NEW YORK (GenomeWeb) – Interpace Diagnostics today reported an 8 percent year over year increase in revenues for the second quarter.
For the three months ended June 30, the molecular diagnostics and pathology services firm posted $3.9 million in revenues, up from $3.6 million in the year-ago period.
In a statement, Interpace President and CEO Jack Stover noted the firm raised an additional $13.7 million in capital during the quarter, "eliminating all long-term debt and related possible royalties and milestone obligations while continuing to make good commercial progress. … We are now well-positioned to leverage our commercial resources and further build out our platforms."
During the quarter, the firm secured payor coverage for its tests with UnitedHealthcare, Premera Blue Cross, and Aetna. In July, Interpace said that Cigna would cover its ThyGenX molecular thyroid test.
Interpace's R&D spending in Q2 2017 rose 16 percent year over year to $413,000 from $357,000, while its SG&A costs grew 30 percent to $4.3 million from $3.3 million.
Interpace posted a net loss of $6.3 million, or $.65 per share, for the recently completed quarter, compared to a net loss of $2.3 million, or $1.29 per share, in the year-ago period. The firm used nearly 9.7 million shares to calculate its loss per share for Q2 2017, compared to 1.8 million shares in Q2 2016.
As of June 30, Interpace had $14.3 million in cash and cash equivalents.
In late morning trading on the Nasdaq, shares of Interpace rose a fraction of 1 percent to $.88.