MDxHealth Reports Half Year 2020 Results - Seite 3

Operating loss and net loss for the first half of 2020 were $13.0 million and $13.7 million, respectively, with losses narrowing compared to $13.9 million and $14.1 million, respectively, over the same period in 2019, for the reasons stated above.

Cash and cash equivalents as of June 30, 2020 were $23.8 million, strengthened by the equity investment of EUR 12.7 million (or approximately $14.2 million) by MVM. Total cash collections amounted to $11.5 million in H1-2020, a decrease of only 3% compared to the same period last year, despite volumes being lower due to the impact of COVID-19. Cash burn for H1-2020 was $12.9 million compared to $14.0 million in the prior year period, reflecting strong operating discipline. Cash and cash equivalents as of December 31, 2019 were $22.1 million.

Subsequent events

• SelectMDx for Prostate Cancer test has been included in the 2020 National Comprehensive Cancer Network (NCCN) Guidelines for Prostate Cancer Early Detection.
• SelectMDx final local coverage decision (LCD) was delayed following retirement of previously issued draft LCD by Palmetto GBA, a Medicare Administrative Contractor (MAC) that assesses molecular diagnostic technologies under its Molecular Diagnostic Services (MolDx) program; the Company is currently in communication with MolDx to update its technical assessment under the MolDx program for Medicare coverage of SelectMDx.
• Dr. Eric Bednarski’s appointment as a new director was approved on 30 July 2020 by the MDxHealth special general shareholders’ meeting ("SGM"). Dr. Bednarski currently serves as an Investment Manager and Partner at MVM Partners LLP. Dr. Bednarski previously served as a Partner at Advent Healthcare Ventures, as a Principal at Advent International Corporation, and as a Director in the Corporate Finance Group at Silicon Valley Bank, Inc.
• Regine Slagmulder BV, represented by Dr. Regine Slagmulder as permanent representative, was appointed as a new independent director on 30 July 2020 at the SGM.  Dr. Slagmulder is a partner and full professor in management accounting & control at Vlerick Business School. Previously, Dr. Slagmulder worked as a strategy practice consultant at McKinsey & Company and as a professor of management accounting at INSEAD and at the University of Tilburg. Dr. Slagmulder graduated in civil electrotechnical engineering and industrial management from the University of Ghent, after which she took a management doctorate at Vlerick Business School.

COVID-19 and Outlook for 2020