Interpace Biosciences Announces Record Second Quarter 2024 Financial and Business Results
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 Biosciences (OTCQX: IDXG) ha riportato risultati finanziari record per il secondo trimestre del 2024, con entrate che hanno raggiunto 12,0 milioni di dollari, un aumento del 9% rispetto all'anno precedente. I punti salienti includono:
- Volume dei test aumentato del 12% a livelli record
- Raccolte in contante aumentate del 7% a 11,0 milioni di dollari
- Reddito dalle operazioni continuative migliorato a 2,1 milioni di dollari
- Spese operative ridotte del 14% rispetto al secondo trimestre del 2023
La crescita dell'azienda è stata guidata da una maggiore adozione dei suoi test diagnostici molecolari proprietari. EBITDA rettificato è aumentato a 2,3 milioni di dollari, rispetto a 1,3 milioni di dollari nel trimestre dell'anno precedente. Nonostante un saldo di cassa più basso di 2,0 milioni di dollari a causa di un rimborso del debito di 4,6 milioni di dollari, Interpace ha raggiunto il sedicesimo trimestre consecutivo di crescita del volume anno su anno.
Interpace Biosciences (OTCQX: IDXG) reportó resultados financieros récord para el segundo trimestre de 2024, con ingresos que alcanzaron los 12,0 millones de dólares, un aumento del 9% con respecto al año anterior. Los aspectos destacados incluyen:
- Volumen de pruebas aumentó un 12% a niveles récord
- Cobros en efectivo aumentaron un 7% a 11,0 millones de dólares
- Ingresos de operaciones continuas mejoraron a 2,1 millones de dólares
- Gastos operativos reducidos en un 14% en comparación con el segundo trimestre de 2023
El crecimiento de la empresa fue impulsado por una mayor adopción de sus pruebas diagnósticas moleculares patentadas. EBITDA ajustado aumentó a 2,3 millones de dólares, frente a 1,3 millones de dólares en el mismo trimestre del año anterior. A pesar de un saldo de efectivo más bajo de 2,0 millones de dólares debido a un reembolso de deuda de 4,6 millones de dólares, Interpace logró su decimosexto trimestre consecutivo de crecimiento en el volumen interanual.
인터페이스 바이오사이언스 (OTCQX: IDXG)는 2024년 2분기 재무 결과가 기록적이라고 발표했습니다. 매출이 1,200만 달러에 도달했으며, 전년 대비 9% 증가했습니다. 주요 사항은 다음과 같습니다:
- 검사량 12% 증가, 기록적인 수준 도달
- 현금 수금 7% 증가, 1,100만 달러
- 지속적인 운영으로 인한 수익 210만 달러로 개선
- 운영 비용은 2023년 2분기 대비 14% 감소
회사의 성장은 독점적인 분자 진단 검사의 도입 증가에 의해 촉진되었습니다. 조정 EBITDA는 230만 달러로 증가했으며, 이는 전년도 분기의 130만 달러에서 증가한 것입니다. 460만 달러의 부채 상환으로 인해 현금 잔액이 200만 달러로 줄어들었음에도 불구하고, 인터페이스는 연속 16분기 연속 간의 성장 기록을 달성했습니다.
Interpace Biosciences (OTCQX: IDXG) a annoncé des résultats financiers record pour le deuxième trimestre 2024, avec des revenus atteignant 12,0 millions de dollars, soit une augmentation de 9 % par rapport à l'année précédente. Les points saillants incluent :
- Volume des tests en hausse de 12 % à des niveaux record
- Encaissements de trésorerie augmentés de 7 % à 11,0 millions de dollars
- Revenu des opérations continuées amélioré à 2,1 millions de dollars
- Dépenses d'exploitation réduites de 14 % par rapport au deuxième trimestre 2023
La croissance de l'entreprise a été favorisée par une adoption accrue de ses tests de diagnostic moléculaire propriétaires. EBITDA ajusté a augmenté à 2,3 millions de dollars, contre 1,3 million de dollars au cours du trimestre de l'année précédente. Malgré un solde de trésorerie inférieur de 2,0 millions de dollars en raison d'un remboursement de dette de 4,6 millions de dollars, Interpace a atteint son seizième trimestre consécutif de croissance du volume d'une année sur l'autre.
