BOISE, Idaho (AP) — An eastern Idaho lawmaker has introduced legislation allowing health insurance carriers to offer non-Obamacare approved plans, while also imposing new requirements for Medicaid recipients. The House Health and Welfare Committee on Monday agreed to give Republican Rep. Bryan Zollinger’s bill a hearing — which has not yet been scheduled. The bill […]
Reported by Seattle Times 9 hours ago.
New health care bill allows non-ACA plans, targets Medicaid
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West Virginia House panel backs more insurance funding
CHARLESTON, W.Va. (AP) — With teachers and other public workers planning a statewide walkout Thursday and Friday over pay and benefits, West Virginia’s House Finance Committee has advanced legislation that would dedicate part of annual budget surpluses to help fund their health insurance. The bill unanimously approved Monday would dedicate 20 percent of general revenue […]
Reported by Seattle Times 23 hours ago.
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TravelNurseSource.com Awards Scholarships to Future Nurses
TravelNurseSource.com awarded a total of $4,000 in January to the recipients of the 2017 "Future U.S. Nurse Scholarship."
LANCASTER, Pa. (PRWEB) February 20, 2018
TravelNurseSource.com awarded a total of $4,000 in January to the recipients of the 2017 "Future U.S. Nurse Scholarship."
This year’s scholarship winners are Stephanie Eby and Laura Phillips Warner. Each student received a total of $2,000 toward their nursing education for the 2018 spring semester.
TravelNurseSource.com selected Eby and Warner as the winners after receiving more than 160 scholarship applications. A scholarship review panel of four people spent several weeks critiquing applications and narrowing down the list of applicants. The winners were chosen based on the quality of their applications, such as financial need, exceptional academic standing, and compelling and error-free essays. Eby and Warner wrote brilliant and personal essays describing their desires to become an RN, their plans to contribute to society as a nurse, and the personal struggles they overcame to get where they are today. They are both first time nursing students at accredited universities.
“This $2,000 came at a time when I was feeling so overwhelmed, and I'm just so grateful for the money,” Eby said.
Warner, who suffers from a chronic condition, is also very grateful to receive this scholarship.
"It really helped me because the extra $2,000 allowed me to pay for my health insurance for the year, and that was a big thing I was worried about," Warner said. "This is like a huge thing for me, because that’s something that I can’t lose. It’s something I can’t be without."
TravelNurseSource.com launched the "Future U.S. Nurse Scholarship" in 2017 and the scholarship initiative is part of TravelNurseSource.com’s ongoing efforts to invest in the education and career pursuits of nurses across the country. The website has worked with travel nurses and nursing students for more than 10 years, and last year decided that it really wanted to do something more to help future nurses by starting a scholarship program.
“These two scholarship winners will be the first of many to benefit from our efforts, as we plan to make the scholarship an annual tradition,” TravelNurseSource.com president Oliver Feakins said. “Keep an eye out for details on our 2018 scholarship!”
TravelNurseSource.com is an industry-specific website that focuses on connecting healthcare staffing agencies with travel nurses through unique marketing and promotional opportunities. TravelNurseSource.com is operated by Track5Media, LLC, which is a privately-held technology company based in Lancaster, Pa. As a corporate holding company, Track5Media owns a network of industry-specific websites. Along with TravelNurseSource.com, it also maintains AlliedTravelCareers.com, LocumJobsOnline.com, AllPhysicianJobs.com, and AllTruckJobs.com. The brands are designed to help clients find a steady stream of highly qualified referrals. With a strong concentration in healthcare recruitment advertising, Track5Media is expanding into other verticals and seeking new partnerships. From referral generation to job boards to online advertising, Track5Media websites feature outstanding resources designed to complement and enhance existing marketing initiatives for its clients across the nation. Learn more at Track5Media.com.
Contact:
Margaret Colebeck
Margaret(at)track5media(dot)com
877-696-7482 x116 Reported by PRWeb 22 hours ago.
LANCASTER, Pa. (PRWEB) February 20, 2018
TravelNurseSource.com awarded a total of $4,000 in January to the recipients of the 2017 "Future U.S. Nurse Scholarship."
This year’s scholarship winners are Stephanie Eby and Laura Phillips Warner. Each student received a total of $2,000 toward their nursing education for the 2018 spring semester.
TravelNurseSource.com selected Eby and Warner as the winners after receiving more than 160 scholarship applications. A scholarship review panel of four people spent several weeks critiquing applications and narrowing down the list of applicants. The winners were chosen based on the quality of their applications, such as financial need, exceptional academic standing, and compelling and error-free essays. Eby and Warner wrote brilliant and personal essays describing their desires to become an RN, their plans to contribute to society as a nurse, and the personal struggles they overcame to get where they are today. They are both first time nursing students at accredited universities.
“This $2,000 came at a time when I was feeling so overwhelmed, and I'm just so grateful for the money,” Eby said.
Warner, who suffers from a chronic condition, is also very grateful to receive this scholarship.
"It really helped me because the extra $2,000 allowed me to pay for my health insurance for the year, and that was a big thing I was worried about," Warner said. "This is like a huge thing for me, because that’s something that I can’t lose. It’s something I can’t be without."
TravelNurseSource.com launched the "Future U.S. Nurse Scholarship" in 2017 and the scholarship initiative is part of TravelNurseSource.com’s ongoing efforts to invest in the education and career pursuits of nurses across the country. The website has worked with travel nurses and nursing students for more than 10 years, and last year decided that it really wanted to do something more to help future nurses by starting a scholarship program.
“These two scholarship winners will be the first of many to benefit from our efforts, as we plan to make the scholarship an annual tradition,” TravelNurseSource.com president Oliver Feakins said. “Keep an eye out for details on our 2018 scholarship!”
TravelNurseSource.com is an industry-specific website that focuses on connecting healthcare staffing agencies with travel nurses through unique marketing and promotional opportunities. TravelNurseSource.com is operated by Track5Media, LLC, which is a privately-held technology company based in Lancaster, Pa. As a corporate holding company, Track5Media owns a network of industry-specific websites. Along with TravelNurseSource.com, it also maintains AlliedTravelCareers.com, LocumJobsOnline.com, AllPhysicianJobs.com, and AllTruckJobs.com. The brands are designed to help clients find a steady stream of highly qualified referrals. With a strong concentration in healthcare recruitment advertising, Track5Media is expanding into other verticals and seeking new partnerships. From referral generation to job boards to online advertising, Track5Media websites feature outstanding resources designed to complement and enhance existing marketing initiatives for its clients across the nation. Learn more at Track5Media.com.
Contact:
Margaret Colebeck
Margaret(at)track5media(dot)com
877-696-7482 x116 Reported by PRWeb 22 hours ago.
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CSG Government Solutions’ Mark Elliott Reappointed as Co-Chair of National Council for Prescription Drug Programs Standardization
CSG Government Solutions, a national leader in government program modernization, today announced that Mark Elliott has been reappointed by the National Council for Prescription Drug Programs (NCPDP) as a Standardization Co-Chair.
CHICAGO (PRWEB) February 20, 2018
CSG Government Solutions, a national leader in government program modernization, today announced that Mark Elliott has been reappointed by the National Council for Prescription Drug Programs (NCPDP) as a Standardization Co-Chair.
Mr. Elliott is a Principal in CSG’s Healthcare and Human Services practice and has been an NCPDP member since 1999. He has over 25 years of health information technology experience in the public and private sectors, providing state agencies with industry standards, regulation, and process guidance related to pharmacy benefits management, Health Insurance Portability and Accountability Act (HIPAA), Medicaid, and Medicare.
As a member of the Standardization Committee, Mark will help lead NCPDP’s industry standards development activities and related guidance on best-practices to improve patient safety and health. The national standards developed by NCPDP have been incorporated into federal legislation including the HIPAA, the Medicare Modernization Act (MMA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, and Meaningful Use (MU).
“We are pleased that Mark is continuing his service to NCPDP, providing valuable guidance and direction to our industry,” says Robin Dufresne, Director of CSG’s Healthcare and Human Services Practice. “His dedication to NCPDP’s collaborative, consensus-building process will help the organization reach its goals of improving patient data integrity, developing sustainable solutions to address patient safety challenges, and improving healthcare outcomes.”
CSG Government Solutions deploys highly experienced teams and innovative methods, knowledge, and tools to help governments modernize complex program enterprises. CSG clients include 43 state governments, the U.S. Department of Health and Human Services, the U.S. Department of Labor, and large municipal governments.
