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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Interpace Biosciences Inc | NASDAQ:IDXG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.92 | 3.90 | 4.01 | 0 | 01:00:00 |
Net Revenue Grew 7% Over the Prior Year Comparable Quarter and 11% Over the First Quarter of 2017 Raised Over $22 Million in Capital in Past 6 MonthsEliminated All Long Term Debt and Related Royalties and MilestonesCash on Hand in Excess of $14 MillionStockholders’ Equity Grew to in Excess of $36 Million at June 30, 2017ThyGenX® Now Covered by CIGNA
“The second quarter and year to date in 2017 was certainly transformative for Interpace. We continued to improve our balance sheet in the second quarter by raising an additional $13.7 million of capital, eliminating all long term debt and related possible royalties and milestone obligations while continuing to make good commercial progress,” said Jack Stover, Interpace’s President & CEO. “Our cash position is now in excess of $14 million and we increased our stockholders’ equity by over $29 million since year-end. We are now well positioned to leverage our commercial resources and further build out our platforms,” noted Stover. “Additionally, continuing to make reimbursement progress, such as getting coverage for our ThyGenX assay with CIGNA, one of the largest healthcare insurers in the US, further demonstrates the importance of our diagnostic tests to the marketplace,” added Mr. Stover.
Q2 and Year to Date 2017 Financial Performance
Adjusted EBITDA (in the attached schedule), which we believe is a meaningful supplemental disclosure that may be indicative of how management and our Board of Directors evaluate Company performance, adjusts Income or Loss from Continuing Operations for non-cash charges such as depreciation & amortization, asset impairment, loss on extinguishment, and the change in fair value of contingent consideration. Accordingly, our Adjusted EBITDA for the six months ended June 30, 2017 and 2016 was $(3.6) million and $(4.2) million respectively due primarily to the reduction in Loss from Continuing Operations. Adjusted EBITDA for the three-month periods ended June 30, 2017 and 2016 was $(2.5) million and $(1.7) million, respectively.
Second Quarter 2017 and Recent Business Highlights
About Interpace Diagnostics Group, Inc.
Interpace is a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for better patient diagnosis and management. The Company currently has three commercialized molecular tests; PancraGEN® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX®, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR®, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay. Interpace’s mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science. For more information, please visit Interpace’s website at www.interpacediagnostics.com
About Thyroid Nodules, ThyGenX and ThyraMIR testing
According to the American Thyroid Association, approximately 15% to 30% of the 525,000 thyroid fine needle aspirations (FNAs) performed on an annual basis in the U.S. are indeterminate for malignancy based on standard cytological evaluation, and thus are candidates for ThyGenX and ThyraMIR.
ThyGenX and ThyraMIR reflex testing yields high predictive value in determining the presence and absence of cancer in thyroid nodules. The combination of both tests can improve risk stratification and surgical decision-making when standard cytopathology does not provide a clear diagnosis for the presence of cancer.
ThyGenX utilizes state-of-the-art next-generation sequencing (NGS) to identify more than 100 genetic alterations associated with papillary and follicular thyroid carcinomas, the two most common forms of thyroid cancer. ThyraMIR is the first microRNA gene expression classifier. MicroRNAs are small, non-coding RNAs that bind to messenger RNA and regulate expression of genes involved in human cancers, including every subtype of thyroid cancer. ThyraMIR measures the expression of 10 microRNAs. Both ThyGenX and ThyraMIR are covered by both Medicare and Commercial insurers.
About Pancreatic Cysts and PancraGEN
PancraGEN is a pancreatic cyst molecular test that, by using a small sample of pancreatic cyst fluid, can aid in pancreatic cancer risk assessment. PancraGEN is 90% accurate, according to clinical studies, enabling effective risk stratification of patients. Pancreatic cancer is often difficult to diagnose in early stages and typically spreads rapidly with signs and symptoms appearing when the cancer is significantly advanced. Because of this, and that complete surgical removal of the pancreas is not possible, pancreatic cancer is considered a leading cause of cancer deaths.
