NEW YORK — Interpace Biosciences on Thursday reported a nearly 14 percent year-over-year rise in revenues for the fourth quarter of 2021 as increased reimbursement rates and clinical services volume for the company's thyroid cancer tests were offset by lower pharma services revenues.
For the three-month period ended Dec. 31, Interpace's revenues grew to $10.9 million from $9.6 million in Q4 2020.
The Parsippany, New Jersey-based company's net loss for the quarter fell to $3.7 million, or $.89 per share, from $8.1 million, or $2.01 per share, the year before.
R&D spending in the fourth quarter dropped 40 percent to $407,000 from $673,000 in the year-ago quarter, while SG&A costs fell 19 percent to $6.5 million from $8.0 million. During Q4 of 2021, Interpace also recorded a $248,000 loss on the sale of its New Haven, Connecticut-based CLIA-certified lab to DiamiR.
Interpace President and CEO Thomas Burnell said in the statement that the company is prepared to move ahead with its planned growth strategy. He said the US Centers for Medicare & Medicaid Services recently reversed an earlier decision not to reimburse the company's ThyGenext and ThyraMir thyroid cancer tests when billed together and will now reimburse both tests, retroactive to Jan. 1.
"We have been notified by [CMS] and National Correct Coding Initiative that processing of claims for dates of service after Jan. 1, 2022, will be completed beginning July 1, 2022," he added.
For full-year 2021, Interpace's revenues jumped 27 percent to $41.3 million from $32.4 million.
The firm's net loss for the year dropped to $14.9 million, or $3.61 per share, from $26.5 million, or $7.32 per share.
R&D spending during the year was down 32 percent to $1.9 million from $2.8 million, while SG&A expenses declined 14 percent to $23.7 million from $27.4 million in 2020.
At the end of 2021, Interpace has cash and cash equivalents totaling $3.1 million.
Interpace CFO Thomas Freeburg said in a statement that the company is focusing on expense control, revenue growth, commercial payor reimbursement, and expansion this year in order to reach profitability after missing its goal of being cash flow breakeven by the end of 2021.