NEW YORK — Interpace Bioscience on Wednesday posted a nearly 16 percent year-over-year increase in revenues for the third quarter, driven by higher reimbursement rates and greater clinical services volume for its thyroid cancer tests.
For the three-month period ended Sept. 30, Interpace's revenues grew to $9.5 million from $8.2 million a year earlier.
During the third quarter, Interpace expanded commercial payor coverage of its ThyGeNext and ThyraMir thyroid cancer tests by adding five new in-network contracts, as well as by renegotiating two other contracts. The company said it now has contracts for the tests with 54 commercial payors.
While Q3 revenues from the pharma services unit were down 47 percent compared with Q3 of last year, Interpace CFO Tom Freeburg said in a statement that investments the company has made in its North Carolina lab earlier in the year are expected to boost operating results going into 2022.
Interpace's net loss for the third quarter dropped to $3.6 million, or $.85 per share, from $6.2 million, or $1.54 per share, in the year-ago period.
R&D spending in the quarter dropped 45 percent to $416,000 from $763,000 in Q3 2020, while SG&A costs shrank 12 percent to $5.7 million from $6.5 million.
At the end of September, Parsippany, New Jersey-based Interpace had cash, cash equivalents, and restricted cash totaling $3.4 million.
Interpace is planning a $30 million rights offering, which CEO Thomas Burnell called a "cost-effective method to raise capital while allowing existing shareholders to maintain their proportional ownership in the company."
The offering will drive internal and external growth and will help the company achieve its goal of $100 million in annual revenue in 2023, he added.