CONTACT:
Robin Dufresne
Director, Healthcare and Human Services Practice
CSG Government Solutions
180 N. Stetson Ave
Suite 3200
Chicago, IL 60601
312.444.2760 Fax: 312.938.2191
rdufresne(at)csgdelivers(dot)com
About CSG Government Solutions:
CSG Government Solutions is a leading government operations consulting firm helping states modernize critical program enterprises. We help governments leverage innovative technology and processes to meet the challenges of administering complex programs. Founded in 1997, CSG has established itself as a trusted adviser to government agencies across the U.S. For more information, visit http://www.csgdelivers.com and connect with us on LinkedIn and Twitter. Reported by PRWeb 17 hours ago.
CHICAGO (PRWEB) February 20, 2018
CSG Government Solutions, a national leader in government program modernization, today announced that Mark Elliott has been reappointed by the National Council for Prescription Drug Programs (NCPDP) as a Standardization Co-Chair.
Mr. Elliott is a Principal in CSG’s Healthcare and Human Services practice and has been an NCPDP member since 1999. He has over 25 years of health information technology experience in the public and private sectors, providing state agencies with industry standards, regulation, and process guidance related to pharmacy benefits management, Health Insurance Portability and Accountability Act (HIPAA), Medicaid, and Medicare.
As a member of the Standardization Committee, Mark will help lead NCPDP’s industry standards development activities and related guidance on best-practices to improve patient safety and health. The national standards developed by NCPDP have been incorporated into federal legislation including the HIPAA, the Medicare Modernization Act (MMA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, and Meaningful Use (MU).
“We are pleased that Mark is continuing his service to NCPDP, providing valuable guidance and direction to our industry,” says Robin Dufresne, Director of CSG’s Healthcare and Human Services Practice. “His dedication to NCPDP’s collaborative, consensus-building process will help the organization reach its goals of improving patient data integrity, developing sustainable solutions to address patient safety challenges, and improving healthcare outcomes.”
CSG Government Solutions deploys highly experienced teams and innovative methods, knowledge, and tools to help governments modernize complex program enterprises. CSG clients include 43 state governments, the U.S. Department of Health and Human Services, the U.S. Department of Labor, and large municipal governments.
CONTACT:
Robin Dufresne
Director, Healthcare and Human Services Practice
CSG Government Solutions
180 N. Stetson Ave
Suite 3200
Chicago, IL 60601
312.444.2760 Fax: 312.938.2191
rdufresne(at)csgdelivers(dot)com
About CSG Government Solutions:
CSG Government Solutions is a leading government operations consulting firm helping states modernize critical program enterprises. We help governments leverage innovative technology and processes to meet the challenges of administering complex programs. Founded in 1997, CSG has established itself as a trusted adviser to government agencies across the U.S. For more information, visit http://www.csgdelivers.com and connect with us on LinkedIn and Twitter. Reported by PRWeb 17 hours ago.
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Sorting your firm's options: What to expect when it comes to health care plans in 2018
As businesses begin grappling with finding ways to keep health insurance affordable, knowing where to turn for advice is critical. According to projections from PwC Health Research Institute (HRI), medical costs in the 2018 employer insurance market will grow at a slightly faster rate than 2017. Prices of services and rates of utilization are the leading factors affecting 2018’s projected 6.5 percent medical-cost trend. In a competitive labor market, employers are looking for new cost containment…
Reported by bizjournals 16 hours ago.
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U.S. to extend short-term non-Obamacare health insurance to 1 year
NEW YORK (Reuters) - The U.S. government on Tuesday proposed a rule extending the time period to 12 months for health insurance plans that do not comply with the requirements of the Affordable Care Act, often called Obamacare.
Reported by Reuters 15 hours ago.
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Trump administration unveils alternative to Obamacare
The Trump administration proposed regulations Tuesday that will make it easier to obtain coverage through short-term health insurance plans by allowing insurers to sell policies that last just under a year.
Reported by CNNMoney 14 hours ago.
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U.S. to extend skimpy health insurance outside of Obamacare
WASHINGTON/NEW YORK (Reuters) - The U.S. government on Tuesday proposed extending the availability of skimpy health insurance plans to millions of Americans in another Trump administration move aimed at undercutting the requirements of the Affordable Care Act, often called Obamacare.
Reported by Reuters 14 hours ago.
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Trump administration takes new steps to loosen health insurance rules
The Trump administration took new steps Tuesday to loosen health insurance rules, moving to allow the sale of more short-term health plans that do not need to offer consumers a full range of health protections.
The proposed regulations – which represent the latest in a series of administrative... Reported by L.A. Times 14 hours ago.
The proposed regulations – which represent the latest in a series of administrative... Reported by L.A. Times 14 hours ago.
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Trump Moves to Relax Rules on Cheaper Health Insurance
Under current rules, such “short-term, limited-duration insurance” cannot last for more than three months. Under the proposal, the limit would be 364 days.
Reported by NYTimes.com 13 hours ago.
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Minnesota sees surge in residents without health insurance
ST. PAUL, Minn. (AP) — Minnesota has seen a surge in the number of people without health insurance. The Minnesota Department of Health says the uninsured rate rose from 4.3 percent in 2015 to 6.3 percent last year, leaving around 349,000 Minnesotans without coverage. That means there were about 116,000 more uninsured Minnesotans compared with […]
Reported by Seattle Times 10 hours ago.
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Trump Administration Proposes Health Insurance With Less Coverage At Lower Premiums
The Trump administration Tuesday spelled out a plan to lower the cost of health insurance by giving consumers the option of buying less coverage in exchange for reduced premiums, ABC News reports. The proposed regulations would expand an alternative to the comprehensive medical plans required under former President Barack Obama's health law. Individuals could buy so-called "short-term" policies for up to 12 months. But the coverage would omit key consumer protections and offer fewer benefits, making it unattractive for older people or those with health problems. The plans would come with a disclaimer that they don't meet the Affordable Care Act's safeguards, such as guaranteed coverage, 10...
Reported by WorldNews 3 hours ago.
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Trump plan: Less health insurance for lower premiums
The Trump administration Tuesday spelled out a plan to lower the cost of health insurance: give consumers the option of buying less coverage in exchange for reduced premiums.
Reported by Denver Post 46 minutes ago.
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Trump Moves to Relax Rules on Cheaper Health Insurance
Under current rules, such “short-term, limited-duration insurance” cannot last for more than three months. Under the proposal, the limit would be 364 days.
Reported by NYTimes.com 14 hours ago.
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Maryland weighs reviving insurance for health insurers
ANNAPOLIS, Md. (AP) — To help steady Maryland’s struggling health care exchange, Maryland is considering steps some other states have started taking to stabilize insurance markets: revive a sort of insurance for insurers. Measures relating to health insurance are scheduled for hearings Wednesday. One includes a proposal for what’s known as reinsurance, which protects insurers […]
Reported by Seattle Times 22 hours ago.
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Bill targeting rape kit payments headed to Idaho Senate
BOISE, Idaho (AP) — Idaho lawmakers have advanced legislation that would change how the state pays for the collection of evidence in sexual assault investigations. State law currently says the cost of a rape kit is first billed to a sexual assault victim’s health insurance and any remaining costs are then picked up by the […]
Reported by Seattle Times 10 hours ago.
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Health Hero: Petplan Sponsors Grant to Provide Pet Insurance Coverage to Police K-9s
After raising more than $50,000, K-9 grant program expanded to include 50 dogs in 2018
NEWTOWN SQUARE, Pa. (PRWEB) February 21, 2018
Petplan pet insurance announced that 50 working police dogs will receive pet insurance grants from the National Police Dog Foundation (NPDF) in 2018. The endowment, which Petplan sponsors, awarded five police K-9s with one year of Petplan coverage in 2017. The expansion of the program this year comes thanks to joint fundraising efforts between Petplan and the NPDF.
“The inaugural grant period was a success and we’re thrilled to cover even more working dogs this year,” says Natasha Ashton, co-founder and co-CEO of Petplan. “To be able to protect 10 times as many deserving police K-9s in 2018 is beyond our expectation.”
In addition to hereditary health conditions a police K-9 officer’s breed may dictate occupational hazards like gunshot or stab wounds, lacerations, tail injuries and exposure to highly toxic substances like illegal drugs all threaten a police dog’s health (and a local police department’s budget).
Veterinary care can run in the thousands to treat these types of injuries, so protecting four-footed police with pet insurance like Petplan, which reimburses up to 90 percent of the bill, makes good fiscal sense for municipalities. And insuring police K-9s while in active duty ensures that they can stay healthy through retirement; conditions are covered for life, as long as the policy remains active.
“Just like professional athletes, [K-9s] can be subject to injury on a daily basis,” says Officer Quinn Handley of the Upland Police Department in California, who was a recipient of the Petplan/NPDF grant last year. “Having insurance allows us to maximize our budget on other necessary items like training, equipment and dog food. To work with K-9 Rudy is a dream come true. It allows the department to do our jobs more safely and efficiently.”
