MDxHealth total revenues decrease 7% for third quarter 2011
December 28, 2019
Total revenues decreased by 7%, due to a decrease in one-time commercial deal fees and to an 11% decrease in grant revenues. The company has chosen to reduce its use of grants for early-stage research and instead focus on the development of products Net results improved by approximately 12% primarily due to a reduction of early-stage research projects and other operating costs
Outlook for Fourth Quarter and FY 2011In Q4 2011, we anticipate the monthly costs and cash burn to slightly increase up to an average of 25% compared to earlier quarters of 2011 as the company prepares its US CLIA lab for the commercial launch of its first test, for prostate cancer, in H1 2012. Revenues are only expected to increase once this first test is launched in 2012. Overall costs are expected to be lower in 2011 than in 2010. We anticipate the cash burn for 2011 to be lower than that in 2010.