Interpace Biosciences (OTCQX: IDXG) berichtete für das zweite Quartal 2024 Rekordfinanzergebnisse, mit Einnahmen von 12,0 Millionen Dollar, was einem Anstieg von 9% im Vergleich zum Vorjahr entspricht. Wichtige Höhepunkte sind:
- Testvolumen um 12% auf Rekordniveau gestiegen
- Bargeldsammlungen um 7% auf 11,0 Millionen Dollar gestiegen
- Einkommen aus fortlaufenden Betrieben verbesserte sich auf 2,1 Millionen Dollar
- Betriebskosten im Vergleich zum 2. Quartal 2023 um 14% gesenkt
Das Wachstum des Unternehmens wurde durch eine erhöhte Akzeptanz seiner proprietären molekulardiagnostischen Tests angetrieben. Bereinigtes EBITDA stieg auf 2,3 Millionen Dollar, von 1,3 Millionen Dollar im Vorjahresquartal. Trotz eines niedrigeren Barguthabens von 2,0 Millionen Dollar aufgrund einer Schuldenrückzahlung in Höhe von 4,6 Millionen Dollar erzielte Interpace das 16. aufeinanderfolgende Quartal mit einem Wachstum des Volumens im Jahresvergleich.
- Q2 revenue increased 9% year-over-year to $12.0 million
- Test volume up 12% to record levels
- Cash collections rose 7% to $11.0 million
- Income from continuing operations improved to $2.1 million from $0.4 million in Q2 2023
- Adjusted EBITDA increased to $2.3 million from $1.3 million in Q2 2023
- Operating expenses reduced by 14% compared to Q2 2023
- Sixteenth consecutive quarter of year-over-year volume growth
- Cash balance decreased to $2.0 million from $5.1 million in June 2023, primarily due to debt repayment
| ● | Q2 Revenue of | |
| ● | Q2 Test volume up | |
| ● | Q2 Cash collections of | |
| ● | Q2 Volume, Revenue, and Profitability at all-time record levels |
PARSIPPANY, NJ, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced financial results for the second quarter ended June 30, 2024 and provided a business and financial update.
Second quarter Net Revenue was
“Q2 2024 represented record testing volume for the Company, resulting in the achievement of continued profitability and positive cash flow,” stated Tom Burnell, President and CEO. “Continued adoption of the Company’s proprietary molecular diagnostics tests (ThyGeNEXT® + ThyraMIR®v2 and PancraGEN®) by physicians and medical professionals has fueled the continued growth trajectory of the Company.” Burnell added, “Q2 2024 marked the sixteenth consecutive quarter of year-over-year volume growth for the Company.”
“Interpace is uniquely positioned with our portfolio of testing services that offer physicians both confidence and convenience when determining patient management strategies of surgery or surveillance,” said Rob Renjilian, Senior Vice President of Marketing. He added “Our testing platform for indeterminate thyroid nodules provides very high NPV and PPV results. This allows physicians the ability to both rule-in and rule-out thyroid cancer, while also offering the convenience of simple specimen handling because no vial refrigeration or ice for shipping are needed.” Mr. Renjilian continued, “Splitting and sending specimens to different labs is not needed when using Interpace’s testing services for pancreatic cyst fluid. With one specimen, we can run first-line fluid chemistry tests, such as CEA and glucose, and also provide molecular testing when indicated. Our testing differentiates pancreatic cysts from high to low malignancy potential with reliable clinical outcomes proven by up to 8 years of follow-up.”