Funding for the K-9 Health Insurance Grant comes via support from Petplan as well as contributions from the public. In 2017, Petplan and the NPDF raised over $50,000 to make the 2018 grant cycle possible.
Applications are open now through March 31, and all municipalities and other working police K-9 units are encouraged to apply at https://nationalpolicedogfoundation.org/k9-health-insurance-grant-application-50/. Grant recipients are chosen by the NPDF and will be announced later this year.
To make a direct donation in support of grant funding, or to learn more about Petplan’s sponsorship of the NPDF, citizens can point their paws to https://nationalpolicedogfoundation.org/petplan/.
ABOUT PETPLAN
Petplan has built an industry-leading pet insurance policy for pet parents who demand a higher pedigree of care for their best friends. We’ve leveraged 40 years of global experience to create completely customizable coverage pet parents can feel confident in, and world-class claims service that operates 24 hours a day, every day.
Petplan’s innovative approach to pet insurance has been recognized by Forbes, Financial Times, Bloomberg, Inc. magazine, Smart CEO, the Communicator Awards, Ernst & Young and many others.
Petplan policies are underwritten in the United States by AGCS Marine Insurance Company, a member of the Allianz Group (rated A+ A.M. Best), and XL Specialty Insurance Company; and in Canada by XL Specialty Insurance Company - Canadian Branch. The company is rated A+ by S&P (2018). Coverage may not be available in all jurisdictions. For more information about Petplan pet insurance, visit http://www.petplan.com or call 1-866-467-3875.
ABOUT NATIONAL POLICE DOG FOUNDATION
The National Police Dog Foundation is a volunteer organization that promotes education and awareness, and raises funds for the purchase, training and ongoing veterinary care of active and retired police K-9s.
In 1998, the Ventura Police Dog Foundation began as a local group helping to fund the K-9 program for the City of Ventura, CA, and in 2004, the National Police Dog Foundation expanded its support to law enforcement K-9 units throughout the United States.
Most law enforcement agencies simply cannot meet their ever-increasing costs related to their K-9 units. The Foundation has become a unique resource for these agencies, to get the assistance they need. The Foundation’s network of veterinarians includes some of the country’s most valued specialists in many varying areas of healthcare.
The Foundation’s efforts are all done to support America’s selfless and courageous K-9 heroes.
For more information about The National Police Dog Foundation, visit http://www.nationalpolicedogfoundation.org or call 1-888-459-7768. Reported by PRWeb 11 hours ago.
NEWTOWN SQUARE, Pa. (PRWEB) February 21, 2018
Petplan pet insurance announced that 50 working police dogs will receive pet insurance grants from the National Police Dog Foundation (NPDF) in 2018. The endowment, which Petplan sponsors, awarded five police K-9s with one year of Petplan coverage in 2017. The expansion of the program this year comes thanks to joint fundraising efforts between Petplan and the NPDF.
“The inaugural grant period was a success and we’re thrilled to cover even more working dogs this year,” says Natasha Ashton, co-founder and co-CEO of Petplan. “To be able to protect 10 times as many deserving police K-9s in 2018 is beyond our expectation.”
In addition to hereditary health conditions a police K-9 officer’s breed may dictate occupational hazards like gunshot or stab wounds, lacerations, tail injuries and exposure to highly toxic substances like illegal drugs all threaten a police dog’s health (and a local police department’s budget).
Veterinary care can run in the thousands to treat these types of injuries, so protecting four-footed police with pet insurance like Petplan, which reimburses up to 90 percent of the bill, makes good fiscal sense for municipalities. And insuring police K-9s while in active duty ensures that they can stay healthy through retirement; conditions are covered for life, as long as the policy remains active.
“Just like professional athletes, [K-9s] can be subject to injury on a daily basis,” says Officer Quinn Handley of the Upland Police Department in California, who was a recipient of the Petplan/NPDF grant last year. “Having insurance allows us to maximize our budget on other necessary items like training, equipment and dog food. To work with K-9 Rudy is a dream come true. It allows the department to do our jobs more safely and efficiently.”
Funding for the K-9 Health Insurance Grant comes via support from Petplan as well as contributions from the public. In 2017, Petplan and the NPDF raised over $50,000 to make the 2018 grant cycle possible.
Applications are open now through March 31, and all municipalities and other working police K-9 units are encouraged to apply at https://nationalpolicedogfoundation.org/k9-health-insurance-grant-application-50/. Grant recipients are chosen by the NPDF and will be announced later this year.
To make a direct donation in support of grant funding, or to learn more about Petplan’s sponsorship of the NPDF, citizens can point their paws to https://nationalpolicedogfoundation.org/petplan/.
ABOUT PETPLAN
Petplan has built an industry-leading pet insurance policy for pet parents who demand a higher pedigree of care for their best friends. We’ve leveraged 40 years of global experience to create completely customizable coverage pet parents can feel confident in, and world-class claims service that operates 24 hours a day, every day.
Petplan’s innovative approach to pet insurance has been recognized by Forbes, Financial Times, Bloomberg, Inc. magazine, Smart CEO, the Communicator Awards, Ernst & Young and many others.
Petplan policies are underwritten in the United States by AGCS Marine Insurance Company, a member of the Allianz Group (rated A+ A.M. Best), and XL Specialty Insurance Company; and in Canada by XL Specialty Insurance Company - Canadian Branch. The company is rated A+ by S&P (2018). Coverage may not be available in all jurisdictions. For more information about Petplan pet insurance, visit http://www.petplan.com or call 1-866-467-3875.
ABOUT NATIONAL POLICE DOG FOUNDATION
The National Police Dog Foundation is a volunteer organization that promotes education and awareness, and raises funds for the purchase, training and ongoing veterinary care of active and retired police K-9s.
In 1998, the Ventura Police Dog Foundation began as a local group helping to fund the K-9 program for the City of Ventura, CA, and in 2004, the National Police Dog Foundation expanded its support to law enforcement K-9 units throughout the United States.
Most law enforcement agencies simply cannot meet their ever-increasing costs related to their K-9 units. The Foundation has become a unique resource for these agencies, to get the assistance they need. The Foundation’s network of veterinarians includes some of the country’s most valued specialists in many varying areas of healthcare.
The Foundation’s efforts are all done to support America’s selfless and courageous K-9 heroes.
For more information about The National Police Dog Foundation, visit http://www.nationalpolicedogfoundation.org or call 1-888-459-7768. Reported by PRWeb 11 hours ago.
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RPS Financial begins M&A spree with KC health insurance brokerage
RPS Benefits Inc. acquired Kansas City-based Benefits By Design for an undisclosed amount. RPS Benefits is a subsidiary of Leawood-based RPS Financial Group Inc., which also owns a Northwestern Mutual insurance agency in the Kansas City area, and a wealth management company. Benefits By Design is a group medical insurance brokerage founded by Cary and Lauren Hall in 1999. They will remain with the company along with two producers and three support staff. Both RPS Benefits and Benefits By Design…
Reported by bizjournals 9 hours ago.
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MDxHealth_FY_Results EN
*NEWS RELEASE REGULATED INFORMATION*
* ANNUAL FINANCIAL REPORT *
* *
*MDxHealth Reports Financial Year 2017 Results*
*Product revenue of $28 million up 13% and total revenue of $40 million up 35% *
*with continued strong volume growth*
*Conference call for analysts and investors today at 15:00 CET / 09:00 EST, details below*
*IRVINE, CA, and HERSTAL, BELGIUM* - 07:00 CEST, February 22, 2018 - MDxHealth SA ("MDxHealth, or the "Company"), (Euronext: MDXH.BR), today announced financial results for the financial year ended December 31, 2017 and provided an update on its strategic outlook.
2017 was an important year for the continuing development of MDxHealth into the world's leading urological molecular diagnostic company. While the Company encountered some challenges in the latter part of the year relating to short term revenue, revenue and patient test volumes continued to grow. The Company made good operational progress in 2017, aligning its commercial organization and management structure. The Board believes that MDxHealth is well placed to continue driving its innovative urological franchise, increasing market share and realising the market potential of its commercial stage tests across global markets.
The Company has a clear focus for MDxHealth's growth in 2018 and beyond. This is centred around four key pillars:
· Driving adoption of the Company's commercial tests with urologists and payors in the US and Europe
· Expanding the clinical indications for SelectMDx
· Expanding usability of MDxHealth tests by porting them onto IVD sample-to-answer platforms
· Working with pharmaceutical partners to create precision diagnostics
"We remain confident in the potential of ConfirmMDx, which we expect to continue driving momentum in the mid-term and for which we have a renewed approach aimed at capturing additional market share. In the longer term, we expect SelectMDx to continue driving growth with numerous value driving inflection points in the coming years. We are positive about the outlook for the current year," said *Dr. Jan Groen, Chief Executive Officer of MDxHealth.* "We believe MDxHealth can achieve a higher level of Product and Services revenue growth than in 2017. It is too early in the financial year to predict the exact level of growth, but we will provide an update in due course."
