Interpace Biosciences Announces Preliminary Full-year and Fourth Quarter 2024 Financial and Business Results
| ● | Q4 and FY Test volume increase 21% and 17% year-over-year | |
| ● | Q4 and FY Volume, Revenue, and Profitability at all-time record levels | |
PARSIPPANY, NJ, Jan. 31, 2025 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. ("Interpace" or the "Company") (OTCQX:IDXG) today announced preliminary financial and business results for the fiscal year and fourth quarter ended December 31, 2024.
Fourth quarter Molecular Volume increased 21% year-over-year compared to Q4 2023, and 17% for the Full Year resulting in double-digit Q4 and YTD revenue growth. "The Company achieved record test volume, test revenue, income, and cash collections in Q4 and full year 2024," said Chris McCarthy, Chief Financial Officer. "The Company's strategic focus on operational and efficiency improvements also delivered record gross and net income margins." McCarthy added.
"Q4 continued the Company's trend of double-digit year-over-year volume and revenue growth fueled by the full suite of Interpace testing services. Physician demand for ThyGeNEXT® + ThyraMIR®v2, our Company's unique mutational- and microRNA-based assay for indeterminate thyroid nodules was exceptionally high and a very strong driver of the Company's profitability. stated Tom Burnell, President and CEO. Burnell added, "the Company completed a strong year financially in 2024 which has set the stage to continue to execute its strategy of growth in 2025. The Company understands the uncertainty surrounding PancraGEN® Medicare reimbursement going forward and, in the event of a non-coverage determination, has made plans to manage through this situation. Our Endo business unit is strong and profitable. It provides a solid foundation from which to continue our strong performance, should this situation occur."
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 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 from 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 Company's ability to restructure itself in light of the loss of reimbursement for its PancraGEN product.
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
[email protected]
