Interpace Biosciences Inc - IDXG STOCK NEWS

Interpace Biosciences announced the granting of US Patent 11,143,657 for its PancraGEN technology, aimed at improving the diagnosis and management of pancreatic cysts. This patent enhances the molecular diagnostic capabilities of PancraGEN^®, which has been used on over 40,000 cyst samples, boasting a 90% accuracy in risk assessment. The technology aims to better handle pancreatic cancer, a leading cause of cancer deaths in the U.S. This patent solidifies Interpace’s role in personalized medicine, targeting effective cancer diagnosis and treatment solutions.

Interpace Biosciences (OTCQX: IDXG) announced on October 21, 2021 that the U.S. Patent and Trademark Office granted it a patent (U.S. PTO Number 11,118,231 B2) for using microRNAs in distinguishing benign from malignant thyroid neoplasms. This patent enhances the intellectual property portfolio of the company, particularly for its ThyraMIR® microRNA Classifier, which works alongside the ThyGeNEXT® test. This innovation aims to improve patient care by reducing unnecessary thyroid surgeries through actionable results from microRNA expression levels.

Interpace Biosciences (OTCQX: IDXG) announced a new $7.5 million revolving credit facility with Comerica Bank, set to mature on September 30, 2023. The financing is based on 80% of eligible accounts receivable, with additional availability of $2 million. The credit facility's interest rate is prime plus 0.5%. CEO Thomas Burnell highlighted the facility's potential to support business growth and enhance diagnostic capabilities in healthcare. The bank expressed support for Interpace's mission in cancer diagnostics through this partnership.

Interpace Biosciences reported Q2 2021 net revenue of $11.2 million, a 105% increase year-over-year, marking its highest revenue quarter. The company is approaching EBITDA breakeven on higher clinical volumes and improved gross profit margins, which rose to 48% from 29%. Cash collections exceeded $11 million in Q2, contributing to a reduced loss from continuing operations of $(3.4) million. The company aims for full-year revenue growth of 35%, despite experiencing a decline in pharma services volume amidst the lab consolidation.

Interpace Pharma Solutions, a subsidiary of Interpace Biosciences (OTCQX: IDXG), announced the launch of its Digital Spatial Profiling services using the GeoMx® testing platform. This platform integrates high-throughput expression analysis with IHC/FISH capabilities, allowing precise measurement of proteins and nucleic acids in tissue samples. The technology aims to enhance biomarker discovery and cancer research. Thomas Burnell, President and CEO, emphasized that GeoMx® complements existing technologies, enhancing their service offerings for personalized medicine.

Interpace Biosciences reported a record Q1 revenue of $9.8 million, driven by increased clinical service volume and improved reimbursement rates. The company anticipates Q2 revenue exceeding $11 million and is on track for 35% annual growth. Notably, their gross profit margin improved to 46%, and losses from continuing operations decreased significantly. Recent agreements with Blue Cross Blue Shield also enhance coverage for key tests, potentially boosting future revenues. The company aims for EBITDA breakeven by Q3 2021.

Interpace Biosciences (OTCQX: IDXG) announced that eviCore Healthcare, a Cigna subsidiary, will include positive coverage for its molecular tests, ThyGeNEXT® and ThyraMIR®, in updated laboratory management guidelines. This change affects 27 health plans and covers around 100 million lives, effective July 1, 2021. The tests are recognized for reducing unnecessary invasive procedures and improving healthcare cost-efficiency. Interpace aims to enhance personalized medicine with multiple clinical diagnostic tests and services.

Interpace Biosciences (OTCQX: IDXG) announced revised revenue guidance for 2021, projecting total revenue between $42 million and $44 million, reflecting a growth of 30-36% from 2020 and 73-82% from 2019. The company aims to achieve EBITDA break-even due to its growth strategy and operational initiatives. The Board is also reviewing various alternatives to enhance shareholder value, with Guggenheim Securities acting as a strategic advisor. CEO Thomas W. Burnell emphasized commitment to executing the strategic plan amidst these changes.

Interpace Biosciences (OTCQX: IDXG) has revised its full-year 2021 revenue guidance to between $42 million and $44 million, outperforming previous estimates of $38 million to $40 million. This reflects an expected increase of approximately 30% to 36% compared to 2020 revenues. CEO Thomas W. Burnell noted that enhanced clinical volume and improved reimbursements contributed to this growth. The company aims for EBITDA break-even by the end of 2021, with additional details to be shared in May.