Company expects to significantly exceed upper range of previous guidance
Accelerated Growth attributed to increased payor coverage
IRVINE, Calif. and HERSTAL, Belgium, Sept. 22, 2016 (GLOBE NEWSWIRE) -- 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."
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.
| For more information: |
Dr. Jan Groen, CEO
US: +1 949 812 6979
BE: +32 4 364 20 70
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Jonathan Birt, Chris Welsh, Hendrik Thys (PR & IR)
Consilium Strategic Communications
UK: +44 20 3709 5701
US: + 1 917 322 2571 (Rx Communications Group LLC)
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 and PredictMDx are trademarks or registered trademarks of MDxHealth SA. All other trademarks and service marks are the property of their respective owners.
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Source: MdxHealth (TM)