Product and Service revenue up 29% year-on-year

IRVINE, CA, and HERSTAL, BELGIUM – 07:00 CEST, October 23, 2018 – MDxHealth SA (“MDxHealth, or the “Company”), (Euronext: MDXH.BR), today issued its business update for the nine months ended September 30, 2018.  

“MDxHealth continued to make good progress in the third quarter of 2018, with product and services revenue growth of 29%, supported by sustained double-digit growth in overall testing volumes and driven by optimizing payor contract compliance and increasing reimbursement coverage” said Dr. Jan Groen, Chief Executive Officer of MDxHealth.  “Our efforts to expand the use of SelectMDx in active surveillance and primary care settings are on track, significantly enlarging the overall potential market for the product.”

Financial highlights

Operational highlights



Summary of patient test volume by product

Territory Products 9 months ending 30/9/2018 9 months ending 30/9/2017 YoY
Volume % billable Volume % billable % Change
U.S. ConfirmMDx 15,468 99% 15,029 98% 3%
SelectMDx 8,468 92% 6,292 97% 35%
EU SelectMDx 3,976 48% 2,072 42% 92%
U.S. + EU Total 27,911   23,393   20%

Financial review

Key non-audited consolidated financial information
As of or for the nine months ended September 30

In $ ‘000 2018 2017 Change %Change
Product and service revenue 23,413 18,174 5,239 29%
Royalties and patent income 567 12,295 (11,728) -95%
Total Revenue1 23,980 30,469 (6,489) -21%
Gross profit 15,116 23,049 (7,933) -34%
Operating expenses (37,660) (30,471) (7,189) -24%
EBITDA (profit/(loss) (20,322) (6,242) (14,080) -226%
Net loss (22,842) (7,426) (15,416) -208%
Number of outstanding shares 59,939,289 49,949,408 9,989,881 20%
Earnings per share basic ($) (0.38) (0.15) (0.23) -153%
Cash and cash equivalents 32,734 22,969 9,765 43%

1 2017 included $12.1 million one-time revenue from the sale of patents to Exact Sciences

Total revenue for the nine months ended September 30 was $24 million compared to normalized total revenue of $18.4 million during the same period in 2017. Including the one-time $12.1 million revenue from the sale of patents to Exact Sciences, total revenue for the nine months of 2017 amounted to $30.5 million. Product and services revenue of $23.4 million rose 29% compared to $18.2 million in the same period last year. Revenue from ConfirmMDx and SelectMDx amounted to $22.1 million an increase of 26% from $17.6 million a year earlier. Revenue from ConfirmMDx represented 92% of product revenue. Product revenue from SelectMDx grew 43% to $1.7 million reflecting consistent growth of patient test volumes of 35% in the US and 92% in Europe, where the billable rate increased to 48% compared to 39% during the first six months of 2018.

Operating expenses for the first nine months amounted to $37.7 million, an increase of $7.2 million, largely related to the expansion of the Company’s commercial operations, including the build-out of the US sales force, and increased amortization charges on internally developed intangible assets.


With SelectMDx and ConfirmMDx being the drivers of testing volume growth, the Company predicts that both solutions will continue to increase market share in the mid-to-longer term. We expect a significant increase in our SelectMDx test volume in the US after the completion and planned publication of one of our large clinical validation studies in Q1 2019. This study and other clinical studies are key for the inclusion of SelectMDx in the US clinical guidelines, a driver of sales and payor coverage. The Company remains on course to achieve growth in product and services revenue, although more challenging visibility in the latter part of the year makes it harder to predict whether the rate of growth will exceed that of the previous year.

About MDxHealth

MDxHealth is a multinational healthcare company that provides actionable molecular diagnostic information to personalize the diagnosis and treatment of cancer. The company’s tests are based on proprietary genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, and prediction of response to a specific therapy. The Company’s European headquarters are in Herstal, Belgium, with laboratory operations in Nijmegen, The Netherlands, and US headquarters and laboratory operations based in Irvine, California. For more information, visit and follow us on social media at:, and

For more information:


Dr. Jan Groen, CEO

US: +1 949 812 6979

BE: +32 4 364 20 70


Jean-Marc Roelandt, CFO

BE: +32 (0) 4 364 20 70

NL: +31 (0) 88 327 2727
Consilium Strategic Communications
Amber Fennell, Chris Welsh & Hendrik Thys
UK: +44 20 3709 5701


LifeSpring LifeSciences Communication,

Leon Melens

NL: +31 6 538 16 427


*The SelectMDx IVD PCR kit is not available in all geographies and/or may not be approved for all uses discussed in this press release. It is currently not available for use in the United States. 

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.  This press release does not constitute an offer or invitation for the sale or purchase of securities or assets of MDxHealth in any jurisdiction. No securities of MDxHealth may be offered or sold within the United States without registration under the U.S. Securities Act of 1933, as amended, or in compliance with an exemption therefrom, and in accordance with any applicable U.S. securities laws.

NOTE: The MDxHealth logo, MDxHealth, ConfirmMDx, SelectMDx, AssureMDx, PredictMDx, MonitorMDx, InformMDx and UrNCollect are trademarks or registered trademarks of MDxHealth SA. All other trademarks and service marks are the property of their respective owners. 

[1] Excluding $12.1 million revenue from the sale of colorectal related patents to Exact Sciences