NEW YORK (GenomeWeb) – Interpace Diagnostics reported today that its third quarter revenues rose 27 percent amid increased demand and reimbursement for its thyroid assays.
For the three-month period ended Sept. 30, Interpace's revenues climbed to $4.2 million from $3.3 million in the same period a year earlier. The company attributed the growth primarily to higher sales and reimbursement of its ThyGenX and ThyraMir tests for the diagnosis of thyroid cancer in patients with indeterminate thyroid nodules.
"I am very pleased with our financial and operating performance in Q3 2017 and for the year to date," Interpace President and CEO Jack Stover said in a statement. "Most importantly, Q3 2017 resulted in test volume growth in both our GI and endocrine franchises, and this is especially important considering the hurricane damage seen in several of our major markets. Q3 also represented the completion of our transition of operations to a stand-alone molecular diagnostics company."
The firm's Q3 net loss narrowed to $3.3 million from $7.5 million the year before. The company reported a loss per share of $.15 in Q3 2017 on approximately 22 million shares outstanding compared to a loss per share of $4.13 in Q3 2016 on approximately 1.8 million shares outstanding.
Interpace's Q3 R&D spending dropped nearly 27 percent to $483,000 from $659,000 in the year-ago quarter, while SG&A costs dipped 7 percent to $3.9 million from $4.2 million, largely reflecting asset impairment charges in Q3 2016.
At the end of the quarter, Interpace had cash and cash equivalents totaling $11.7 million.