Tuesday, February 22, 2011

GlaxoSmithKline (NYSE:GSK), Merck (NYSE:MRK), Pfizer (NYSE:PFE) Drive MDxHealth Revenue

GlaxoSmithKline (NYSE:GSK), Merck (NYSE:MRK), Pfizer (NYSE:PFE) help MDxHealth slash net loss.

MDxHealth reported that its total revenues for full-year 2010 were flat with 2009 at €2.5 million ($3.4 million), as the firm sharply cut its net loss.

The Liege, Belgium-based molecular diagnostics firm reported revenues of nearly €2 million from products and services, up from around €1 million in 2009. Its grant revenues declined to €568,000 from €1.5 million.

MDxHealth said that its products and services revenues were the result of up-front payments from new agreements with Pfizer, GSK Biologicals, Exact Sciences, Takara, and Predictive Biosciences, as well as volume growth in clinical service testing provided to pharmaceutical companies using its biomarkers. The firm's grant revenue decreased in 2010 as the firm shifted its focus to end-product development from early-stage research.

MDxHealth trimmed its fill-year net loss to €8.3 million, or €.63 per share, from €14.3 million, or €1.08 per share.

Rest of Story...

No comments: