Business
MDxHealth Reports Financial Year 2022 Results and Provides Business Update and Outlook for 2023
NEWS RELEASE - REGULATED INFORMATION8 MARCH 2023, 4:00 PM EST / 22:00 CET Conference call with Q&A today at 4:30 PM EST / 22:30 CET IRVINE, CA, and HERSTAL,
About this update from Mdxhealth Sa
[{"type":"text","content":"NEWS RELEASE - REGULATED INFORMATION8 MARCH 2023, 4:00 PM EST / 22:00 CET Conference call with Q&A today at 4:30 PM EST / 22:30 CET IRVINE, CA, and HERSTAL, BELGIUM – March 8, 2023 – MDxHealth SA (NASDAQ/Euronext Brussels: MDXH) (the \"Company\" or \"mdxhealth\"), a commercial-stage precision diagnostics company, today announced its financial results for the fourth quarter and year ended December 31, 2022, and provided a business update and outlook for 2023. Highlights for the fourth quarter and year ended December 31, 2022 Acquired Genomic Prostate Score (GPS) test (formerly Oncotype DX GPS) from Exact Sciences in August 2022, solidifying leadership in the precision diagnostics urology market and providing the most comprehensive menu of advanced molecular tests for prostate cancer in urologyThe newly released NCCN for Prostate Cancer Guideline (Version 1.2023)* expands the indication for use of the GPS test to include high-risk patients with localized prostate cancer. This expanded criteria acknowledges the clinical utility of GPS and enables mdxhealth to more fully serve its targeted patient populationRevenues for the fourth quarter ended December 31, 2022, increased by 114% to $12.9 million versus $6.0 million for the same period last year; excluding GPS, Q4-2022 revenue increased 15% to $6.9 million versus Q4-20212022 full year revenues increased by 67% to $37.1 million versus $22.2 million for 2021; excluding GPS, 2022 revenue increased 25% to $27.7 million versus 20212022 revenues were comprised of $21.8 million from Confirm mdx, $9.3 million from GPS, $4.9 million from Resolve mdx, with the remaining revenues from Select mdx and otherBillable test volume for the fourth quarter ended December 31, 2022, for Confirm mdx increased by 21% to 4,339 versus 3,598, and for Select mdx, decreased by 6% to 3,129 versus 3,346, for the same period last year Michael K. McGarrity, CEO of mdxhealth, commented: “We are excited to report operating results which reflect the early impact of our focused strategy of delivering multiple drivers of growth. Core to our approach are test-menu augmentation, and a newly expanded sales channel to enable cross-selling of complementary solutions which address the most important prostate cancer diagnostic questions facing urologists and patients. “We expect our menu of Confirm mdx and Select mdx (with it...