NEW YORK (GenomeWeb) – Interpace Diagnostics reported today that its first quarter revenues rose 15 percent year over year.
For the quarter ended March 31, the molecular diagnostics firm reported revenues of $3.5 million compared to $3.0 million the year before.
"Our restructuring and recapitalization plans were transformational and included raising over $14 million in new capital since late December; completely eliminating over $9.3 million of secured debt; reducing total liabilities by over $12 million since year end; and adding in excess of $24 million to stockholders' equity at March 31, 2017, while terminating significant future potential royalties and milestones related to assets acquired in 2014," Jack Stover, Interpace Diagnostics' president and CEO, said in a statement.
Stover added that gaining reimbursement for its ThyraMIR microRNA gene expression classifier with UnitedHealthcare "was critically important."
The firm's ThyGenX and ThyraMIR thyroid molecular assays are now covered for about 250 million patients nationwide, the firm said. Describing Q1 and recent business highlights, Interpace noted that it has entered into an agreement with a major, undisclosed healthcare system in Philadelphia for the two molecular tests.
It also entered into an exclusive distribution agreement with Best Med Opinion of Tel Aviv, Israel, a provider of second opinion and clinical services for physicians and patients in Israel and several other countries.
The company's net income for the quarter was $2.4 million, or $.55 per share, down from a loss of $4.8 million, or $2.69 per share, in Q1 2016. The number of weighted average shares outstanding rose to 4.4 million from 1.8 million in Q1 2016.
Its R&D costs for the quarter were down 5 percent to $306,000 from $323,000 in the prior year, while SG&A expenses fell 39 percent to $2.7 million from $4.4 million in Q1 2016.
Interpace ended the quarter with $7.1 million in cash and cash equivalents.
In early morning trading on the Nasdaq, Interpace's shares were up 17 percent to $2.80.Â