Second Quarter and 2024 Financial Performance
For the Second Quarter of 2024 as Compared to the Second Quarter of 2023
| ● | Net Revenue was | |
| ● | Gross Profit percentage was approximately | |
| ● | Operating income was | |
| ● | Income from continuing operations was | |
| ● | Adjusted EBITDA was | |
| ● | Q2 2024 cash collections totaled | |
| ● | June 30, 2024 cash balance was |
About Interpace Biosciences
Interpace Biosciences is an emerging leader in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications.
Clinical services, through Interpace Diagnostics, provide clinically useful molecular diagnostic tests and bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Interpace has five commercialized molecular tests and one test in a clinical evaluation program (CEP): PancraGEN® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; PanDNA®, a “molecular only” version of PancraGEN that provides physicians a snapshot of a limited number of factors; ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid nodules utilizing a next-generation sequencing assay; ThyraMIR®v2, used in combination with ThyGeNEXT®, for the diagnosis of thyroid cancer utilizing a proprietary microRNA pairwise expression profiler along with algorithmic classification; and RespriDX®, that differentiates lung cancer of primary versus metastatic origin. In addition, BarreGEN®, a molecular-based assay that helps resolve the risk of progression of Barrett’s Esophagus to esophageal cancer, is currently in a CEP, whereby we gather information from physicians using BarreGEN to assist us in gathering clinical evidence relative to the safety and performance of the test and also providing data that will potentially support payer reimbursement.
For more information, please visit Interpace Biosciences’ website at www.interpace.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements, including, but not limited to, the reimbursement of the Company’s tests being subject to review by CMS, the Company’s ability to continue to perform, bill and receive reimbursement for our PancraGEN® molecular test under the existing local coverage determination (“LCD”), given that such LCD is currently under review by Novitas Solutions, Inc., the Company’s Medicare administrative contractor, the possibility that the Company’s estimates of future revenue, cash flows and adjusted EBITDA may prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its business and seek alternative sources of financing, the Company’s ability to repay borrowings with Comerica Bank and BroadOak, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the possible removal of the Company’s common stock from trading on the OTCQX®.
Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Contacts:
Investor Relations
Interpace Biosciences, Inc.
(855)-776-6419
Info@Interpace.com
INTERPACE BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue, net | $ | 12,001 | $ | 11,026 | $ | 22,273 | $ | 20,853 | ||||||||
| Cost of revenue | 4,611 | 4,191 | 8,812 | 8,039 | ||||||||||||
| Gross Profit | 7,390 | 6,835 | 13,461 | 12,814 | ||||||||||||
| Sales and marketing | 2,887 | 2,605 | 5,707 | 4,947 | ||||||||||||
| Research and development | 146 | 186 | 283 | 335 | ||||||||||||
| General and administrative | 2,141 | 2,894 | 4,381 | 5,389 | ||||||||||||
| Acquisition amortization expense | - | 318 | - | 635 | ||||||||||||
| Total operating expenses | 5,174 | 6,003 | 10,371 | 11,306 | ||||||||||||
| Operating income | 2,216 | 832 | 3,090 | 1,508 | ||||||||||||
| Interest accretion expense | (12 | ) | (31 | ) | (30 | ) | (66 | ) | ||||||||
| Note payable interest | (176 | ) | (228 | ) | (373 | ) | (453 | ) | ||||||||
| Other income (expense), net | 71 | (174 | ) | (12 | ) | (156 | ) | |||||||||
| Income from continuing operations before tax | 2,099 | 399 | 2,675 | 833 | ||||||||||||
| Provision for income taxes | 4 | 4 | 8 | 8 | ||||||||||||
| Income from continuing operations | 2,095 | 395 | 2,667 | 825 | ||||||||||||