*Financial Highlights*
· Product and services revenue of $28.2 million, up 13% from $24.9 million in 2016
· Total revenue of $40.5 million up 35% from $30.0 million in 2016, driven in part by $12.1 million net revenue from the one-time payment by Exact Sciences for MDxHealth patents for the Cologuard testOperating loss of $12.3 million compared to an operating loss of $12.8 million in 2016
· EBITDA of $-10.4 million compared to $-11.1 million in 2016
· Cash collections on products and services of $23.1 million, up 17% from $19.7 million in 2016
· Cash and cash equivalents of $16.8 million as of December 31, 2017
*Operational Highlights*
Good progress in test volume, with over 33,100 patients tested with SelectMDx and ConfirmMDx products worldwide in 2017, up 39% from nearly 24,000 patients tested in 2016. US-based testing represented 91% of total volume at 30,000, with total volume for Europe at 3,100. Further highlights include:
ConfirmMDx^®
· Total US test volume grew to 21,400 in 2017 from 20,400 in 2016
· Q4 total test volume grew 14% to 6,400 in 2017 from 5,600 in 2016, reflecting the initial momentum from an increase in the sales team from 33 to 50
· Action taken in Q4 to optimize the Company's commercial structure towards a more targeted sales approach
· 20 new US payor contracts for ConfirmMDx including US General Services Administration allowing ConfirmMDx to be available to federal, state and local government buyers, Kaiser Southern California Permanent Medical Group which serves 4.4 million members, 10 out of 36 Blue Cross Blue Shield Association® affiliated plans, Medicaid programs and commercial payors, bringing the total number of contracted payors to 62
· Four new US positive coverage policies for ConfirmMDx
SelectMDx^®
· Strong growth for SelectMDx with total global test volume of 11,700 in 2017 versus 4,000 in 2016
· EU SelectMDx test volume up more than 300% to over 3,100 patients tested compared to 800 in 2016
· SelectMDx IVD PCR Kit launch* and adoption by the first large medical laboratory, MVZ Dr. Stein & Kollegen, a subsidiary of the Limbach Gruppe SE in Germany
· Four new US payor contracts for SelectMDx, now totalling 15 payors
· Nine SelectMDx distribution agreements signed in 2017 in seven countries across Europe
AssureMDx
· Initial commercial rollout of MDxHealth's third commercial test in the US, AssureMDx(TM) for Bladder Cancer, a liquid biopsy laboratory developed test (LDT) to assess the risk of bladder cancer for patients diagnosed with haematuria
· Strengthening data set for AssureMDx to support its data package for future reimbursement coverage with a prospective multi-center validation study of AssureMDx for Bladder cancer in over 1,000 patients with haematuria (Published in Urologic Oncology)
*Corporate Review*
· Expansion of executive functions with the appointments of Jean-Marc Roelandt as Chief Financial Officer, Michael K. Brawer, MD as Chief Medical Officer, and Paul Marr as Executive Vice President of Sales for North America
· Lieve Verplancke MD was nominated as an Independent Non-Executive Director at the Company's Annual General Shareholders Meeting held on 26 May 2017. On October 27, 2017, the Board of Directors elected Mrs. Hilde Windels as an Independent Executive Director. On October 19, 2017, Mark Shaffar, Chairman of the Board of Directors (represented by Shaffar LLC), retired from the Board. The Board of Directors has elected Mr. Wally Narajowski to be the new Chairman
** **
**Post period highlights**
· In January 2018, MDxHealth announced promising research results published in peer-reviewed journal The Prostate, with a new liquid biopsy test in development to help guide personalized treatment of castration-resistant prostate cancer (CRPC) patients
· Data from this study is indicative of MDxHealth's strategy to bring new high precision liquid biopsy tests to market and to support pharmaceutical companies in the development of personalized therapeutics based on significant clinical data
*2017 **Business Review*
MDxHealth's world leading uro-oncology focused molecular diagnostic platform is positioned to capitalize on two critical global trends in healthcare currently: the ever growing incidence of cancer and the demand for fast, actionable, cost-effective cancer diagnosis and patient monitoring. MDxHealth's suite of commercial products and its innovative liquid biopsy pipeline seek to meet these needs in a market which is estimated to be worth $ 4.2 billion and to grow by 7% to 4.6 billion in 2022.
ConfirmMDx
Our lead product ConfirmMDx for prostate cancer helps urologists identify low-risk men who may forego an unnecessary repeat biopsy and high-risk men who may benefit from intervention. ConfirmMDx is the first epigenetic tissue-based test in the NCCN Guidelines for early detection of prostate cancer and that addresses false negative biopsy concerns. ConfirmMDx has qualified for Medicare reimbursement and covered by numerous private health insurance plans.
During 2017, MDxHealth has been focused on increasing adoption and acceptance of ConfirmMDx in the US with a focus on private payors. Throughout 2017 an additional 20 new US payor contracts for ConfirmMDx were signed. Payors reimbursing the tests now include the US Government Services Administration, 10 of 36 Blue Cross Blue Shield Association^® affiliated plans, Medicaid programs and commercial payors, bringing the total number of contracted payors to 62.
The Company increased its sales force in the US from 33 to 50 and in the fourth quarter reorganized it to tailor commercial efforts to key customer channels. 42 sales reps and 8 strategic account managers will cover redesigned geographies and strategic accounts incorporating over 12,000 urologists, 80% of whom are involved in the diagnosis of prostate cancer including those within the following customer groups:
· Large Urology Group Practices (LUGPA) with 152 centers responsible for approximately 30% of all the biopsy procedures
· Integrated Health Networks including to Kaiser Permanente and the VA
· Community based urologists
ConfirmMDx patient volumes continued to grow in the year despite some challenges. Initial revenue expectations included initial volumes from a healthcare services contract with Kaiser Permanente Southern California and volumes from a large multi-center study aimed at supporting on-going Medicare coverage for ConfirmMDx. These programs are central to securing ongoing Medicare coverage by providing required on-going clinical utility data, extensive education and training and supporting the consistent use of ConfirmMDx in the every-day workflow of urologists, both during and after the completion of the studies.
Delivery of the projected number of billable cases failed to materialize due to unforeseen operating issues. The Company expects a portion of the cases to roll over into 2018.
ConfirmMDx currently occupies an estimated 8% market share and the Company believes that there is a substantial opportunity for this to continue to grow in the mid-term.
SelectMDx
MDxHealth's focus during 2017 was to drive further market penetration, both in the US and Europe, as a result of the on-going roll out of SelectMDx. SelectMDx is MDxHealth's first liquid biopsy test which helps to identify men at increased risk of harboring aggressive, potentially lethal, prostate cancer who may benefit most from a prostate biopsy and earlier detection.
MDxHealth has signed nine new contracts with European and Middle-East distributors, which combined with the international launch of the CE-marked SelectMDx IVD-kit, enabled the Company to leverage the commercial infrastructure built over the last several years and make rapid and meaningful progress in the expansion of this product.
In October, the Company added to its commercial and R&D infrastructure through the opening of a new service and research laboratory at the Novio Tech Campus in Nijmegen, the Netherlands. This state-of-the-art laboratory has expanded the Company's capacity to perform SelectMDx tests in Europe and support on-going research, development and commercial activities.
SelectMDx is currently indicated in the US and Europe for use in testing men with elevated PSA levels of 3-10 ng/ml before biopsy. However, the Company sees significant opportunity for SelectMDx to extend its use beyond the current validated pre-biopsy indication through active monitoring of 300,000 patients annually in the US and through use by general practitioners in the primary care setting for patients with lower levels of elevated PSA. The Company believes that these initiatives can quadruple the market opportunity for SelectMDx to more than 2 million patients annually in the US and a similar number for Europe.
In 2017, the Company initiated and completed two US clinical validation studies for SelectMDx in an active surveillance population with the John Hopkins University and the Canary Foundation. Data from these studies is expected in 2018.
In addition, 2017 saw the publication of cost-effectiveness studies conducted in the the Netherlands and published in the British Journal of Urology. In addition, five cost-effectiveness studies were completed in Spain, Italy, Germany, France and the US. These studies demonstrated that SelectMDx improves patient outcomes while significantly reducing healthcare costs by foregoing unnecessary invasive procedures, including biopsies and multiparametric MRI (mpMRi). In April, publication of an analytical validation study in Translational Medicine Communications, demonstrated the robustness, reproducibility and interlaboratory performance of the SelectMDx test.
