NEW YORK – Interpace Biosciences reported Wednesday morning that its third quarter revenues rose 6 percent year over year.
For the three months ended Sept. 30, 2020 the Parsippany, New Jersey-based firm had total revenues of $8.2 million compared to $7.7 million a year ago, beating analysts' average expectations of $7.6 million.
Interpace also announced that it closed a $5 million bridge loan with existing equity investors Ampersand Capitol Partners and 1315 Capital Partners earlier this month. The firm concurrently terminated its credit facility with Silicon Valley Bank.
Subsequent to the end of the third quarter, Interpace received notice from the Nasdaq that it was in violation of a Nasdaq Listing rule due to the delay in filing its Form 10-Q for the quarter ended Sept. 30.
Interpace posted a net loss of $6.2 million, or $1.54 per share, compared to a net loss of $7.4 million, or $1.97 per share a year ago. The firm beat the consensus Wall Street estimate of a net loss of $1.92 per share.
The company's R&D expenses fell 11 percent to $763,000 from $857,000 in the year-ago period. It's sales, marketing, general, and administrative expenses fell 1 percent to $7.2 million from $7.3 million.
Interpace finished the quarter with $5.3 million in cash and cash equivalents.
For the fourth quarter, the company estimated revenues to be between $9.0 and $10.0 million.
In early morning trading on the Nasdaq, Interpace's shares were down about 11 percent at $4.06.