Skip to main content
Premium Trial:

Request an Annual Quote

Interpace Diagnostics Q1 Revenues Up 43 Percent

NEW YORK (GenomeWeb) – Interpace Diagnostics reported today that its first quarter revenues rose 43 percent year over year, thanks in part to 60 percent growth in the number of tests accessioned.

For the quarter ended March 31, the molecular diagnostics developer reported revenues of $3.0 million compared to revenues of $2.1 million the year before.

"Our increased revenue and operational improvements in the first quarter of 2016 reflect major milestones accomplished during Interpace's accelerated transition to a pure-play molecular diagnostics company in the first quarter of 2016," said Interim CEO Jack Stover in a statement. "We are experiencing higher procedure volumes, growing commercial acceptance, and sustainable pricing for our products.  Total test accessions increased over 60 percent for the quarter compared to the prior-year first quarter, and importantly accessions for PancraGen [pancreatic cyst molecular test] increased approximately 3 percent while thyroid accessions continued to be strong sequentially for the first quarter of 2016."

The company highlighted new coverage decisions from its Medicare administrative carrier, Novitas Solutions, for its microRNA classifier ThyraMir, which is used in combination with ThyGenX, the company's oncogene panel assay for the preoperative diagnosis and surgical management of patients with indeterminate thyroid nodules. Novitas also assigned a new molecular CPT code to PancraGen, the company said, and Galaxy Health Network also agreed to cover the firm's molecular pathology tests and services.

Interpace also noted that it has signed a collaboration with LabCorp to promote ThyGenX and ThyraMir combination products in the US.

The company's net loss for the quarter widened to $4.8 million, or $.27 per share, from $3.9 million, or $.26 per share, in Q1 2015.

Its R&D costs for the quarter rose 39 percent to $323,000 from $232,000 in the prior year, while SG&A expenses fell 22 percent to $4.3 million from $5.5 million in Q1 2015.

Interpace ended the quarter with $4.3 million in cash and cash equivalents.

"While we are pleased with our financial performance for the quarter, we are also currently engaged in efforts to restructure our debt and other obligations arising primarily from the sale of substantially all of our commercial services business in December 2015 and termination of that business' remaining operations in March of 2016," Stover added in the statement. "It should be further noted that no assurances can be given at this time that such efforts will be successful."

Interpace's shares fell 3 percent to $.32 in morning trading on the Nasdaq.