MDxHealth Provides Q3-2020 Business Update

NEWS RELEASE - REGULATED INFORMATION 21 OCTOBER 2020, 07:00 A.M. CEST

IRVINE, CA, and HERSTAL, BELGIUM – October 21, 2020 – MDxHealth SA (Euronext: MDXH.BR), a commercial-stage innovative molecular diagnostics company, today provided a business update for the third quarter ended September 30, 2020, and the near-term outlook.
             
Michael McGarrity, CEO of MDxHealth, commented: “While the pandemic continues to have an impact on our business mainly through reduced patient flow and access, our results clearly indicate that we are outperforming the market for both ConfirmMDx and SelectMDx testing volumes, and are encouraged by the acceleration of growth over Q2.

“We were also very encouraged by the recent inclusion of SelectMDx into the National Comprehensive Cancer Network (NCCN) guidelines. This recognition of our SelectMDx test signifies the highest standard of acknowledgement for clinical utility in the diagnosis and treatment of prostate cancer.

“We see the following points as evidence, which form the basis for our positive view forward:

• 2020 U.S. prostate cancer screenings are down 48% based on published data. This reflects the restricted patient flow and access, directly impacting the clinical pathway of our test menu. However, we see indications that there is a growing backlog of patients awaiting screening and biopsy. As these patients transition back into the clinical pathway, we expect to see accelerated growth in our volumes going into 2021;
• ConfirmMDx and SelectMDx volume decline of 17% and 24% for Q3-2020 compared to Q3-2019, respectively, indicate the outperformance to the overall U.S. prostate cancer screening market. In addition, our sequential growth from Q2 to Q3-2020 of ConfirmMDx and SelectMDx of 14% and 57%, respectively, support our positive view;
• Finally, we have continued to operate with fiscal discipline even amid the pandemic challenges, with improved revenue cycle management coupled with responsible capital allocation. This resulted in a cash burn of $4.7 million for the quarter ended September 30, 2020 and an ending cash balance of $21.4 million.”

Highlights for the third quarter ended September 30, 2020