NEW YORK — Interpace Biosciences said on Thursday that it will undertake a strategic review of its business as it works to increase shareholder value following its recent delisting from the Nasdaq.
In February, Interpace announced that it had received a delisting notice from the Nasdaq for its failure to meet the exchange's minimum $2.5 million stockholders' equity requirement. At the time, the Parsippany, New Jersey-based company — which now trades on the Over-The-Counter Markets — also said that it was reorganizing in order to save $7.2 million in annual costs.
In April, Interpace reported that it was on track to meet this cost-cutting goal and that its revenues for the fourth quarter had more than doubled. On Thursday, the company said that it has raised its 2021 revenue guidance to between $42 million and $44 million from previous guidance of $38 million to $40 million.
Despite the expected revenue growth, Interpace said that its board believes its current stock price does not reflect the company's overall value. As a result, it is working with adviser Guggenheim Securities on a "review of a broad range of alternatives to enhance shareholder value."
During early morning trading, shares of Interpace were up $.60 to $8.50.