NEW YORK — Interpace Biosciences on Tuesday posted a nearly 8 percent year-over-year increase in first quarter revenues on improved performance in its clinical services business and increased reimbursement rates for its cancer tests.
For the three-month period ended March 31, Interpace's revenues climbed to $9.8 million from $9.1 million. The Parsippany, New Jersey-based company said that, in addition to higher clinical service volume, revenues were buoyed by improved reimbursement rates for its ThyGeNext and ThyraMir thyroid nodule assays.
Interpace's Q1 net loss attributable to its shareholders fell to $4.2 million, or $1.03 per share, versus a loss of $9.5 million, or $2.37 per share, in the same period a year earlier.
The company's R&D spending in the quarter shrank 21 percent to $637,000 from $809,000 a year earlier, while SG&A costs fell 26 percent to $5.4 million from $7.3 million as Interpace continued a restructuring effort designed to trim $7.2 million from its annual costs.
At the end of March, Interpace had cash and cash equivalents totaling $2.8 million.
"Our first quarter operating results … are on track and in accordance with our growth, restructuring, and reprioritization plan," Thomas Burnell, Interpace president and CEO, said in a statement. "As we progress further into 2021, we expect to build on this momentum and will be focused on opportunities related to expanded private payer coverage, market penetration, and the pricing of clinical testing."
Last month, Interpace said that it intends to undertake a strategic review of its business as it works to increase shareholder value following its recent delisting from the Nasdaq for failure to meet the exchange's minimum $2.5 million stockholders' equity requirement.