First Quarter Net Revenue Improved Over 53% to $9.2 Million
Launching COVID-19 Serology Testing
Continues to Integrate Service Offerings and Streamline Costs
Conference Call and Webcast Thursday June 25, 2020 4:30 pm ET
PARSIPPANY, NJ, June 25, 2020 (GLOBE NEWSWIRE) — Interpace Biosciences, Inc. (Nasdaq: IDXG) today announced financial results for the fiscal quarter ended March 31, 2020 and provided a business and financial update.“First quarter revenue was $9.2 million and near the top end of our previously announced revenue range. During the first quarter we continued to grow our Clinical and Pharma services businesses, however, our Clinical services business was impacted by the pandemic beginning in the second half of March. We also took immediate action to protect our employees from exposure to the coronavirus, reduced discretionary and non-essential costs and accelerated operations integration,” stated Jack Stover, CEO of Interpace Biosciences.“While we were generally pleased with first quarter progress, we did experience the business impact from the coronavirus pandemic and while recovering, we do anticipate the impact will continue through the remainder of 2020 and perhaps beyond. Our focus for the rest of the year will be continuing to respond to changing conditions while positioning ourselves for growth and expansion, improving business processes and integrating our service offerings. We believe that one of the important positive global impacts of the coronavirus pandemic is an increased awareness of the importance of the role diagnostics plays in all of our lives. We are confident that we are well positioned to take advantage of this opportunity with our diversification, focus on improving diagnosis and customized assays solutions for patients, physicians and pharma companies as well.” First Quarter 2020 Financial Performance “Our financial performance for the quarter was impacted by lower than expected Clinical service volume in March, which we believe has resulted from the required reduction in non-essential testing procedures in connection with the COVID-19 pandemic. As of mid-June, our business is down approximately 30% compared to our highs in February and early March and continues to improve,” stated Fred Knechtel, CFO of Interpace Biosciences.“In response to customer interest we are developing serology antibody ELISA testing for COVID-19 at our CLIA lab in Pittsburgh, PA. We have completed validation, acquired acceptable kits and reference samples and are preparing to launch,” stated Jack Stover.“We anticipate second quarter revenue between $5.6 million and $6.0 million, however, we cannot provide guidance for the remainder of the year at this time,” added Stover. Recent Clinical and Reimbursement HighlightsWe continue to generate and publish clinical evidence related to our key products, including ThyGeNEXT® and ThyraMIR® and PancraGEN® as well as our pipeline product, BarreGEN®. Reimbursement expansion for our clinical diagnostics tests to date in 2020 is as follows: CONFERENCE CALL INFORMATIONInterpace will hold a conference call and Webcast on Thursday June 25, 2020, at 4:30 pm ET. Details are as follow:Date and Time: Thursday June 25, 2020 at 4:30 pm ETDial-in Number (Domestic): +1 (877) 407-9716Dial-in Number (International): +1 (201) 493-6779Confirmation Number: 13706101Webcast Access: http://public.viavid.com/index.php?id=140471
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