MDxHealth Provides Q1-2020 Business Update

PRESS RELEASE REGULATED INFORMATIONIRVINE, CA, and HERSTAL, BELGIUM a?? April 9, 2020 a?? MDxHealth SA (Euronext: MDXH.BR), a commercial-stage innovative molecular diagnostics company, today provided a business update for the first quarter ended March 31, 2020.A 
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Michael McGarrity, CEO of MDxHealth, commented: a??As communicated at the time of our annual results in February, we have been highly focused on the execution of our growth strategy, and our first quarter 2020 results reflect that focus. Product revenues in the first quarter of 2020 increased by 26% compared to Q1-2019 and ConfirmMDx units, while impacted in March by the COVID-19 outbreak, were still up 3% from the same period last year. Despite the unavoidable challenges presented by this pandemic, MDxHealtha??s compelling value proposition, strong business fundamentals and emphasis on focus and execution remains unchanged. I would also like to communicate with confidence the following:

Our menu of tests to improve the diagnosis and treatment of patients suspected of prostate cancer remains best-in-class

Our supply chain is in good order and we have taken appropriate measures to ensure the safety and continuity of our laboratory operations

We are committed to prudent financial stewardship and operating discipline

a??From a commercial perspective, MDxHealth representative contact with clinicians began to decline in March due to the COVID-19 crisis, predominately affecting SelectMDx volumes. However, the impact of this reduction in volume had minimal effect on our revenues or cash flows given that SelectMDx is not yet reimbursed.a??From the physiciansa?? perspective, one of the major healthcare effects of the COVID-19 crisis has been their inability to see their patients. However, a recent article published in the Urology Times1 highlighted how the ConfirmMDx test, which can be ordered without a patient visit, helps urologists manage their patients during this unprecedented pandemic. Additionally, it points to ConfirmMDxa??s ability to help stratify those patients at very low risk for aggressive prostate cancer who can avoid an office follow up visit, MRI or a prostate biopsy. This is especially important for patients over the age of 65 who are considered high-risk for COVID-19 and who comprise approximately 70% of a urologista??s patient population. MDxHealth is geared to support these urologists and help them navigate these times.A 
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