Prophase Labs Inc Stock Price, News & Analysis

ProPhase Labs has signed a contract with The Town of Oyster Bay, NY, to provide COVID-19 testing for its residents. This partnership aims to facilitate a safe reopening for the community, offering reliable and fast saliva-based viral RT-PCR testing. Test results will be available within 24 hours, targeting schools and major community events initially. The initiative is part of broader efforts to help local residents return to normal activities.

ProPhase Labs (NASDAQ: PRPH) will hold a conference call on May 13, 2021, at 4:30 p.m. ET to discuss its Q1 2021 results, ending March 31, 2021. The call will be hosted by CEO Ted Karkus and will include a Q&A session. Interested participants can join via the toll-free number 1-877-407-0784 or internationally at 1-201-689-8560. A live broadcast will be available online, with a replay accessible after 7:30 p.m. ET through May 27, 2021.

ProPhase Labs, Inc. (NASDAQ: PRPH) announced transformative developments including the acquisition of the VaccTrack digital solution to enhance its COVID-19 vaccination and testing services. The company reported a significant revenue increase to $14.5 million for 2020, up from $9.9 million in 2019, primarily due to its diagnostic services. The new facilities can support 60,000 tests daily. However, despite growth, ProPhase recorded a net loss of $2.1 million for 2020. Management focuses on expanding testing revenues and lab acquisitions as the pandemic situation evolves.

ProPhase Labs (NASDAQ: PRPH) has acquired the VaccTrack digital solutions suite, enhancing its capabilities in Covid-19 vaccination and testing documentation. This acquisition aims to facilitate secure certification for vaccination and testing results via a mobile app, supporting safe access to travel and public events. The solution integrates with ProPhase Diagnostics, offering features like certificate authentication, vaccination side effect reporting, and reminders for tests. The acquisition aligns with ProPhase's strategy to enhance shareholder value through growth in its diagnostics division.

ProPhase Labs (NASDAQ: PRPH) announced a conference call scheduled for March 31, 2021, at 4:30 p.m. ET, to discuss its fourth quarter and full year results for 2020. The call will be hosted by CEO Ted Karkus, followed by a Q&A session. Investors can access the call via a toll-free number or an international dial-in number. The company provides testing for COVID-19 and related respiratory pathogens through its subsidiary, ProPhase Diagnostics. A replay of the call will be available until April 14, 2021.

ProPhase Labs (NASDAQ: PRPH) has launched a new saliva-based RT-PCR multiplex testing system for the detection of COVID-19 and its mutations, along with Influenza A and B. This testing system integrates Spectrum Solutions' SDNA-1000 collection device and has received confirmation for Emergency Use Authorization from the FDA. The new system promises pain-free self-collection, optimal sample accuracy, and increased testing capacity of over 60,000 tests daily. ProPhase aims to enhance diagnostic capabilities amid ongoing health challenges.

ProPhase Labs (NASDAQ: PRPH) announced it has exceeded initial COVID-19 testing goals, processing over 2,500 tests daily in its Old Bridge, NJ lab. The company achieved a pre-tax net profit significantly exceeding $30 per test, aiming for approximately $100 million in gross revenues and $35 million in pre-tax net income in 2021. The newly operational Garden City lab enables a combined testing capacity of 60,000 tests per day. A shareholder call is scheduled for February 10, 2021, to discuss growth prospects and strategic direction.

ProPhase Labs (NASDAQ: PRPH) announced the opening of a 25,000 square foot laboratory in Garden City, New York, aimed at enhancing testing capabilities for diseases, including COVID-19. The facility is equipped with advanced Thermo Fisher Scientific technology and can process up to 50,000 COVID-19 tests per day by the end of the fiscal quarter. The company aims to achieve a total capacity of 60,000 tests per day across two locations. ProPhase Diagnostics, the company's subsidiary, is expanding its operations and hiring additional experts to facilitate growth.

ProPhase Labs (NASDAQ: PRPH) announced the completion of a public offering, selling 3,000,000 shares at $12.50 each, totaling $37.5 million in gross proceeds. The underwriters received a 30-day option for an additional 450,000 shares. ProPhase plans to allocate the funds for working capital and general corporate purposes. The offering was conducted under an effective shelf registration with the SEC, with ThinkEquity acting as the sole book-running manager.