Interpace Biosciences Announces Record Third Quarter 2024 Financial and Business Results
Interpace Biosciences (IDXG) reported strong Q3 2024 financial results with record-breaking performance. Revenue reached $12.3 million, up 35% year-over-year, while test volume increased 26%. The company achieved $11.3 million in cash collections, a 15% increase from Q3 2023. Operating costs per test decreased by 11%, and gross profit margin improved to 61%. Income from continuing operations was $1.4 million, marking a $1.9M improvement from the previous year. The company's molecular diagnostics tests showed double-digit growth, marking the eighteenth consecutive quarter of year-over-year volume growth. Management indicated plans to seek additional capital and pursue Nasdaq listing.
Interpace Biosciences (IDXG) ha riportato risultati finanziari forti per il Q3 2024 con una performance da record. I ricavi hanno raggiunto i 12,3 milioni di dollari, con un incremento del 35% rispetto all'anno precedente, mentre il volume dei test è aumentato del 26%. L'azienda ha ottenuto 11,3 milioni di dollari in incassi, con un incremento del 15% rispetto al Q3 2023. I costi operativi per test sono diminuiti dell'11%, e il margine di profitto lordo è migliorato al 61%. Il reddito dalle operazioni continuative è stato di 1,4 milioni di dollari, con un miglioramento di 1,9 milioni rispetto all'anno precedente. I test diagnostici molecolari dell'azienda hanno registrato una crescita a doppia cifra, segnando il diciottesimo trimestre consecutivo di crescita del volume rispetto all'anno precedente. La direzione ha indicato piani per cercare ulteriore capitale e perseguire la quotazione al Nasdaq.
Interpace Biosciences (IDXG) reportó resultados financieros sólidos para el Q3 2024 con un rendimiento sin precedentes. Los ingresos alcanzaron los 12,3 millones de dólares, lo que representa un aumento del 35% interanual, mientras que el volumen de pruebas creció un 26%. La compañía logró 11,3 millones de dólares en cobros, un incremento del 15% en comparación con el Q3 2023. Los costos operativos por prueba disminuyeron en un 11%, y el margen de beneficio bruto mejoró hasta el 61%. Los ingresos de operaciones continuas fueron de 1,4 millones de dólares, lo que marca una mejora de 1,9 millones con respecto al año anterior. Las pruebas de diagnóstico molecular de la compañía mostraron un crecimiento de dos dígitos, marcando el décimo octavo trimestre consecutivo de crecimiento de volumen interanual. La dirección indicó planes para buscar capital adicional y perseguir la cotización en Nasdaq.
인터페이스 바이오사이언스 (IDXG)는 Q3 2024 분기의 강력한 재무 결과를 보고하며 기록적인 성과를 기록했습니다. 수익은 1,230만 달러에 도달했으며, 전년 대비 35% 증가했으며, 시험량은 26% 증가했습니다. 회사는 1,130만 달러의 현금 수금을 달성했으며, 이는 Q3 2023에 비해 15% 증가한 수치입니다. 시험당 운영 비용은 11% 감소했으며, 총 이익 마진은 61%로 개선되었습니다. 계속 운영에서의 수익은 140만 달러로, 전년 대비 190만 달러 증가한 것입니다. 회사의 분자 진단 테스트는 두 자릿수 성장을 보여주었으며, 이는 연속 18분기 동안 연간 시험량 성장을 기록한 것입니다. 경영진은 추가 자본을 모색하고 나스닥 상장을 추진할 계획을 밝혔다.
Interpace Biosciences (IDXG) a annoncé de solides résultats financiers pour le troisième trimestre 2024 avec une performance record. Les revenus ont atteint 12,3 millions de dollars, en hausse de 35 % par rapport à l'année précédente, tandis que le volume des tests a augmenté de 26 %. L'entreprise a réalisé 11,3 millions de dollars de collectes de fonds, soit une augmentation de 15 % par rapport au troisième trimestre 2023. Les coûts d'exploitation par test ont diminué de 11 %, et la marge brute de profit a été améliorée à 61 %. Le revenu des opérations continues s'est élevé à 1,4 million de dollars, marquant une amélioration de 1,9 million par rapport à l'année précédente. Les tests de diagnostic moléculaire de l'entreprise ont affiché une croissance à deux chiffres, ce qui marque le dix-huitième trimestre consécutif de croissance du volume d'une année sur l'autre. La direction a indiqué des plans pour rechercher des capitaux supplémentaires et poursuivre une cotation au Nasdaq.
Interpace Biosciences (IDXG) hat starke Finanzzahlen für Q3 2024 gemeldet, mit einer rekordverdächtigen Leistung. Der Umsatz erreichte 12,3 Millionen Dollar, was einem Anstieg von 35% im Vergleich zum Vorjahr entspricht, während das Testvolumen um 26% stieg. Das Unternehmen erzielte 11,3 Millionen Dollar an Zahlungseingängen, ein Anstieg von 15% gegenüber Q3 2023. Die Betriebskosten pro Test sanken um 11%, und die Bruttogewinnmarge verbesserte sich auf 61%. Der Gewinn aus fortgeführten Betrieben betrug 1,4 Millionen Dollar und stellte eine Verbesserung um 1,9 Millionen Dollar im Vergleich zum Vorjahr dar. Die molekulardiagnostischen Tests des Unternehmens zeigten ein zweistelliges Wachstum, was das achtzehnte aufeinanderfolgende Quartal mit Wachstum des Testvolumens im Jahresvergleich markiert. Das Management gab an, weitere Kapitalquellen suchen und eine Notierung an der Nasdaq anstreben zu wollen.
- Revenue increased 35% YoY to $12.3M in Q3 2024
- Test volume grew 26% YoY to record levels
- Cash collections up 15% YoY to $11.3M
- Operating costs per test reduced by 11%
- Gross profit margin improved to 61% from 55%
- Income from continuing operations of $1.4M vs ($0.5M) loss prior year
- Adjusted EBITDA improved to $2.1M from $0.4M
- Cash balance decreased to $2.1M from $5.0M YoY
- Company seeking additional capital, which may lead to dilution
● | Q3 Revenue of | |
● | Q3 Test volume up | |
● | Q3 Cash collections of | |
● | Q3 Volume, Revenue, and Profitability at all-time record levels |
PARSIPPANY, NJ, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced financial results for the third quarter ended September 30, 2024 and provided a business and financial update.
Third quarter Net Revenue was
“Q3 2024 represented record revenue and testing volume for the Company, resulting in the achievement of continued profitability and positive cash flow,” stated Tom Burnell, President and CEO. “The Company’s proprietary molecular diagnostics tests (ThyGeNEXT® + ThyraMIR®v2 and PancraGEN®) continued to grow by double-digits in Q3 2024 over Q3 2023 and is further evidence of the importance of molecular diagnostics for the risk stratification of thyroid and pancreatic cancer. Q3 2024 marked the eighteenth consecutive quarter of year-over-year volume growth for the Company. With several quarters of growth, and the recently announced change to the Company’s capital structure, Interpace believes it is now well positioned for substantial continued growth through additional product commercialization and/or M&A activity” added Burnell. He said, “the Company is in the process of interviewing equity research partners as well as investment bankers to assist in raising additional capital to help the company achieve its growth strategy as well as become a Nasdaq-listed company.”
Third Quarter and 2024 Financial Performance
For the Third Quarter of 2024 as Compared to the Third Quarter of 2023
● | Net Revenue was | |
● | Gross Profit percentage was approximately | |
● | Operating income was | |
● | Income from continuing operations was | |
● | Adjusted EBITDA was | |
● | Q3 2024 cash collections totaled | |
● | September 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.
Interpace provides 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 prior 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 BroadOak, the Company’s dependence on sales and reimbursements , 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 Company’s ability to uplist its common stock onto Nasdaq.
