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Interpace Biosciences Inc (IDXG) delivers molecular diagnostic innovations that transform cancer risk assessment through advanced mutational analysis. This news hub provides investors and healthcare professionals with essential updates on the company’s scientifically validated testing solutions.
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Interpace Biosciences (IDXG) reported a third quarter net revenue of $8.2 million, a 7% increase year-over-year, and year-to-date revenue of $22.8 million, up 14%. The company anticipates fourth quarter revenue between $9.0 and $10.0 million, supported by improved clinical volumes and higher reimbursement rates. Additionally, a $5 million bridge loan was secured from existing investors. However, the net loss from continuing operations widened to $(6.2) million, while adjusted EBITDA improved to $(2.9) million. Upcoming shifts include vacating its New Jersey facility by March and continued reimbursement strategy enhancements.
Interpace Biosciences (NASDAQ: IDXG) announced the retirement of CEO Jack Stover effective December 31, 2020. He is succeeded by Thomas Burnell, PhD, starting December 1, 2020. Burnell brings extensive leadership experience in healthcare, previously leading companies like Boston Heart Diagnostics and Viracor-IBT Laboratories. Stover will assist during the transition until mid-2021. The board appreciates Stover's contributions, positioning the company for growth in personalized medicine through cancer diagnostics and pharma services.
On November 18, 2020, Interpace Biosciences (NASDAQ: IDXG) received notification from Nasdaq regarding a delay in filing its Form 10-Q for the quarter ending September 30, 2020. The company currently does not meet Nasdaq Listing Rule 5250(c)(1) requirements. However, this deficiency does not immediately affect its stock listing. Interpace has 60 days to submit a compliance plan and up to 180 days to file the report if granted additional time. The company is actively working to address the filing issue.
Interpace Biosciences (NASDAQ: IDXG) announces the publication of a study in Diagnostic Cytopathology, showcasing the performance of ThyGeNEXT® and ThyraMIR® in indeterminate thyroid nodules. The study reveals that their combined testing achieves a high positive predictive value (PPV) and comparable negative predictive value (NPV) against other tests. With 25% of thyroid nodule FNAs being indeterminate, this testing aids in better risk stratification for patients. Both tests are covered by Medicare and major insurers.
Interpace Biosciences, Inc. (Nasdaq: IDXG) reported a year-to-date net revenue of $14.6 million, a 19% increase compared to the prior year. However, second quarter revenue fell to $5.4 million, reflecting a 13% decrease influenced by COVID-19. Despite this, the company achieved record bookings of $9 million in pharma services. An audit found previous claims unsubstantiated. The company is managing a financial covenant violation but received a waiver and is exploring options for reinstatement. Third quarter revenue is projected between $7.5 million and $7.8 million.
Interpace Biosciences (Nasdaq: IDXG) announced the conclusion of an independent investigation by its Audit Committee regarding allegations related to employment, billing, and compliance issues. The investigation found no evidence of illegal activities, deeming the complaints unsubstantiated. This follows a notification of late filing for the Form 10-Q for Q2 2020 due to these allegations. Interpace continues its focus on personalized medicine, providing molecular diagnostic tests and pharmacogenomics services to improve patient outcomes.
Interpace Biosciences (NASDAQ: IDXG) announced that a peer-reviewed manuscript detailing results from a major clinical validation study of its ThyGeNEXT® and ThyraMIR® tests has been accepted for publication in Diagnostic Cytopathology. This study involved nearly 200 indeterminate thyroid nodules and was conducted at top medical institutions, including Cedars-Sinai and Massachusetts General Hospital. The company plans to present these significant findings at the American Society of Cytopathology Annual Meeting in November, enhancing its position in the personalized medicine sector.
Interpace Biosciences (Nasdaq: IDXG) reported a 53% increase in net revenue for Q1 2020, reaching $9.2 million, driven by growth in Clinical and Pharma services despite pandemic-related challenges. The gross profit margin fell to 34% from 56% year-over-year due to lower Pharma service margins. Loss from continuing operations widened to $(6.2) million compared to $(3.4) million in Q1 2019. The company is developing COVID-19 serology testing and aims to launch it soon. Q2 revenue is expected between $5.6 million and $6.0 million.
Interpace Biosciences (IDXG) will announce its first quarter 2020 financial results on June 25, 2020, at 4:30 PM ET. The announcement will be followed by a conference call to discuss the results and general business updates. Interested parties can access the call via domestic (+1 877 407-9716) or international (+1 201 493-6779) dial-in numbers, with a confirmation number of 13706101. A replay of the call will be available until July 9, 2020, with web access on the company's website. Interpace specializes in personalized medicine, offering molecular diagnostic tests and pharmacogenomics services.
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