MDxHealth cuts FY22 revenue view to $36.5M-$37.5M from $40M-$42M

Consensus $40.53M. Michael McGarrity, CEO of mdxhealth, commented: "Securing Medicare reimbursement for new molecular diagnostic technologies is now a more rigorous and iterative process under the new Foundational LCD program. Due to the additional time required to obtain Medicare coverage, the Company no longer expects to receive Medicare payments for Select mdx tests in 2022. Based on this development, coupled with revenue cycle timing associated with the acquisition and integration of the GPS test, the Company is revising its 2022 revenue guidance to $36.5-37.5 million from $40-42 million. We remain confident in our ability to address any remaining questions with MolDX, which we believe will lead to a positive reimbursement decision for Select mdx in the first half of 2023. To further underscore the growing diagnostic value of Select mdx, we are also pleased to report that the results of an independent, multi-institutional clinical study was recently recognized as a best poster by the American Urological Association, demonstrating the diagnostic accuracy of Select mdx and as well as its complementary utility with mpMRI for the prediction of prostate cancer in biopsies."