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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue, net | $ | 12,295 | $ | 9,078 | $ | 34,610 | $ | 29,931 | ||||||||
Cost of revenue | 4,789 | 4,124 | 13,602 | 12,163 | ||||||||||||
Gross profit | 7,506 | 4,954 | 21,008 | 17,768 | ||||||||||||
Sales and marketing | 2,864 | 2,498 | 8,571 | 7,444 | ||||||||||||
Research and development | 199 | 149 | 483 | 484 | ||||||||||||
General and administrative | 2,538 | 2,124 | 6,918 | 7,515 | ||||||||||||
Acquisition amortization expense | - | 199 | - | 834 | ||||||||||||
Total operating expenses | 5,601 | 4,970 | 15,972 | 16,277 | ||||||||||||
Operating income (loss) | 1,905 | (16 | ) | 5,036 | 1,491 | |||||||||||
Interest accretion expense | (4 | ) | (26 | ) | (34 | ) | (92 | ) | ||||||||
Note payable interest | (141 | ) | (230 | ) | (514 | ) | (682 | ) | ||||||||
Other expense, net | (394 | ) | (252 | ) | (406 | ) | (408 | ) | ||||||||
Income (loss) from continuing operations before tax | 1,366 | (524 | ) | 4,082 | 309 | |||||||||||
Provision for income taxes | 4 | 4 | 12 | 12 | ||||||||||||
Income (loss) from continuing operations | 1,362 | (528 | ) | 4,070 | 297 | |||||||||||
Loss from discontinued operations, net of tax | (82 | ) | (86 | ) | (260 | ) | (385 | ) | ||||||||
Net income (loss) | $ | 1,280 | $ | (614 | ) | $ | 3,810 | $ | (88 | ) | ||||||
Basic income (loss) per share of common stock: | ||||||||||||||||
From continuing operations | $ | 0.31 | $ | (0.12 | ) | $ | 0.93 | $ | 0.07 | |||||||
From discontinued operations | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.09 | ) | ||||||||
Net income (loss) per basic share of common stock | $ | 0.29 | $ | (0.14 | ) | $ | 0.87 | $ | (0.02 | ) | ||||||
Diluted income (loss) per share of common stock: | ||||||||||||||||
From continuing operations | $ | 0.31 | $ | (0.12 | ) | $ | 0.92 | $ | 0.07 | |||||||
From discontinued operations | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.09 | ) | ||||||||
Net income (loss) per diluted share of common stock | $ | 0.29 | $ | (0.14 | ) | $ | 0.87 | $ | (0.02 | ) | ||||||
Weighted average number of common shares and common share equivalents outstanding: | ||||||||||||||||
Basic | 4,393 | 4,319 | 4,380 | 4,313 | ||||||||||||
Diluted | 4,423 | 4,319 | 4,404 | 4,355 |
Selected Balance Sheet Data (Unaudited)
($ in thousands)
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Cash and cash equivalents | $ | 2,113 | $ | 3,498 | ||||
Total current assets | 11,110 | 10,322 | ||||||
Total current liabilities | 18,769 | 17,474 | ||||||
Total assets | 14,039 | 13,021 | ||||||
Total liabilities | 25,185 | 28,157 | ||||||
Total stockholders’ deficit | (57,682 | ) | (61,672 | ) |
Selected Cash Flow Data (Unaudited)
($ in thousands)
For the Nine Months Ended September 30, | ||||||||
2024 | 2023 | |||||||
Net income (loss) | $ | 3,810 | $ | (88 | ) | |||
Net cash provided by operating activities | 3,462 | 2,649 | ||||||
Net cash (used in) provided by investing activities | (747 | ) | 55 | |||||
Net cash used in financing activities | (4,100 | ) | (2,500 | ) | ||||
Change in cash and cash equivalents | (1,385 | ) | 204 | |||||
Cash and cash equivalents – beginning | $ | 3,498 | $ | 4,828 | ||||
Cash and cash equivalents – ending | $ | 2,113 | $ | 5,032 |
Reconciliation of Adjusted EBITDA (Unaudited)
($ in thousands)
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Income (loss) from continuing operations (GAAP Basis) | $ | 1,362 | $ | (528 | ) | $ | 4,070 | $ | 297 | |||||||
Depreciation and amortization | 85 | 241 | 205 | 954 | ||||||||||||
Stock-based compensation | 86 | 152 | 218 | 501 | ||||||||||||
Taxes expense | 4 | 4 | 12 | 12 | ||||||||||||
Interest accretion expense | 4 | 26 | 34 | 92 | ||||||||||||
Note payable interest | 141 | 230 | 514 | 682 | ||||||||||||
Interest income | (10 | ) | (21 | ) | (40 | ) | (34 | ) | ||||||||
Change in fair value of note payable | 404 | 259 | 445 | 400 | ||||||||||||
Adjusted EBITDA | $ | 2,076 | $ | 363 | $ | 5,458 | $ | 2,904 |
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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