MDxHealth reports Q4 revenue $12.9M versus $6M last year

In February 2023, the Company strengthened its balance sheet with gross proceeds of $40M from an equity offering consisting of 10 million American Depository Shares, ADSs. Following the underwriters’ exercise of their overallotment option, the Company received an additional $3M of gross proceeds in March 2023, on the same terms and conditions. Including the Company’s 2022 yearend cash balance of $15.5M, and taking into account aggregate net proceeds of $40.4M from this equity financing, the Company’s pro-forma cash balance was $55.9M. In addition, in February 2023, the Company announced that UnitedHealthcare will cover the mdxhealth Genomic Prostate Score test to assist with treatment decisions for individuals newly diagnosed with localized prostate cancer and meeting coverage criteria. In its technical assessment of competitive tests, UnitedHealthcare’s updated Medical Policy states that "the body of evidence consistently favors use of the GPS assay to assist with management strategies…." UnitedHealthcare’s coverage of GPS adds to positive coverage decisions by other national and regional commercial payers, as well as from Medicare and Medicare Advantage plans. Finally, the Company is maintaining its previously-issued 2023 revenue guidance of $65-$70M.