sustainable growth. “We believe this progress is evidenced by the following: Publication of draft foundational Local Coverage Determination (LCD) for Biomarkers to Stratify Patients at Increased Risk for Prostate Cancer by Palmetto GBA under its MolDx program, which cites evidence of the clinical utility of SelectMDx® and, when finalized, is expected to support coverage for qualified Medicare patients throughout the United States;Improvement in cash collections and capital allocation, driven by continued focus on operating discipline;Advancement of development programs to expand our prostate cancer menu into Active Surveillance;Introduction of novel Urinary Tract Infection (UTI) testing services into our urology channel which we are confident will contribute to our total revenue in 2022.” Highlights for the fourth quarter and year ended December 31, 2021 Revenues for the fourth quarter ended December 31, 2021, increased by 46% to $6...