In addition, SelectMDx was evaluated in the following studies:
· Data from a retrospective study, conducted by the Radboud Medical Center and published in The Prostate, demonstrated that SelectMDx correlated with multipara metric MRI (mpMRI) and outperformed the PCA3 test
· SelectMDx adopted by the Michigan Medicine Prostate Cancer Risk Clinic at US University of Michigan hospital as a pre-biopsy diagnostic tool to monitor men with previously diagnosed genetic mutations
· A US and European cost-effectiveness studies demonstrated that SelectMDx improved patient outcomes while significantly reducing healthcare costs by preventing over-diagnosis and overtreatment of men with clinically insignificant prostate cancer
AssureMDx
· AssureMDx for Bladder Cancer is a proprietary urine-based, molecular diagnostic test that offers a non-invasive 'liquid biopsy' method to improve the identification of patients at increased risk for bladder cancer who will benefit from further clinical evaluation. The test delivers a negative predictive value (NPV) of 99% for bladder cancer, helping to reduce the need for unnecessary invasive cystoscopy procedures by up to 77%, thereby reducing healthcare costs
· Initial commercial rollout of AssureMDx for Bladder Cancer commenced in 2017 in the US
*2017 Financial Review*
Key unaudited consolidated figures for the financial year ended December 31, 2017 (thousands of US dollars, except per share data):
As of or for the year ended December 31 *2017* *2016* *Change* *Change*
*as a %*
Revenue 40,508 29,970 10,538 35.2%
Gross Profit 30,305 19,867 10,438 52.5%
Operating expenses (42,579) (32,713) (9,866) (30.2) %
EBITDA (Profit/(Loss)) (10,388) (11,124) 736 6.6%
Operating profit/(loss) (EBIT) (12,274) (12,846) 572 4.5%
Net Income/(Loss) (12,288) (13,174) 886 6.7%
Earnings per share, basic ($) (0.25) (0.26) 0.01 6.9%
Revenue and income
Total revenue for the year ended December 31, 2017, increased by 35% to $40.5 million, compared to $30 million a year earlier. Revenue included the sale of the Company's patents directed towards colorectal cancer to Exact Sciences. Excluding revenue from Exact Sciences for both periods, total products and services revenue increased by approximately 13% to $28.2 million during 2017. While its growth was hampered by delays encountered during the fourth quarter in obtaining billable cases from contracted customers and from a large post-marketing study, ConfirmMDx remained the lead product and accounted for 91% of product and services revenue. The reduction of ConfirmMDx's contribution from 97% in 2017 to 91% in 2017, also results from continued strong growth of SelectMDx, both in the US and in Europe. Test volumes for SelectMDx grew by more than 250%, and accounted for 35% of total volumes. The lower price point of SelectMDx compared to ConfirmMDx and the early stage of payor adoption however limited the revenue for SelectMDx to approximately $1.8 million, an increase of 257% year-on-year.
Revenue recognized on the sales of ConfirmMDx and SelectMDx represented just over 51% of total gross billings, a slight increase compared to 2016 and to the first half of 2017, with a marginal improvement in the revenue recognition rate for ConfirmMDx being offset by the lower rate applicable to the fast-growing test volumes of SelectMDx.
The gross profit margin on products and services improved from 60% in 2016 to 64% as a result of continued efficiency improvements and increasing volumes for SelectMDx.
Operating expenses for 2017 of $42.6 million increased by $9.9 million compared to 2016, mainly as a result of the accelerated expansion of the sales force and the management team in the US to address the mounting market opportunity for its robust portfolio of molecular diagnostic tests for urology. Also reflected in the increase is the full year impact of investments made during 2016, such as the build-out of the European operations including commercial and laboratory staff. Total headcount stood at 232 at the end of 2017 compared to 162 a year earlier, an increase designed to expand our US footprint and to accommodate the resulting increase in testing volumes.
Cash position
Cash and cash equivalents stood at $16.8 million at December 31, 2017, compared to $30.8 million at December 31, 2016. The gross proceeds from the sale of patents to Exact Sciences of $15.0 million, net new financing of $0.6 million and $1.9 million of favorable foreign exchange translation effects were offset by an operational cash burn of $25.5 million, the non-recurring payment of royalties and milestones of $1.1 million and investments in tangible and intangible assets of $4.9 million. Cash collections from ConfirmMDx and SelectMDx amounted to $23.1 million, 17% more than a year earlier. The unique ConfirmMDx CPT code, effective January 2018, is expected to further streamline the Company's reimbursement efforts and significantly reduce collection periods.
*Strategic Update and Outlook*
The Company's strategy to grow the business is focused on four key pillars: 1) driving adoption and acceptance of our commercial tests with urologists and payors in the significant markets of the US and Europe; 2) increasing the clinical utility of our SelectMDx tests to encompass both primary care and the active and recurrence monitoring of patients; 3) expanding usability and access to our tests by porting them onto IVD sample-to-answer platforms; and 4) working with pharmaceutical partners to create precision diagnostics.
The Company remains confident in the potential of ConfirmMDx, which it expects to continue driving momentum in the mid-term and increasing market share. In the longer term, the Company expects SelectMDx to continue driving growth with numerous value driving inflection points in the coming years. The Company is positive about the outlook for the current year and believes it can achieve a higher level of Product and Services revenue growth than in 2017.
Growth in 2018 and beyond will be driven by:
· Increase in private payor coverage in the US for ConfirmMDx and SelectMDx
· Formal application expected in 2018 for Medicare coverage through a Local Coverage Determination (LCD) for SelectMDx. Clinical utility studies and budget impact studies will also drive the Company's effort to secure contracts with an increasing number of private payors for SelectMDx
· The results of the prospective 4M study, using SelectMDx with mpMRI and histopathology, are expected to be released in the course of H1 2018. These data are key to inclusion in the respective clinical guidelines in the US and in Europe
· Expanded market opportunity for SelectMDx in active monitoring and primary care settings expected to quadruple the market opportunity for SelectMDx in the mid-term to more than 2 million patients annually in the US and a similar number for Europe. Data validating this approach from two large scale studies conducted alongside John Hopkins University and the Canary Foundation are expected in 2018
· In addition, MDxHealth plans to expand its IVD strategy by porting some of its products onto commercially established IVD platforms tuned towards sample to answer technology, an increasingly important capability in the field of molecular diagnostics
· MDxHealth will continue to leverage its biomarker portfolio and expand its capabilities towards the pharmaceutical industry. The Company will further develop its new diagnostic companion blood test to guide the personalized treatment of castration resistant prostate cancer patients, building on the very encouraging results of the study published in The Prostate on January 12, 2018
*2018 Reporting Calender *
· First interim trading update: April 24, 2018
· Annual General Meeting of Shareholders: May 31, 2018
· H1 results: August 30, 2018
· Second interim trading update: October 23, 2018
*Financial statements and auditor review*
The Company's statutory auditor, BDO Bedrijfsrevisoren Burg. Ven. CBVA, has confirmed that its audit procedures with respect to the Company's consolidated financial statements, prepared in accordance with the International Financial Reporting Standards as adopted in the European Union, have been substantially completed. These procedures have not revealed any material adjustments that would have to be made to the accounting information derived from the Company's consolidated financial information that is included in this press release, and that it intends to issue an unqualified opinion.
The condensed Consolidated Statement of Comprehensive Income may be found on the Company's website at www.mdxhealth.com. The full Annual Report is expected to be made available to the public via the Company's website in April 2018.
*Conference Call Details*
Dr. Jan Groen, Chief Executive Officer and Jean-Marc Roelandt, Chief Financial Officer, will host a conference call on the day of the results at 15:00 CET / 14:00 GMT / 06:00 PT. The call will be conducted in English and a replay will be available for 30 days.
To access the conference call, please dial one of the appropriate numbers below quoting the conference ID 9294798.
UK: 08003767922
Belgium: 024009874
The Netherlands: 0207143545
US: 18669661396
The presentation will be made available on the Investors section of the MDxHealth website shortly before the call and can be accessed at: http://mdxhealth.com/investors.
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled start timing.
About MDxHealth
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 genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, and prediction of response to a specific therapy. The Company's European headquarters are in Herstal, Belgium, with laboratory operations in Nijmegen, The Netherlands, and US headquarters and laboratory operations based in Irvine, California. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.
*For more information: *
*MDxHealth *
Dr. Jan Groen, CEO
US: +1 949 812 6979
BE: +32 4 364 20 70
info@mdxhealth.com
Jean-Marc Roelandt, CFO
BE: +32 (0) 4 364 20 70
NL: +31 (0) 88 327 2727
ir@mdxhealth.com
*Consilium Strategic Communications (IR & PR)*
Amber Fennell, Chris Welsh & Hendrik Thys
UK: +44 20 3709 5701
mdxhealth@consilium-comms.com *LifeSpring Life Sciences Communication* Amsterdam, The Netherlands
Leon Melens
+31 6 538 16 427
lmelens@lifespring.nl
*The SelectMDx IVD PCR kit is not available in all geographies and/or may not be approved for all uses discussed in this press release. It is currently not available for use in the United States.
