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Interpace Diagnostics Q2 Revenues Up 60 Percent

NEW YORK (GenomeWeb) – Interpace Diagnostics today reported a 60 percent increase in second quarter revenues, in part due to increased reimbursement for its ThyraMir and ThyraGenX thyroid cancer tests.

For the three-month period ended June 30, Interpace's revenues climbed to $3.6 million from $2.3 million in the same quarter last year.

"During the second quarter, our team made significant strides in executing to our business plan by focusing on expanding revenue from our current product and services offerings while continuing to significantly reduce operating costs," Interpace President and CEO Jack Stover said in a statement.

"Major contributors to our revenue growth include the growing reimbursement approval for ThyraMir and ThyraGenX, the increased productivity of our commercial organization, and a growing base of clinicians who recognize the benefits of our thyroid diagnostic products."

Interpace's Q2 net loss narrowed to $2.3 million, or $.13 per share, from $7.0 million, or $.46 share, the year before.

The firm's R&D spending in the quarter dipped 14 percent to $357,000 from $414,000, while SG&A costs dropped 51 percent to $3.3 million from $6.7 million year-over-year.

At the end of the second quarter, Interpace had cash and cash equivalents totaling $3.0 million.

"Managing our cash is a major focus especially as we have transition obligations remaining principally from the sale of our [commercial services] business in 2015," Stover added. "Accordingly, we are negotiating with multiple parties to potentially manage the impact of these remaining obligations."