Company expects to significantly exceed upper range of previous guidance
Accelerated Growth attributed to increased payor coverage
IRVINE, CA, and HERSTAL, BELGIUM - September 22, 2016 - MDxHealth SA (Euronext: MDXH.BR) announced today that its preliminary unaudited revenues are expected to significantly exceed the upper end of full year guidance.
Revenue for the year is expected to exhibit growth of more than 60% over the previous year, compared with prior guidance predicting growth of 30-50%. The Company maintains its guidance that underlying Earnings Before Interest, Taxes, Depreciation and Amortization (EBIDTA) for the year ended 2016 are expected to improve compared to 2015.
The improved performance since the Company’s last update can be attributed to accelerated adoption of the Company’s ConfirmMDx for prostate cancer test by Urologists in the US following the test’s inclusion in the US National Comprehensive Cancer Network (NCCN) Clinical Guidelines in Q1 2016. Inclusion in the NCCN guidelines has subsequently facilitated successful contract negotiations with a number of new payors and has resulted in a significant increase in revenues.
“Adoption of ConfirmMDx has increased rapidly over the last year and we are very pleased to report an upward adjustment to our revenue guidance,” commented Dr. Jan Groen, CEO of MDxHealth. “This anticipated rise in revenues can be attributed to increased coverage of ConfirmMDx by payors, following the test’s inclusion in the NCCN guidelines, and our continued investment in clinical studies and managed care efforts.”
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 gene methylation (epigenetic) and other molecular technologies and assist physicians with the diagnosis of cancer, prognosis of recurrence risk, and prediction of response to a specific therapy. For more information, visit mdxhealth.com and follow us on Twitter at: twitter.com/mdxhealth.
