NEW YORK — Interpace Biosciences on Tuesday reported that its second quarter revenues more than doubled as increased reimbursement rates and greater clinical services volume for its cancer tests more than offset a decline in pharma services volume.
For the three-month period ended June 30, Interpace's revenues climbed to $11.2 million from $5.4 million the year before. Contributing to the increase was a new Medicare proprietary laboratory analysis code for its ThyGeNext thyroid nodule assay that earlier this year increased the test's reimbursement to $2,919 from $560.
Interpace's Q2 net loss fell to $3.4 million, or $.84 per share, versus a year-ago loss of $5.6 million, or $1.38 a share.
R&D spending in the quarter was down 23 percent to $424,000 from $550,000, while SG&A costs rose 11 percent to $6.1 million from $5.5 million.
At the end of June, Parsippany, New Jersey-based Interpace had cash, cash equivalents, and restricted cash totaling $4.0 million.
"As we enter the second half of the year and look ahead to 2022, we expect the current momentum to continue as we remain vigilant in expanding market penetration, private payor coverage, and clinical volume," Interpace CEO Thomas Burnell said in a statement. "It is also imperative that we begin to realize the potential of our pharma services business, which has experienced softness during the consolidation of labs from New Jersey into North Carolina."