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 our 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 statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, our ability to adequately finance the business, our ability to restructure our liabilities and other obligations, the market's acceptance of our molecular diagnostic tests; our ability to retain or secure reimbursement, our ability to secure additional business and generate higher profit margins through sales of our molecular diagnostic tests, in-licensing or other means, projections of future revenues, growth, gross profit and anticipated internal rate of return on investments and our ability to maintain our NASDAQ listing. Additionally, all forward-looking statements are subject to the risk factors detailed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (SEC), including without limitation, the Annual Report on Form 10-K filed with the SEC on March 31, 2017 and the amendment on Form 10-K/A filed on April 28, 2017, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on May 12, 2017, and the Company’s Registration Statement on Form S-1, as amended (333-218140) initially filed with the SEC on May 22, 2017. 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.
Non-GAAP Financial Measures
In addition to the United States generally accepted accounting principles, or GAAP, results provided throughout this document, Interpace has provided certain non-GAAP financial measures to help evaluate the results of its 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 the Company’s 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 the Company’s 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, interest and taxes, and other non-cash expenses including asset impairment costs, loss on extinguishment of debt, goodwill impairment and change in fair value of contingent consideration. The table below includes a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Conference Call
As previously announced, Interpace will hold a conference call Thursday August 10, 2017 at 4:30 p.m. (ET) to discuss financial and operational results for the second quarter and year to date ended June 30, 2017. Details as follows:
The live webcast and subsequent replay may be accessed by visiting Interpace’s website www.interpacediagnostics.com. Alternatively, please call 1-800-334-0872 (U.S.) or 1-719-457-2615 (international). The conference ID number is 5840893. The webcast replay will be available on the company’s website approximately two hours following completion of the call and archived on the company’s website for 90 days.
Interpace Diagnostics Group, Inc. | ||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(unaudited, in thousands, except per share data) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Revenue, net | $ | 3,855 | $ | 3,612 | $ | 7,325 | $ | 6,647 | ||||||||||||
Cost of revenue | 1,879 | 1,842 | 3,651 | 3,020 | ||||||||||||||||
Gross profit | 1,976 | 1,770 | 3,674 | 3,627 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | 1,555 | 1,322 | 2,691 | 2,904 | ||||||||||||||||
Research and development | 413 | 357 | 719 | 680 | ||||||||||||||||
General and administrative | 2,793 | 2,015 | 4,315 | 4,797 | ||||||||||||||||
Acquisition related amortization expense | 813 | 970 | 1,626 | 1,939 | ||||||||||||||||
Change in fair value of contingent consideration | - | - | (5,776 | ) | - | |||||||||||||||
Total operating expenses | 5,574 | 4,664 | 3,575 | 10,320 | ||||||||||||||||
Operating (loss) income | (3,598 | ) | (2,894 | ) | 99 | (6,693 | ) | |||||||||||||
Interest expense | (216 | ) | (858 | ) | (469 | ) | (1,062 | ) | ||||||||||||
Loss on extinguishment of debt | (2,731 | ) | - | (4,278 | ) | - | ||||||||||||||
