INTERPACE BIOSCIENCES INC - IDXG STOCK NEWS

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.

Interpace Pharma Solutions, a subsidiary of Interpace Biosciences (OTCQX: IDXG), has introduced a new capability for RNA biomarker analysis using RNAscope® in situ hybridization (ISH). This innovative technology offers high sensitivity and specificity, allowing for the visualization and quantification of gene expression within intact tissue architecture. Thomas Burnell, President and CEO, emphasizes its broad applications in immune checkpoint target identification and CAR-T product delivery. Additionally, Interpace provides various molecular diagnostic tests through its clinical services.

On April 5, 2021, Interpace Biosciences (OTCQX: IDXG) announced that Novitas, its Medicare Administrative Contractor, has recognized a new Proprietary Laboratory Analysis (PLA) code for its ThyGeNEXT test, specifically code 0245U. This code offers a significant reimbursement increase from $560 to $2,919. The enhancement reflects the revised local coverage determination for the test's mutation panel. In 2020, approximately 15,000 ThyGeNEXT tests were processed for over 700 physicians, making this development crucial for enhancing financial value and test recognition.

Interpace Biosciences reported a 34% increase in net revenue for 2020, totaling $32.4 million, driven by the pharma services sector. The fourth quarter saw a remarkable 129% revenue growth year-over-year, reaching $9.6 million. The company aims for a full-year revenue of $38 million to $40 million in 2021 and plans to achieve EBITDA breakeven by year-end. CEO Thomas Burnell highlighted significant savings and operational efficiency improvements, while CFO Tom Freeburg noted a positive impact from enhanced reimbursement rates and growing clinical services volume.