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Interpace Dx Q1 Revenues Climb 37 Percent

NEW YORK (360Dx) – Interpace Diagnostics today reported a 37 percent hike in its first quarter revenues.

For the three months ended March 31, Interpace posted $4.8 million in revenues, up from $3.5 million in the year-ago quarter, and beat the consensus Wall Street estimate of $4.3 million.

Highlights for the quarter included an expanded agreement with Laboratory Corporation of America, additional coverage by Blue Cross Blue Shield plans, and a deal with Acupath Laboratories for the sale of Interpace's ThyGenX and ThyraMIR tests.

At the American Association of Clinical Endocrinologists Annual Meeting later this week, Interpace plans on lauching its ThyGeNEXT mutational panel for indeterminate thyroid nodules, the company said.

"We continued our quarter over quarter revenue growth, with both strong volume growth and gains in reimbursement in our thyroid franchise contributing to record revenues and cash receipts," Interpace President and CEO Jack Stover said in a statement.

Interpace's R&D spending rose 64 percent year over year to $501,000 from $306,000 in Q1 2017, while its SG&A costs grew 56 percent to $4.2 million from $2.7 million.

The firm posted a net loss of $3.2 million, or $.11 per share, in the recently completed quarter, compared to a profit of $2.4 million, or $.55 per share, in the year-ago period. It fell short of the consensus Wall Street estimate of a loss of $.08 per share.

Interpace finished the quarter with $12.6 million in cash and cash equivalents.

In morning trading today on the Nasdaq, Interpace's shares were down 6 percent at $.91.