Skip to main content
Premium Trial:

Request an Annual Quote

Interpace Biosciences Q2 Revenues Decline 14 Percent

NEW YORK – Interpace Biosciences reported before the open of the market Tuesday that its second quarter revenues fell 14 percent year over year.

For the three months ended June 30, the Parsippany, New Jersey-based cancer diagnostics firm reported revenues of $5.4 million, down from $6.3 million in the year-ago quarter and missing the consensus Wall Street estimate of $5.9 million.

"I am proud during [the COVID-19 pandemic] that we managed our costs effectively, continued to service customers and physicians, improved reimbursements, produced solid clinical results and grew our pharma services backlog while protecting our employees and seeking to operate as effectively and efficiently as possible," Jack Stover, president and CEO of Interpace, said in a statement.

The firm noted that its Q2 pharma services entered into about $9 million of new agreements, which it believes has established the opportunity for future revenues. The firm had previously acquired Cancer Genetics' biopharma service business in Q3 2019 as part of its plans to expand into the biopharma sector.

Interpace had delayed filing of its second quarter 10-Q due to an investigation regarding an employee claim of inappropriate billing practices, which was originally announced in August. However, Stover said in a statement that the external audit committee investigation found all claims to be unsubstantiated.

The firm posted a net loss of $5.5 million, or $1.36 per share, for the quarter, compared to a net loss of $5.2 million, or $1.37 per share, in the year-ago period. On an adjusted basis, the firm's net loss for the quarter was $1.34, beating the consensus Wall Street estimate for a loss of $1.48 per share.

Interpace's R&D spending fell 15 percent year over year to $550,000, from $647,000 in Q2 2019, while its sales, marketing, general, and administrative costs remained the same at $5.7 million.

The company finished the quarter with $15.1 million in cash and cash equivalents.

Interpace is projecting third quarter revenue of between $7.5 million and $7.8 million.

In Wednesday morning trading on the Nasdaq, shares of Interpace were down about 6 percent at $3.73.

The Scan

Drug Response Variants May Be Distinct in Somatic, Germline Samples

Based on variants from across 21 drug response genes, researchers in The Pharmacogenomics Journal suspect that tumor-only DNA sequences may miss drug response clues found in the germline.

Breast Cancer Risk Gene Candidates Found by Multi-Ancestry Low-Frequency Variant Analysis

Researchers narrowed in on new and known risk gene candidates with variant profiles for almost 83,500 individuals with breast cancer and 59,199 unaffected controls in Genome Medicine.

Health-Related Quality of Life Gets Boost After Microbiome-Based Treatment for Recurrent C. Diff

A secondary analysis of Phase 3 clinical trial data in JAMA Network Open suggests an investigational oral microbiome-based drug may lead to enhanced quality of life measures.

Study Follows Consequences of Early Confirmatory Trials for Accelerated Approval Indications

Time to traditional approval or withdrawal was shorter when confirmatory trials started prior to accelerated approval, though overall regulatory outcomes remained similar, a JAMA study finds.