INTERPACE BIOSCIENCES INC - IDXG STOCK NEWS

Interpace Biosciences (OTCQX: IDXG) has announced a capital restructuring of its preferred stock as a first step towards seeking an uplisting of its common stock to Nasdaq. The company's Series B Preferred Stock investors, Ampersand Capital Partners and 1315 Capital, have exchanged their existing 47,000 shares for newly created Series C Preferred Stock.

The new Series C Preferred Stock has a conversion price of $2.02 into common stock and will automatically convert upon a Nasdaq uplisting. It eliminates certain rights associated with the Series B stock, including liquidation preference, director designation rights, and specific protective voting rights.

This restructuring is aimed at adjusting Interpace's capital structure to facilitate raising growth capital. The company believes a Nasdaq listing would help in raising additional capital, increasing investor interest, and pursuing acquisitions.

Interpace Biosciences (OTCQX: IDXG) reported record Q2 2024 financial results, with revenue reaching $12.0 million, a 9% increase year-over-year. Key highlights include:

- Test volume up 12% to record levels
- Cash collections increased 7% to $11.0 million
- Income from continuing operations improved to $2.1 million
- Operating expenses reduced by 14% compared to Q2 2023

The company's growth was driven by increased adoption of its proprietary molecular diagnostics tests. Adjusted EBITDA rose to $2.3 million, up from $1.3 million in the prior-year quarter. Despite a lower cash balance of $2.0 million due to $4.6 million in debt repayment, Interpace achieved its sixteenth consecutive quarter of year-over-year volume growth.

Interpace Diagnostics, a subsidiary of Interpace Biosciences (OTCQX: IDXG), announced an undefined extension of Medicare coverage for PancraGEN, their molecular diagnostic test for pancreatic cyst cancer risk assessment. The Centers for Medicare & Medicaid Services (CMS) granted Novitas, their Medicare Administrative Contractor, an extension for the final decision on Local Coverage Determination (LCD) of Genetic Testing for Oncology (L39365), which includes PancraGEN.

PancraGEN has been used to risk-stratify pancreatic cysts for nearly 70,000 patients since 2013, helping to reduce unnecessary surgeries. The company emphasizes the test's importance in providing a complete picture of malignancy risk, as first-line diagnostic tests often fall short. Interpace plans to challenge the proposed LCD and request its retirement to ensure continued access to PancraGEN for physicians and patients.

Interpace Diagnostics announced new data on advanced sequencing technologies for pancreatic cancer detection, published as an e-abstract at the 2024 ASCO Annual Meeting. The findings, detailed in Abstract e16359, emphasize the role of short tandem repeats (STRs) in cancer biology. The study compares traditional methods like capillary electrophoresis (CE) with newer technologies such as second-generation short-read sequencing (NGS) and third-generation long-read sequencing (TGS). While CE remains the gold standard for STR analysis, NGS faces challenges in accuracy. This research underscores the importance of sequencing platform selection and highlights its impact on understanding cancer mechanisms.

Interpace Biosciences, Inc. announced Q1 2024 financial results with a $10.3 million revenue, a 4% YoY increase, and a 10% test volume growth. Operating expenses decreased by 2%, with income from continuing operations at $0.6 million. The company experienced record test volume, cash collections, and profitability, fuelled by increased adoption of molecular diagnostics tests. Despite a slight decrease in gross profit percentage and adjusted EBITDA, the company maintained a strong financial position with $2.8 million cash balance.

Interpace Biosciences, Inc. announces impressive financial results for Q4 and FY 2023, with revenue reaching $40.2 million, a 26% increase year-over-year. The company reported record test volume, revenue, income, and cash collections, with adjusted EBITDA soaring by 463%. The CEO highlighted the continuous growth and success of the company, attributing it to increased volume, commercial contracts, and collection initiatives. Dr. Nicole Massoll joins as Chief Medical Officer to enhance the company's commitment to providing high-value molecular diagnostic tests.

Interpace Biosciences, Inc. (IDXG) announces Q3 revenue of $9.1 million, an 11% increase year-over-year, with a net loss of $0.5 million. The company expects full-year 2023 revenue to exceed $40 million. Q3 test volume and reimbursement also increased by 11% year-over-year.