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, PredictMDx and UrNCollect are trademarks or registered trademarks of MDxHealth SA. Blue Cross Blue Shield Association® is a registered trademark of Blue Cross Blue Shield Associaiton. All other trademarks and service marks are the property of their respective owners. The foregoing information on Kaiser Permanente and the General Service Administration contract awards is not intended to serve as an endorsement of MDxHealth or ConfirmMDx by Kaiser Permanente or the US Government.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/bdf4e7a9-9ada-4c95-ab68-68f61746456a Reported by GlobeNewswire 8 minutes ago.
* ANNUAL FINANCIAL REPORT *
* *
*MDxHealth Reports Financial Year 2017 Results*
*Product revenue of $28 million up 13% and total revenue of $40 million up 35% *
*with continued strong volume growth*
*Conference call for analysts and investors today at 15:00 CET / 09:00 EST, details below*
*IRVINE, CA, and HERSTAL, BELGIUM* - 07:00 CEST, February 22, 2018 - MDxHealth SA ("MDxHealth, or the "Company"), (Euronext: MDXH.BR), today announced financial results for the financial year ended December 31, 2017 and provided an update on its strategic outlook.
2017 was an important year for the continuing development of MDxHealth into the world's leading urological molecular diagnostic company. While the Company encountered some challenges in the latter part of the year relating to short term revenue, revenue and patient test volumes continued to grow. The Company made good operational progress in 2017, aligning its commercial organization and management structure. The Board believes that MDxHealth is well placed to continue driving its innovative urological franchise, increasing market share and realising the market potential of its commercial stage tests across global markets.
The Company has a clear focus for MDxHealth's growth in 2018 and beyond. This is centred around four key pillars:
· Driving adoption of the Company's commercial tests with urologists and payors in the US and Europe
· Expanding the clinical indications for SelectMDx
· Expanding usability of MDxHealth tests by porting them onto IVD sample-to-answer platforms
· Working with pharmaceutical partners to create precision diagnostics
"We remain confident in the potential of ConfirmMDx, which we expect to continue driving momentum in the mid-term and for which we have a renewed approach aimed at capturing additional market share. In the longer term, we expect SelectMDx to continue driving growth with numerous value driving inflection points in the coming years. We are positive about the outlook for the current year," said *Dr. Jan Groen, Chief Executive Officer of MDxHealth.* "We believe MDxHealth can achieve a higher level of Product and Services revenue growth than in 2017. It is too early in the financial year to predict the exact level of growth, but we will provide an update in due course."
*Financial Highlights*
· Product and services revenue of $28.2 million, up 13% from $24.9 million in 2016
· Total revenue of $40.5 million up 35% from $30.0 million in 2016, driven in part by $12.1 million net revenue from the one-time payment by Exact Sciences for MDxHealth patents for the Cologuard testOperating loss of $12.3 million compared to an operating loss of $12.8 million in 2016
· EBITDA of $-10.4 million compared to $-11.1 million in 2016
· Cash collections on products and services of $23.1 million, up 17% from $19.7 million in 2016
· Cash and cash equivalents of $16.8 million as of December 31, 2017
*Operational Highlights*
Good progress in test volume, with over 33,100 patients tested with SelectMDx and ConfirmMDx products worldwide in 2017, up 39% from nearly 24,000 patients tested in 2016. US-based testing represented 91% of total volume at 30,000, with total volume for Europe at 3,100. Further highlights include:
ConfirmMDx^®
· Total US test volume grew to 21,400 in 2017 from 20,400 in 2016
· Q4 total test volume grew 14% to 6,400 in 2017 from 5,600 in 2016, reflecting the initial momentum from an increase in the sales team from 33 to 50
· Action taken in Q4 to optimize the Company's commercial structure towards a more targeted sales approach
· 20 new US payor contracts for ConfirmMDx including US General Services Administration allowing ConfirmMDx to be available to federal, state and local government buyers, Kaiser Southern California Permanent Medical Group which serves 4.4 million members, 10 out of 36 Blue Cross Blue Shield Association® affiliated plans, Medicaid programs and commercial payors, bringing the total number of contracted payors to 62
· Four new US positive coverage policies for ConfirmMDx
SelectMDx^®
· Strong growth for SelectMDx with total global test volume of 11,700 in 2017 versus 4,000 in 2016
· EU SelectMDx test volume up more than 300% to over 3,100 patients tested compared to 800 in 2016
· SelectMDx IVD PCR Kit launch* and adoption by the first large medical laboratory, MVZ Dr. Stein & Kollegen, a subsidiary of the Limbach Gruppe SE in Germany
· Four new US payor contracts for SelectMDx, now totalling 15 payors
· Nine SelectMDx distribution agreements signed in 2017 in seven countries across Europe
AssureMDx
· Initial commercial rollout of MDxHealth's third commercial test in the US, AssureMDx(TM) for Bladder Cancer, a liquid biopsy laboratory developed test (LDT) to assess the risk of bladder cancer for patients diagnosed with haematuria
· Strengthening data set for AssureMDx to support its data package for future reimbursement coverage with a prospective multi-center validation study of AssureMDx for Bladder cancer in over 1,000 patients with haematuria (Published in Urologic Oncology)
*Corporate Review*
· Expansion of executive functions with the appointments of Jean-Marc Roelandt as Chief Financial Officer, Michael K. Brawer, MD as Chief Medical Officer, and Paul Marr as Executive Vice President of Sales for North America
· Lieve Verplancke MD was nominated as an Independent Non-Executive Director at the Company's Annual General Shareholders Meeting held on 26 May 2017. On October 27, 2017, the Board of Directors elected Mrs. Hilde Windels as an Independent Executive Director. On October 19, 2017, Mark Shaffar, Chairman of the Board of Directors (represented by Shaffar LLC), retired from the Board. The Board of Directors has elected Mr. Wally Narajowski to be the new Chairman
** **
**Post period highlights**
· In January 2018, MDxHealth announced promising research results published in peer-reviewed journal The Prostate, with a new liquid biopsy test in development to help guide personalized treatment of castration-resistant prostate cancer (CRPC) patients
· Data from this study is indicative of MDxHealth's strategy to bring new high precision liquid biopsy tests to market and to support pharmaceutical companies in the development of personalized therapeutics based on significant clinical data
*2017 **Business Review*
MDxHealth's world leading uro-oncology focused molecular diagnostic platform is positioned to capitalize on two critical global trends in healthcare currently: the ever growing incidence of cancer and the demand for fast, actionable, cost-effective cancer diagnosis and patient monitoring. MDxHealth's suite of commercial products and its innovative liquid biopsy pipeline seek to meet these needs in a market which is estimated to be worth $ 4.2 billion and to grow by 7% to 4.6 billion in 2022.
ConfirmMDx
Our lead product ConfirmMDx for prostate cancer helps urologists identify low-risk men who may forego an unnecessary repeat biopsy and high-risk men who may benefit from intervention. ConfirmMDx is the first epigenetic tissue-based test in the NCCN Guidelines for early detection of prostate cancer and that addresses false negative biopsy concerns. ConfirmMDx has qualified for Medicare reimbursement and covered by numerous private health insurance plans.
During 2017, MDxHealth has been focused on increasing adoption and acceptance of ConfirmMDx in the US with a focus on private payors. Throughout 2017 an additional 20 new US payor contracts for ConfirmMDx were signed. Payors reimbursing the tests now include the US Government Services Administration, 10 of 36 Blue Cross Blue Shield Association^® affiliated plans, Medicaid programs and commercial payors, bringing the total number of contracted payors to 62.
The Company increased its sales force in the US from 33 to 50 and in the fourth quarter reorganized it to tailor commercial efforts to key customer channels. 42 sales reps and 8 strategic account managers will cover redesigned geographies and strategic accounts incorporating over 12,000 urologists, 80% of whom are involved in the diagnosis of prostate cancer including those within the following customer groups:
· Large Urology Group Practices (LUGPA) with 152 centers responsible for approximately 30% of all the biopsy procedures
· Integrated Health Networks including to Kaiser Permanente and the VA
· Community based urologists
ConfirmMDx patient volumes continued to grow in the year despite some challenges. Initial revenue expectations included initial volumes from a healthcare services contract with Kaiser Permanente Southern California and volumes from a large multi-center study aimed at supporting on-going Medicare coverage for ConfirmMDx. These programs are central to securing ongoing Medicare coverage by providing required on-going clinical utility data, extensive education and training and supporting the consistent use of ConfirmMDx in the every-day workflow of urologists, both during and after the completion of the studies.
Delivery of the projected number of billable cases failed to materialize due to unforeseen operating issues. The Company expects a portion of the cases to roll over into 2018.