Other (loss) income , net | (8 | ) | 3 | (44 | ) | 10 | ||||||||||||||
Loss from continuing operations before tax | (6,553 | ) | (3,749 | ) | (4,692 | ) | (7,745 | ) | ||||||||||||
Benefit from income taxes | (301 | ) | (236 | ) | (298 | ) | (227 | ) | ||||||||||||
Loss from continuing operations | (6,252 | ) | (3,513 | ) | (4,394 | ) | (7,518 | ) | ||||||||||||
(Loss) income from discontinued operations, net of tax | (54 | ) | 1,179 | 502 | 398 | |||||||||||||||
Net loss | $ | (6,306 | ) | $ | (2,334 | ) | $ | (3,892 | ) | $ | (7,120 | ) | ||||||||
Basic (loss) income per share of common stock: | ||||||||||||||||||||
From continuing operations | $ | (0.65 | ) | $ | (1.93 | ) | $ | (0.64 | ) | $ | (4.19 | ) | ||||||||
From discontinued operations | (0.01 | ) | 0.65 | 0.07 | 0.22 | |||||||||||||||
Net (loss) income per basic share of common stock | $ | (0.65 | ) | $ | (1.29 | ) | $ | (0.57 | ) | $ | (3.96 | ) | ||||||||
Diluted (loss) income per share of common stock: | ||||||||||||||||||||
From continuing operations | $ | (0.65 | ) | $ | (1.93 | ) | $ | (0.64 | ) | $ | (4.19 | ) | ||||||||
From discontinued operations | (0.01 | ) | 0.65 | 0.07 | 0.22 | |||||||||||||||
Net (loss) income per diluted share of common stock | $ | (0.65 | ) | $ | (1.29 | ) | $ | (0.57 | ) | $ | (3.96 | ) | ||||||||
Weighted average number of common shares and | ||||||||||||||||||||
common share equivalents outstanding: | ||||||||||||||||||||
Basic | 9,657 | 1,816 | 6,877 | 1,796 | ||||||||||||||||
Diluted | 9,657 | 1,816 | 6,877 | 1,796 | ||||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
($ in thousands) unaudited | ||||||||||||||||||||
June 30 | December 31, | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Cash and cash equivalents | $ | 14,265 | $ | 602 | ||||||||||||||||
Total current assets | 18,337 | 4,240 | ||||||||||||||||||
Total current liabilities | 10,855 | 16,241 | ||||||||||||||||||
Total assets | 53,744 | 41,778 | ||||||||||||||||||
Total liabilities | 17,402 | 35,247 | ||||||||||||||||||
Total stockholders' equity | 36,342 | 6,531 | ||||||||||||||||||
Selected Cash Flow Data | ||||||||||||||||||||
($ in thousands) unaudited | ||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||
June 30, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Net loss | $ | (3,892 | ) | $ | (7,120 | ) | ||||||||||||||
Net cash used in operations | $ | (8,572 | ) | $ | (5,271 | ) | ||||||||||||||
Net cash used in investing activities | - | - | ||||||||||||||||||
Net cash provided by financing activities | 22,235 | - | ||||||||||||||||||
Change in cash and cash equivalents | 13,663 | (5,271 | ) | |||||||||||||||||
Cash and equivalents, Beginning | 602 | 8,310 | ||||||||||||||||||
Cash and equivalents, Ending | $ | 14,265 | $ | 3,039 | ||||||||||||||||
Reconciliation of Adjusted EBITDA (Unaudited) | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||
Loss from continuing operations | $ | (6,252 | ) | $ | (3,513 | ) | $ | (4,394 | ) | $ | (7,518 | ) | |||||||||||
Depreciation and amortization- continuing operations | 965 | 1,133 | 1,937 | 2,390 | |||||||||||||||||||
Stock-based compensation - continuing operations | 148 | 21 | 206 | 88 | |||||||||||||||||||
Taxes | (301 | ) | (236 | ) | (298 | ) | (227 | ) | |||||||||||||||
Interest expense | 216 | 858 | 469 | 1,062 | |||||||||||||||||||
Loss on extinguishment of debt | 2,731 | - | 4,278 | - | |||||||||||||||||||
Change in fair value of contingent consideration | - | - | (5,776 | ) | - | ||||||||||||||||||
Adjusted EBITDA | $ | (2,493 | ) | $ | (1,737 | ) | $ | (3,578 | ) | $ | (4,205 | ) | |||||||||||
CONTACTS: Interpace Diagnostics Investor Relations: Paul Kuntz Redchip Paul@Redchip.com
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