Molecular diagnostics company MDxHealth reported total global patient test volumes rose in the first quarter of 2018 by 55% to 9,300 from 6,000 in the same period of 2017.
Product revenue from the volume increase was US$7.9 million, up 60% from US$4.9 million in Q1 2017, and total revenue was US$9.7 million, up 50% from US$6.5 million in Q1 2017.
Operating result, EBITDA, was a loss of -US$6.2 million, versus -US$5.4 million, and net loss for the quarter was US$6.7 million, versus US$5.8 million in Q1 2017.
After new equity funding of US$44 million, via a private placement in March, cash at period end stood at US $51.3 million.
Dr. Jan Groen, CEO, said "In the first quarter of 2018, we delivered strong growth in both patient test volumes and revenues. In particular, we are very pleased with the 50% growth of ConfirmMDx volumes compared to Q1 2017. In line with our growth strategy we are also seeing strong volume growth for our liquid biopsy test SelectMDx, with volumes nearly tripling in Europe. Going forward we expect the recent inclusion of this product in the European Association of Urology clinical guidelines to contribute to continued growth and adoption of the test in Europe."