ConfirmMDx currently occupies an estimated 8% market share and the Company believes that there is a substantial opportunity for this to continue to grow in the mid-term.
SelectMDx
MDxHealth's focus during 2017 was to drive further market penetration, both in the US and Europe, as a result of the on-going roll out of SelectMDx. SelectMDx is MDxHealth's first liquid biopsy test which helps to identify men at increased risk of harboring aggressive, potentially lethal, prostate cancer who may benefit most from a prostate biopsy and earlier detection.
MDxHealth has signed nine new contracts with European and Middle-East distributors, which combined with the international launch of the CE-marked SelectMDx IVD-kit, enabled the Company to leverage the commercial infrastructure built over the last several years and make rapid and meaningful progress in the expansion of this product.
In October, the Company added to its commercial and R&D infrastructure through the opening of a new service and research laboratory at the Novio Tech Campus in Nijmegen, the Netherlands. This state-of-the-art laboratory has expanded the Company's capacity to perform SelectMDx tests in Europe and support on-going research, development and commercial activities.
SelectMDx is currently indicated in the US and Europe for use in testing men with elevated PSA levels of 3-10 ng/ml before biopsy. However, the Company sees significant opportunity for SelectMDx to extend its use beyond the current validated pre-biopsy indication through active monitoring of 300,000 patients annually in the US and through use by general practitioners in the primary care setting for patients with lower levels of elevated PSA. The Company believes that these initiatives can quadruple the market opportunity for SelectMDx to more than 2 million patients annually in the US and a similar number for Europe.
In 2017, the Company initiated and completed two US clinical validation studies for SelectMDx in an active surveillance population with the John Hopkins University and the Canary Foundation. Data from these studies is expected in 2018.
In addition, 2017 saw the publication of cost-effectiveness studies conducted in the the Netherlands and published in the British Journal of Urology. In addition, five cost-effectiveness studies were completed in Spain, Italy, Germany, France and the US. These studies demonstrated that SelectMDx improves patient outcomes while significantly reducing healthcare costs by foregoing unnecessary invasive procedures, including biopsies and multiparametric MRI (mpMRi). In April, publication of an analytical validation study in Translational Medicine Communications, demonstrated the robustness, reproducibility and interlaboratory performance of the SelectMDx test.
In addition, SelectMDx was evaluated in the following studies:
· Data from a retrospective study, conducted by the Radboud Medical Center and published in The Prostate, demonstrated that SelectMDx correlated with multipara metric MRI (mpMRI) and outperformed the PCA3 test
· SelectMDx adopted by the Michigan Medicine Prostate Cancer Risk Clinic at US University of Michigan hospital as a pre-biopsy diagnostic tool to monitor men with previously diagnosed genetic mutations
· A US and European cost-effectiveness studies demonstrated that SelectMDx improved patient outcomes while significantly reducing healthcare costs by preventing over-diagnosis and overtreatment of men with clinically insignificant prostate cancer
AssureMDx
· AssureMDx for Bladder Cancer is a proprietary urine-based, molecular diagnostic test that offers a non-invasive 'liquid biopsy' method to improve the identification of patients at increased risk for bladder cancer who will benefit from further clinical evaluation. The test delivers a negative predictive value (NPV) of 99% for bladder cancer, helping to reduce the need for unnecessary invasive cystoscopy procedures by up to 77%, thereby reducing healthcare costs
· Initial commercial rollout of AssureMDx for Bladder Cancer commenced in 2017 in the US
*2017 Financial Review*
Key unaudited consolidated figures for the financial year ended December 31, 2017 (thousands of US dollars, except per share data):
As of or for the year ended December 31 *2017* *2016* *Change* *Change*
*as a %*
Revenue 40,508 29,970 10,538 35.2%
Gross Profit 30,305 19,867 10,438 52.5%
Operating expenses (42,579) (32,713) (9,866) (30.2) %
EBITDA (Profit/(Loss)) (10,388) (11,124) 736 6.6%
Operating profit/(loss) (EBIT) (12,274) (12,846) 572 4.5%
Net Income/(Loss) (12,288) (13,174) 886 6.7%
Earnings per share, basic ($) (0.25) (0.26) 0.01 6.9%
Revenue and income
Total revenue for the year ended December 31, 2017, increased by 35% to $40.5 million, compared to $30 million a year earlier. Revenue included the sale of the Company's patents directed towards colorectal cancer to Exact Sciences. Excluding revenue from Exact Sciences for both periods, total products and services revenue increased by approximately 13% to $28.2 million during 2017. While its growth was hampered by delays encountered during the fourth quarter in obtaining billable cases from contracted customers and from a large post-marketing study, ConfirmMDx remained the lead product and accounted for 91% of product and services revenue. The reduction of ConfirmMDx's contribution from 97% in 2017 to 91% in 2017, also results from continued strong growth of SelectMDx, both in the US and in Europe. Test volumes for SelectMDx grew by more than 250%, and accounted for 35% of total volumes. The lower price point of SelectMDx compared to ConfirmMDx and the early stage of payor adoption however limited the revenue for SelectMDx to approximately $1.8 million, an increase of 257% year-on-year.
Revenue recognized on the sales of ConfirmMDx and SelectMDx represented just over 51% of total gross billings, a slight increase compared to 2016 and to the first half of 2017, with a marginal improvement in the revenue recognition rate for ConfirmMDx being offset by the lower rate applicable to the fast-growing test volumes of SelectMDx.
The gross profit margin on products and services improved from 60% in 2016 to 64% as a result of continued efficiency improvements and increasing volumes for SelectMDx.
Operating expenses for 2017 of $42.6 million increased by $9.9 million compared to 2016, mainly as a result of the accelerated expansion of the sales force and the management team in the US to address the mounting market opportunity for its robust portfolio of molecular diagnostic tests for urology. Also reflected in the increase is the full year impact of investments made during 2016, such as the build-out of the European operations including commercial and laboratory staff. Total headcount stood at 232 at the end of 2017 compared to 162 a year earlier, an increase designed to expand our US footprint and to accommodate the resulting increase in testing volumes.
Cash position
Cash and cash equivalents stood at $16.8 million at December 31, 2017, compared to $30.8 million at December 31, 2016. The gross proceeds from the sale of patents to Exact Sciences of $15.0 million, net new financing of $0.6 million and $1.9 million of favorable foreign exchange translation effects were offset by an operational cash burn of $25.5 million, the non-recurring payment of royalties and milestones of $1.1 million and investments in tangible and intangible assets of $4.9 million. Cash collections from ConfirmMDx and SelectMDx amounted to $23.1 million, 17% more than a year earlier. The unique ConfirmMDx CPT code, effective January 2018, is expected to further streamline the Company's reimbursement efforts and significantly reduce collection periods.
*Strategic Update and Outlook*
The Company's strategy to grow the business is focused on four key pillars: 1) driving adoption and acceptance of our commercial tests with urologists and payors in the significant markets of the US and Europe; 2) increasing the clinical utility of our SelectMDx tests to encompass both primary care and the active and recurrence monitoring of patients; 3) expanding usability and access to our tests by porting them onto IVD sample-to-answer platforms; and 4) working with pharmaceutical partners to create precision diagnostics.
The Company remains confident in the potential of ConfirmMDx, which it expects to continue driving momentum in the mid-term and increasing market share. In the longer term, the Company expects SelectMDx to continue driving growth with numerous value driving inflection points in the coming years. The Company is positive about the outlook for the current year and believes it can achieve a higher level of Product and Services revenue growth than in 2017.
Growth in 2018 and beyond will be driven by:
· Increase in private payor coverage in the US for ConfirmMDx and SelectMDx
· Formal application expected in 2018 for Medicare coverage through a Local Coverage Determination (LCD) for SelectMDx. Clinical utility studies and budget impact studies will also drive the Company's effort to secure contracts with an increasing number of private payors for SelectMDx
· The results of the prospective 4M study, using SelectMDx with mpMRI and histopathology, are expected to be released in the course of H1 2018. These data are key to inclusion in the respective clinical guidelines in the US and in Europe
· Expanded market opportunity for SelectMDx in active monitoring and primary care settings expected to quadruple the market opportunity for SelectMDx in the mid-term to more than 2 million patients annually in the US and a similar number for Europe. Data validating this approach from two large scale studies conducted alongside John Hopkins University and the Canary Foundation are expected in 2018
· In addition, MDxHealth plans to expand its IVD strategy by porting some of its products onto commercially established IVD platforms tuned towards sample to answer technology, an increasingly important capability in the field of molecular diagnostics
· MDxHealth will continue to leverage its biomarker portfolio and expand its capabilities towards the pharmaceutical industry. The Company will further develop its new diagnostic companion blood test to guide the personalized treatment of castration resistant prostate cancer patients, building on the very encouraging results of the study published in The Prostate on January 12, 2018
*2018 Reporting Calender *
· First interim trading update: April 24, 2018
· Annual General Meeting of Shareholders: May 31, 2018
· H1 results: August 30, 2018
· Second interim trading update: October 23, 2018
*Financial statements and auditor review*
The Company's statutory auditor, BDO Bedrijfsrevisoren Burg. Ven. CBVA, has confirmed that its audit procedures with respect to the Company's consolidated financial statements, prepared in accordance with the International Financial Reporting Standards as adopted in the European Union, have been substantially completed. These procedures have not revealed any material adjustments that would have to be made to the accounting information derived from the Company's consolidated financial information that is included in this press release, and that it intends to issue an unqualified opinion.
