NEW YORK — Interpace Biosciences on Monday reported a 6 percent year-on-year increase in first quarter revenues as higher reimbursement rates and clinical services volume for the company's thyroid cancer tests more than offset lower pharma services revenues.
For the three-month period ended March 31, Interpace's revenues rose to $10.4 million from $9.8 million in the year-ago quarter.
"Our pharma services experienced a strong first quarter and despite a slow start, clinical services volume has rebounded and remains strong as we progress further into the second quarter," Interpace President and CEO Thomas Burnell said in a statement. "The company is poised to take advantage of the significant improvements achieved in 2021, and we are targeting higher clinical volume, margin improvement, and additional cost reductions in 2022."
He added that the company has undertaken a number of initiatives to reduce lab turnaround time and lower cost of revenue. Earlier this month, for instance, the Parsippany, New Jersey-based firm partnered with Miroculus and Twist Bioscience to automate next-generation sequencing library preparation for cancer testing at its CLIA lab.
The company's Q1 net loss dropped to $2.2 million, or $.53 per share, from $4.2 million, or $1.03 per share, a year earlier.
R&D spending in the quarter fell more than half, to $299,000 from $637,000 the year before, while SG&A costs climbed 15 percent to $6.1 million from $5.3 million.
At the end of the quarter, Interpace had $3.1 million in cash, cash equivalents, and restricted cash.