| Loss from discontinued operations, net of tax | (74 | ) | (220 | ) | (178 | ) | (299 | ) | ||||||||
| Net income | $ | 2,021 | $ | 175 | $ | 2,489 | $ | 526 | ||||||||
| Basic income (loss) per share of common stock: | ||||||||||||||||
| From continuing operations | $ | 0.48 | $ | 0.09 | $ | 0.61 | $ | 0.19 | ||||||||
| From discontinued operations | (0.02 | ) | (0.05 | ) | (0.04 | ) | (0.07 | ) | ||||||||
| Net income per basic share of common stock | $ | 0.46 | $ | 0.04 | $ | 0.57 | $ | 0.12 | ||||||||
| Diluted income (loss) per share of common stock: | ||||||||||||||||
| From continuing operations | $ | 0.48 | $ | 0.09 | $ | 0.61 | $ | 0.19 | ||||||||
| From discontinued operations | (0.02 | ) | (0.05 | ) | (0.04 | ) | (0.07 | ) | ||||||||
| Net income per diluted share of common stock | $ | 0.46 | $ | 0.04 | $ | 0.57 | $ | 0.12 | ||||||||
| Weighted average number of common shares and common share equivalents outstanding: | ||||||||||||||||
| Basic | 4,376 | 4,311 | 4,373 | 4,309 | ||||||||||||
| Diluted | 4,401 | 4,316 | 4,393 | 4,313 | ||||||||||||
Selected Balance Sheet Data (unaudited)
($ in thousands)
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Cash and cash equivalents | $ | 2,019 | $ | 3,498 | ||||
| Total current assets | 10,125 | 10,322 | ||||||
| Total current liabilities | 19,030 | 17,474 | ||||||
| Total assets | 12,931 | 13,021 | ||||||
| Total liabilities | 25,462 | 28,157 | ||||||
| Total stockholders' deficit | (59,067 | ) | (61,672 | ) | ||||
Selected Cash Flow Data (Unaudited)
($ in thousands)
| For the Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Net income | $ | 2,489 | $ | 526 | ||||
| Net cash provided by operating activities | $ | 1,346 | $ | 1,544 | ||||
| Net cash used in investing activities | (225 | ) | (293 | ) | ||||
| Net cash used in financing activities | (2,600 | ) | (1,000 | ) | ||||
| Change in cash and cash equivalents | (1,479 | ) | 251 | |||||
| Cash and cash equivalents – beginning | 3,498 | 4,828 | ||||||
| Cash and cash equivalents – ending | $ | 2,019 | $ | 5,079 | ||||
Reconciliation of Adjusted EBITDA (Unaudited)
($ in thousands)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Income from continuing operations (GAAP Basis) | $ | 2,095 | $ | 395 | $ | 2,667 | $ | 825 | ||||||||
| Depreciation and amortization | 67 | 357 | 119 | 714 | ||||||||||||
| Stock-based compensation | 53 | 157 | 132 | 349 | ||||||||||||
| Taxes expense | 4 | 4 | 8 | 8 | ||||||||||||
| Interest accretion expense | 12 | 31 | 30 | 66 | ||||||||||||
| Note payable interest | 176 | 228 | 373 | 453 | ||||||||||||
| Interest income | (14 | ) | (13 | ) | (29 | ) | (13 | ) | ||||||||
| Change in fair value of note payable | (57 | ) | 165 | 41 | 142 | |||||||||||
| Adjusted EBITDA | $ | 2,336 | $ | 1,324 | $ | 3,341 | $ | 2,544 | ||||||||
Non-GAAP Financial Measures
In addition to the United States generally accepted accounting principles, or GAAP, results provided throughout this document, we have provided certain non-GAAP financial measures to help evaluate the results of our performance. We believe that these non-GAAP financial measures, when presented in conjunction with comparable GAAP financial measures, are useful to both management and investors in analyzing our ongoing business and operating performance. We believe that providing the non-GAAP information to investors, in addition to the GAAP presentation, allows investors to view our financial results in the way that management views financial results.
In this document, we discuss Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is a metric used by management to measure cash flow of the ongoing business. Adjusted EBITDA is defined as income or loss from continuing operations, plus depreciation and amortization, non-cash stock based compensation and ESPP plans, interest and taxes, and other non-cash expenses including change in fair values of notes payable and contingent consideration. The table above includes a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
FAQ
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