The condensed Consolidated Statement of Comprehensive Income may be found on the Company's website at www.mdxhealth.com. The full Annual Report is expected to be made available to the public via the Company's website in April 2018.
*Conference Call Details*
Dr. Jan Groen, Chief Executive Officer and Jean-Marc Roelandt, Chief Financial Officer, will host a conference call on the day of the results at 15:00 CET / 14:00 GMT / 06:00 PT. The call will be conducted in English and a replay will be available for 30 days.
To access the conference call, please dial one of the appropriate numbers below quoting the conference ID 9294798.
UK: 08003767922
Belgium: 024009874
The Netherlands: 0207143545
US: 18669661396
The presentation will be made available on the Investors section of the MDxHealth website shortly before the call and can be accessed at: http://mdxhealth.com/investors.
To ensure a timely connection, it is recommended that users register at least 10 minutes prior to the scheduled start timing.
About MDxHealth
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 genetic, epigenetic (methylation) and other molecular technologies and assist physicians with the diagnosis of urologic cancers, prognosis of recurrence risk, and prediction of response to a specific therapy. The Company's European headquarters are in Herstal, Belgium, with laboratory operations in Nijmegen, The Netherlands, and US headquarters and laboratory operations based in Irvine, California. For more information, visit mdxhealth.com and follow us on social media at: twitter.com/mdxhealth, facebook.com/mdxhealth and linkedin.com/company/mdxhealth.
*For more information: *
*MDxHealth *
Dr. Jan Groen, CEO
US: +1 949 812 6979
BE: +32 4 364 20 70
info@mdxhealth.com
Jean-Marc Roelandt, CFO
BE: +32 (0) 4 364 20 70
NL: +31 (0) 88 327 2727
ir@mdxhealth.com
*Consilium Strategic Communications (IR & PR)*
Amber Fennell, Chris Welsh & Hendrik Thys
UK: +44 20 3709 5701
mdxhealth@consilium-comms.com *LifeSpring Life Sciences Communication* Amsterdam, The Netherlands
Leon Melens
+31 6 538 16 427
lmelens@lifespring.nl
*The SelectMDx IVD PCR kit is not available in all geographies and/or may not be approved for all uses discussed in this press release. It is currently not available for use in the United States.
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, PredictMDx and UrNCollect are trademarks or registered trademarks of MDxHealth SA. Blue Cross Blue Shield Association® is a registered trademark of Blue Cross Blue Shield Associaiton. All other trademarks and service marks are the property of their respective owners. The foregoing information on Kaiser Permanente and the General Service Administration contract awards is not intended to serve as an endorsement of MDxHealth or ConfirmMDx by Kaiser Permanente or the US Government.
Attachments:
http://www.globenewswire.com/NewsRoom/AttachmentNg/bdf4e7a9-9ada-4c95-ab68-68f61746456a Reported by GlobeNewswire 8 minutes ago.
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Robert J. McKennon and McKennon Law Group PC Receive Top Attorneys Awards
Newport Beach attorney Robert J. McKennon achieves Top 100 Insurance Lawyers in California and Super Lawyer status, and McKennon Law Group PC named Insurance Litigation Law Firm of the Year.
NEWPORT BEACH, Calif. (PRWEB) February 22, 2018
Bad Faith Insurance and ERISA litigation attorney Robert J. McKennon, founder of McKennon Law Group PC, which represents policyholders in their insurance disputes with insurers, was recently named a 2018 Southern California Super Lawyer – Insurance Coverage. McKennon also received Top 100 Insurance Lawyers in the State of California for 2018 recognition by the American Society of Legal Advocates, which he has received every year since 2013.
“After representing insurance companies for 24 years and now representing policyholders against them, it is a great honor to be recognized individually and as a law firm for the strong commitment to our clients in getting their life, medical and disability insurance claims paid,” said McKennon.
McKennon appeared in the January 2018 edition of Southern California Super Lawyers magazine. McKennon has received this prestigious designation every year since 2011. McKennon was voted by his peers for this award and was recognized for his excellence in representing his life, health and disability policyholder clients. The Super Lawyer designation is given to less than 5% of lawyers nationally after being nominated and voted on by their peers.
Furthermore, Lawyers Worldwide Awards Magazine recently named McKennon Law Group PC as “Insurance Litigation Law Firm of the Year – California” and “Insurance Litigation Law Firm of the Year – USA” for 2017. McKennon Law Group PC was voted by its peers for these awards and it was recognized for excellence in representing its life, health and disability policyholder clients against the biggest insurers in the world.
About Robert J. McKennon, McKennon Law Group PC
Robert J. McKennon represents individuals and corporations against insurers in insurance litigation matters throughout California and nationally in state and federal courts. He has an AV Preeminent rating from Martindale-Hubbell and a “Superb” Avvo rating. Practice areas of McKennon Law Group PC include bad faith insurance, disability insurance, life insurance, ERISA/employee benefits, health insurance, long-term care, property and casualty insurance, directors and officers liability insurance, professional liability insurance, and insurance agent and broker liability. McKennon Law Group PC publishes a widely read Insurance Blog at http://www.mslawllp.com/category/insurance-blog/. For more information, please call (949) 387-9595, or visit the firm’s website at http://www.mslawllp.com.
About the NALA™
The NALA offers small and medium-sized businesses effective ways to reach customers through new media. As a single-agency source, the NALA helps businesses flourish in their local community. The NALA’s mission is to promote a business’ relevant and newsworthy events and achievements, both online and through traditional media. The information and content in this article are not in conjunction with the views of the NALA. For media inquiries, please call 805.650.6121, ext. 361. Reported by PRWeb 22 hours ago.
NEWPORT BEACH, Calif. (PRWEB) February 22, 2018
Bad Faith Insurance and ERISA litigation attorney Robert J. McKennon, founder of McKennon Law Group PC, which represents policyholders in their insurance disputes with insurers, was recently named a 2018 Southern California Super Lawyer – Insurance Coverage. McKennon also received Top 100 Insurance Lawyers in the State of California for 2018 recognition by the American Society of Legal Advocates, which he has received every year since 2013.
“After representing insurance companies for 24 years and now representing policyholders against them, it is a great honor to be recognized individually and as a law firm for the strong commitment to our clients in getting their life, medical and disability insurance claims paid,” said McKennon.
McKennon appeared in the January 2018 edition of Southern California Super Lawyers magazine. McKennon has received this prestigious designation every year since 2011. McKennon was voted by his peers for this award and was recognized for his excellence in representing his life, health and disability policyholder clients. The Super Lawyer designation is given to less than 5% of lawyers nationally after being nominated and voted on by their peers.
Furthermore, Lawyers Worldwide Awards Magazine recently named McKennon Law Group PC as “Insurance Litigation Law Firm of the Year – California” and “Insurance Litigation Law Firm of the Year – USA” for 2017. McKennon Law Group PC was voted by its peers for these awards and it was recognized for excellence in representing its life, health and disability policyholder clients against the biggest insurers in the world.
About Robert J. McKennon, McKennon Law Group PC
Robert J. McKennon represents individuals and corporations against insurers in insurance litigation matters throughout California and nationally in state and federal courts. He has an AV Preeminent rating from Martindale-Hubbell and a “Superb” Avvo rating. Practice areas of McKennon Law Group PC include bad faith insurance, disability insurance, life insurance, ERISA/employee benefits, health insurance, long-term care, property and casualty insurance, directors and officers liability insurance, professional liability insurance, and insurance agent and broker liability. McKennon Law Group PC publishes a widely read Insurance Blog at http://www.mslawllp.com/category/insurance-blog/. For more information, please call (949) 387-9595, or visit the firm’s website at http://www.mslawllp.com.
About the NALA™
The NALA offers small and medium-sized businesses effective ways to reach customers through new media. As a single-agency source, the NALA helps businesses flourish in their local community. The NALA’s mission is to promote a business’ relevant and newsworthy events and achievements, both online and through traditional media. The information and content in this article are not in conjunction with the views of the NALA. For media inquiries, please call 805.650.6121, ext. 361. Reported by PRWeb 22 hours ago.
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