MDxHealth Provides Third Quarter 2012 Business Update
IRVINE, CA and LIEGE, BELGIUM, Nov 15, 2012 (Menafn - MARKETWIRE via COMTEX) --MDxHealth SA (euronext brussels:MDXH), a leading moleculardiagnostic company that develops and commercializes epigenetic teststo support cancer treatment, today published a business update forthe third quarter ending September 30, 2012.
Highlights In Q3 2012,MDxHealth made significant progress across all facets of itsbusiness. On July 4, 2012, the company raised EUR 10 million in newequity funding via a private placement. As of September 30, 2012, thecompany had EUR 13.9 million of cash on hand. Commercial product andservice revenues in Q3 increased 142% compared to the same periodlast year, with total revenues of EUR 2.9 million in the first ninemonths of 2012, an increase of 90% versus the same period in 2011.
The commercial roll-out of ConfirmMDx(TM) for Prostate Cancer,launched at the end of May of this year, is advancing according toexpectations. In July, MDxHealth signed a collaboration agreementwith Merck KGaA for the development and worldwide commercializationof MDxHealth's MGMT diagnostic test, PredictMDx(TM) for Glioblastoma.
In August, the company received CAP (College of AmericanPathologists) accreditation, as well as licenses from Florida andPennsylvania, for its CLIA reference laboratory in Irvine, CA.
"We are very pleased with the acceptance of the ConfirmMDx forProstate Cancer test among the US urology community as evidenced byour sales growth. The rising market awareness and adoption of theConfirmMDx test reflect increasing momentum of our sales andmarketing efforts," said Dr. Jan Groen CEO of MDxHealth. "Based onthe favorable market reception, it is clear that our epigenetic testprovides urologists with valuable information to help addressfalse-negative biopsy concerns with their patients. This earlysuccess gives me confidence that ConfirmMDx will also deliver valuefor the company and its shareholders."
Key non-audited financials as of September 30, 2012
Amounts as at and for the three months ended
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Euro thousandsSept 30, 2012Sept 30, 2011
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Commercial Revenues644267
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Total Revenues925378
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EBITDA (Loss)(2,244)(1,760)
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EBIT Operating Income (Loss)(2,330)(1,862)
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Net Profit (Loss)(2,321)(1,879)
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Cash and cash equivalents13,89912,916
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Amounts as at and for the nine months ended
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Euro thousandsSept. 30, 2012Sept 30, 2011
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Commercial Revenues2,1001,086
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Total Revenues2,9391,785
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EBITDA Income (Loss)(6,293)(5,444)
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EBIT Operating Income (Loss)(6,590)(5,713)
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Net Profit (Loss)(6,580)(5,692)
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Cash and cash equivalents13,89912,916
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Commercial revenues up 90% for the first 9 months
Revenues Thetotal revenues for the first nine months of the year amounted to EUR2.9 million, of which EUR 2.1 million represent commercial revenues,up 90% compared to the same period last year.
Operating Expenses The company's operating expenses were EUR 9.2million in the first nine months of 2012, versus EUR 7.3 million inthe same period in 2011, as the company continued to invest in thedevelopment of its product pipeline and sales and marketingactivities in the US.
Cash Position As of September 30, 2012, MDxHealth had EUR 13.9million in cash, compared to EUR 12.9 million on September 30, 2011,EUR 1.0 million higher than the same period last year.
Outlook for fourth quarter and FY 2012 In Q4 2012, the companyexpects to report an increase in commercial product and servicerevenues compared to previous quarters, primarily due to continuinggrowth in sales of our ConfirmMDx for Prostate Cancer test in the USand commercial service revenues from our ongoing PharmacoMDxcollaborations with Merck Serono, GSK Biologicals and other partners.The health economic study for the ConfirmMDx for Prostate Cancertest, providing healthcare providers with important cost comparisondata, is scheduled to be submitted for publication. Total operatingcosts in Q4 are expected to increase due to higher sales andmarketing and other operating activities.
About MDxHealth MDxHealth is a molecular diagnostics company thatdevelops and commercializes advanced epigenetic tests for cancerassessment and the personalized treatment of patients. The company'sfirst commercial product, the ConfirmMDx(TM) for Prostate Cancertest, has been shown to help distinguish patients who have atrue-negative biopsy from those who may have occult cancer. MDxHealthhelps to address a large and growing unmet medical need for bettercancer diagnosis and treatment information. The company has aproprietary platform and a strong epigenetic product pipeline focusedon the development of products for brain and lung cancers. Thecompany is based in Irvine, California with a European headquartersin Liege, Belgium. For more information visit MDxHealth website atwww.mdxhealth.com.
This press release contains forward-looking statements and estimateswith respect to the anticipated future performance of MDxHealth andthe market in which it operates. Such statements and estimates arebased on assumptions and assessments of known and unknown risks,uncertainties and other factors, which were deemed reasonable but maynot prove to be correct. Actual events are difficult to predict, maydepend upon factors that are beyond the company's control, and mayturn out to be materially different. MDxHealth expressly disclaimsany obligation to update any such forward-looking statements in thisrelease to reflect any change in its expectations with regard theretoor any change in events, conditions or circumstances on which anysuch statement is based unless required by law or regulation.
Q3 2012 ENG: http://hugin.info/137314/R/1657741/536263.pdf
For more information:
Dr. Jan Groen
CEO
MDxHealth
US: 1 949 812 6979
BE: 32 4 364 20 70
info@mdxhealth.com
Mike Sinclair
Halsin Partners
UK: 44 20 7318 2955
Cell: 44 7968 022075
msinclair@halsin.com
SOURCE: MDxHealth
mailto:info@mdxhealth.com
mailto:msinclair@halsin.com
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