MDxHealth Provides Third Quarter 2012 Business Update

MDxHealth Provides Third Quarter 2012 Business Update 
IRVINE, CA and LIEGE, BELGIUM -- (Marketwire) -- 11/15/12 -- 
MDxHealth SA (EURONEXT BRUSSELS: MDXH), a leading molecular
diagnostic company that develops and commercializes epigenetic tests
to support cancer treatment, today published a business update for
the third quarter ending September 30, 2012. 
Highlights
 In Q3 2012,
MDxHealth made significant progress across all facets of its
business. On July 4, 2012, the company raised EUR 10 million in new
equity funding via a private placement. As of September 30, 2012, the
company had EUR 13.9 million of cash on hand. Commercial product and
service revenues in Q3 increased 142% compared to the same period
last year, with total revenues of EUR 2.9 million in the first nine
months 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 to
expectations. In July, MDxHealth signed a collaboration agreement
with Merck KGaA for the development and worldwide commercialization
of MDxHealth's MGMT diagnostic test, PredictMDx(TM) for Glioblastoma. 
In August, the company received CAP (College of American
Pathologists) accreditation, as well as licenses from Florida and
Pennsylvania, for its CLIA reference laboratory in Irvine, CA.  
"We are very pleased with the acceptance of the ConfirmMDx for
Prostate Cancer test among the US urology community as evidenced by
our sales growth. The rising market awareness and adoption of the
ConfirmMDx test reflect increasing momentum of our sales and
marketing efforts," said Dr. Jan Groen CEO of MDxHealth. "Based on
the favorable market reception, it is clear that our epigenetic test
provides urologists with valuable information to help address
false-negative biopsy concerns with their patients. This early
success gives me confidence that ConfirmMDx will also deliver value
for 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 thousands                   Sept 30, 2012        Sept 30, 2011   
-----------------------------
-----------------------------------------
Commercial Revenues                   644                  267        
----------------------------------------------------------------------
Total Revenues                        925                  378        
----------------------------------------------------------------------
EBITDA (Loss)                       (2,244)              (1,760)      
----------------------------------------------------------------------
EBIT Operating Income (Loss)        (2,330)              (1,862)      
----------------------------------------------------------------------
Net Profit (Loss)                   (2,321)              (1,879)      
----------------------------------------------------------------------
Cash and cash equivalents           13,899               12,916       
----------------------------------------------------------------------

 
Amounts as at and for the nine months ended 


 
-----------------------------------------------------------------
-----
Euro thousands                  Sept. 30, 2012        Sept 30, 2011   
----------------------------------------------------------------------
Commercial Revenues                  2,100                1,086       
----------------------------------------------------------------------
Total Revenues                       2,939                1,785       
----------------------------------------------------------------------
EBITDA Income (Loss)                (6,293)              (5,444)      
----------------------------------------------------------------------
EBIT Operating Income (Loss)        (6,590)              (5,713)      
----------------------------------------------------------------------
Net Profit (Loss)                   (6,580)              (5,692)      
----------------------------------------------------------------------
Cash and cash equivalents           13,899               12,916       
----------------------------------------------------------------------

 
Commercial revenues up 90% for the first 9 months  
Revenues
 The
total revenues for the first nine months of the year amounted to EUR
2.9 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 9.2
million in the first nine months of 2012, versus EUR 7.3 million in
the same period in 2011, as the company continued to invest in the
development of its product pipeline and sales and marketing
activities in the US.  
Cash Position
 As of September 30, 2012, MDxHealth had EUR 13.9
million 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 company
expects to report an increase in commercial product and service
revenues compared to previous quarters, primarily due to continuing
growth in sales of our ConfirmMDx for Prostate Cancer test in the US
and commercial service revenues from our ongoing PharmacoMDx
collaborations with Merck Serono, GSK Biologicals and other partners.
The health economic study for the ConfirmMDx for Prostate Cancer
test, providing healthcare providers with important cost comparison
data, is scheduled to be submitted for publication. Total operating
costs in Q4 are expected to increase due to higher sales and
marketing and other operating activities. 
About MDxHealth
 MDxHealth is a molecular diagnostics company that
develops and commercializes advanced epigenetic tests for cancer
assessment and the personalized treatment of patients. The company's
first commercial product, the ConfirmMDx(TM) for Prostate Cancer
test, has been shown to help distinguish patients who have a
true-negative biopsy from those who may have occult cancer. MDxHealth
helps to address a large and growing unmet medical need for better
cancer diagnosis and treatment information. The company has a
proprietary platform and a strong epigenetic product pipeline focused
on the development of products for brain and lung cancers. The
company is based in Irvine, California with a European headquarters
in Liege, Belgium. For more information visit MDxHealth website at
www.mdxhealth.com. 
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. 
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 
 
 
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