NEW YORK (GenomeWeb) – Interpace Diagnostics reported yesterday a 32 percent rise in third quarter revenues, in part due to an increase in test and collection volume for its thyroid cancer diagnostics.
For the three-month period ended Sept. 30, Interpace's revenues climbed to $3.3 million from $2.5 million the year before, due in part to higher test and collection volume for the company's ThyraMir and ThyraGenX thyroid cancer assays. Also driving revenues was an increase in the amounts collected based on Medicare coverage for ThyraMir.
The company's Q3 net loss jumped 53 percent to $7.5 million, or $.41 per share, from $4.9 million, or $.31 per share, the year before.
R&D spending in the quarter fell to $659,000 from $1 million, while SG&A costs dropped to $4.1 million from $5.4 million. Interpace also recorded a $3.4 million non-cash asset impairment charge in the third quarter of this year.
At the end of the third quarter, Interpace had cash and cash equivalents totaling $1.7 million. It also holds a line of credit up to $1.2 million.
"While Q3 revenues were slightly less than anticipated, we are seeing strong performance in the first month of the fourth quarter," Interpace President and CEO Jack Stover said in a statement. "We are hopeful that further restructurings can be accomplished in a timely manner and accordingly we are continuing to aggressively seek and evaluate strategic alternatives."
The company has been seeking to restructure a number of debt obligations including severance obligations to former executives and sales representatives following the sale of its commercial services business in 2015, as well as payments and conditions related to a $10.7 million secured note payable to the former equity holders of recently acquired molecular diagnostics firm RedPath Integrated Pathology.