NEW YORK — Interpace Biosciences on Wednesday a 129 percent jump in fourth quarter revenues as its net loss declined.
For the three-month period ended Dec. 31, Interpace's revenues grew to $9.6 million from $4.2 million in the year-ago quarter.
The Parsippany, New Jersey-based company posted a Q4 net loss of $8.1 million, or $2.01 per share, versus $10.7 million, or $2.87 per share, in the year-ago quarter.
Its fourth quarter R&D spending fell 13 percent to $673,000 from $778,000 year over year, while SG&A costs jumped 27 percent to $9.8 million from $7.7 million the year before.
At the end of the year, Interpace had cash and cash equivalents totaling $2.8 million.
In a statement, Interpace CEO Thomas Burnell said that the company is on track to hit its goal of trimming $7.2 million from its annual costs this year as it implements a restructuring plan announced earlier this year. He added that it has fully moved its clinical service business to its Pittsburgh location, with its pharma services unit operating out of a lab in Morrisville, North Carolina.
In February, Interpace said that it had received a delisting notice from the Nasdaq due its extended noncompliance with the exchange's minimum stockholder's equity requirement and that it is undertaking a number of cost-saving measures including streamlining management and adapting to a remote work environment for some employees.
Interpace CFO Tom Freeburg added in the statement that the company is starting to realize the impact of recently improved reimbursement rates for its ThyGeNext and ThyraMir thyroid nodule assays and its PancraGen pancreatic cyst risk assessment test. As a result, Interpace said it expects revenues in the range of $38 million to $40 million for 2021.
For full-year 2020, Interpace's revenues climbed 34 percent to $32.4 million from $24.2 million.
The firm's net loss for the year was $26.5 million, or $7.32 per share, versus $26.7 million, or $7.25 per share, in 2019.
Its annual R&D spending was essentially flat at $2.8 million, while SG&A expenses rose nearly 18 percent to $30.0 million from $25.5 million the year before.