Interpace Biosciences Inc - IDXG STOCK NEWS

Interpace Biosciences reported Q1 2022 revenue of $10.4 million, a 6% increase from the previous year. The net loss improved by $2 million to $(2.2 million). Days Sales Outstanding (DSO) decreased by 27% to 63 days, reflecting better cash collection. The gross profit margin increased to 48%, up from 46% year-over-year. Despite a 4% decline from Q4 2021 due to seasonality, improvements in operational efficiency and collaborations with Twist Bioscience and Miroculus indicate a positive outlook for the company's diagnostic services.

Interpace Biosciences (OTCQX: IDXG) has partnered with Miroculus and Twist Bioscience to enhance next generation sequencing (NGS) library preparation through the use of digital microfluidics technology. This collaboration aims to automate and optimize genetic testing processes for Endocrine and GI cancers, reducing technician involvement and accelerating testing. Interpace's goal is to establish a high-throughput automated facility to improve productivity and decrease costs, leveraging advanced technologies from its partners.

Interpace Biosciences reported its 2021 financial results, revealing a 28% increase in net revenue to $41.3 million. The fourth quarter also showed 13% growth in net revenue at $10.9 million. The company improved its net loss to $(14.9 million), up from $(26.5 million) in 2020. Cash collections surged by 31% to $43.1 million, and gross profit margins improved significantly. Despite challenges with insurance reimbursements for their Thyroid tests, CMS has confirmed retroactive billing adjustments for 2022. Interpace aims for continued growth and efficiency in 2022.

Interpace Biosciences (OTCQX: IDXG) announced a policy update from the National Correct Coding Initiative (NCCI), allowing them to bill for the ThyGeNEXT and ThyraMIR tests under the Laboratory Coverage Determination (LCD) retroactively from January 1, 2022. This decision alleviates potential financial impacts on the company for 2022, as stated by CEO Tom Burnell, who emphasized the importance of preventing beneficiary access issues for Medicare-covered thyroid testing.

Interpace Biosciences (OTCQX: IDXG) has terminated its rights offering and standby purchase agreement with 3K Limited Partnership due to a new billing policy by the Centers for Medicare & Medicaid Services (CMS). This policy disallows reimbursements for the ThyGeNEXT^® and ThyraMIR^® tests when billed together by the same provider on the same date. The company is assessing the policy's financial impact and preparing an appeal. CEO Tom Burnell expressed disappointment but emphasized efforts to secure alternative financing.

Interpace Biosciences (OTCQX: IDXG) announced the appointment of Vijay Aggarwal, Ph.D. to its Board of Directors, effective February 1, 2022. He replaces Eric B. Lev and brings over 30 years of experience in pharmaceutical services and clinical diagnostics. Dr. Aggarwal's previous roles include leadership positions at Vaxigenix and Aureon Laboratories. His expertise is expected to enhance Interpace's growth in clinical and pharmaceutical services. Thomas Burnell, CEO, expressed confidence in Dr. Aggarwal's contributions to the company's anticipated expansion in personalized medicine.

Interpace Biosciences has initiated a $30 million Rights Offering to enhance its liquidity, fund growth, and support general corporate needs. Eligible shareholders can purchase 0.75 shares of common stock at $6.65 per share, with rights expiring on February 2, 2022. A standby purchase agreement with 3K Limited Partnership ensures that unsubscribed shares will be purchased at $6.50. This move aims to secure funding for strategic investments and partnerships. Further details are outlined in the prospectus filed with the SEC.

Interpace Biosciences (OTCQX: IDXG) announced a proposed $30 million Rights Offering, effective January 10, 2022, to provide growth capital and enhance financial flexibility. Each eligible shareholder will receive non-transferable subscription rights to purchase 0.75 shares of common stock. The offering aims to fund product line acquisitions to support growth. The company anticipates securing a standby purchase agreement with 3K Limited Partnership, which owns approximately 18.7% of outstanding common shares. Details on pricing and subscription dates will be disclosed in a future release.

Interpace Biosciences reported Q3 2021 revenue of $9.5 million, a 15% increase year-over-year, with year-to-date revenue reaching $30.5 million, up 34%. The company achieved record cash collections for the second consecutive quarter and improved liquidity with a $7.5 million credit facility from Comerica Bank and a new $8 million term loan from BroadOak Fund. The firm plans a $30 million Rights Offering to maintain shareholder ownership. Despite a decline in pharma services, gross profit rose to 44% year-to-date, indicating strong operational performance.