Business
MDxHealth Reports Q1-2023 Results
NEWS RELEASE - REGULATED INFORMATION15 MAY 2023, 4:00PM EDT / 22:00 CET MDxHealth Reports Q1-2023 Results Year-over-year revenues increase by 141% to $14.7
About this update from Mdxhealth Sa
[{"type":"text","content":"NEWS RELEASE - REGULATED INFORMATION15 MAY 2023, 4:00PM EDT / 22:00 CET MDxHealth Reports Q1-2023 Results Year-over-year revenues increase by 141% to $14.7 million; excluding GPS, revenues up 39% Gross margin expanded by 1,270 basis points over prior year periodPositive Local Coverage Determination (LCD), extending coverage for Select mdx test to Medicare population IRVINE, CA, and HERSTAL, BELGIUM – May 15, 2023 – MDxHealth SA (NASDAQ/Euronext: MDXH), a commercial-stage precision diagnostics company, today announced its financial results for the first quarter ended March 31, 2023. Michael K. McGarrity, CEO of mdxhealth, commented: “We are pleased to report strong operating results for the first quarter of 2023. Our focus on operating discipline and commercial execution, as well as continued implementation of our growth strategy, is building the foundation for sustained growth for mdxhealth as the leading provider of personalized diagnostic solutions focused exclusively into urology. “I am also pleased to note that after successfully completing a rigorous technical assessment, we announced in April that Select mdx will now be reimbursed throughout the U.S. for Medicare patients who meet coverage conditions under the foundational Local Coverage Determination (LCD) for Molecular Biomarkers to Risk-Stratify Patients at Increased Risk for Prostate Cancer. With this coverage decision, each of the tests in our prostate cancer menu is now covered by Medicare and included in the NCCN guidelines.” Highlights for the first quarter ended March 31, 2023 Q1-2023 revenue of $14.7 million, representing an increase of 141% over Q1-2022; excluding GPS, Q1-2023 revenue increased 39% over Q1-2022, reflecting execution by our sales team, broader coverage of our expanded test menu, and efficient revenue cycle managementStrengthened our balance sheet with gross proceeds of $43 million through an equity offering of 10.75 million American Depository Shares (ADSs) in February 2023Continued commercial uptake of Resolve mdx, our Urinary Tract Infection (UTI) test, with triple-digit unit growth year-over-year and Q1-2023 revenues of $2.2 millionQ1-2023 revenues of $14.7 million were comprised of $6.2 million from GPS, $5.7 million from Confirm mdx, $2.2 million from Resolve mdx, with the remaining revenues from Select mdx and otherGross margin expansion of...