● | Q1 Revenue of $9.8 million;a 24% increase year-over-year; highest quarter in history | |
● | Q1 Test volume up nearly 20% year over year to record levels | |
● | Q1 41.9 million covered lives added, resulting from 8 new or updated commercial contracts |
First quarter Net Revenue was
“Q1 2023 represented record testing volume and net revenue for the Company, resulting in achievement of profitability and exceeding cash flow breakeven”, stated
First Quarter and 2023 Financial Performance
For the First Quarter of 2023 as Compared to the First Quarter of 2022
● | Net Revenue was | |
● | Gross Profit percentage was 61% compared to 59% for the prior year quarter, an improvement year over year | |
● | Operating income was | |
● | Income from continuing operations was | |
● | Adjusted EBITDA was | |
● | Q1 2023 cash collections totaled | |
● |
About
Clinical services, through
For more information, please visit Interpace Biosciences’ website at www.interpace.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward-looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements, including, but not limited to, the reimbursement of the Company’s tests being subject to review by CMS, the Company’s ability to continue to perform, bill and receive reimbursement for our PancraGEN® molecular test under the existing local coverage determination (“LCD”), given that such LCD is currently under review by
Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s Annual Report on Form 10-K for the fiscal year ended
Contacts:
Investor Relations
(855)-776-6419
Info@Interpace.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)
Three Months Ended | ||||||||
2023 | 2022 | |||||||
Revenue, net | $ | 9,826 | $ | 7,923 | ||||
Cost of revenue | 3,848 | 3,265 | ||||||
Gross Profit | 5,978 | 4,658 | ||||||
Sales and marketing | 2,342 | 2,200 | ||||||
Research and development | 149 | 231 | ||||||
General and administrative | 2,494 | 2,886 | ||||||
Acquisition amortization expense | 318 | 318 | ||||||
Total operating expenses | 5,303 | 5,635 | ||||||
Operating income (loss) | 675 | (977 | ) | |||||
Interest accretion expense | (35 | ) | (121 | ) | ||||
Note payable interest | (225 | ) | (180 | ) | ||||
Other income, net | 19 | 161 | ||||||
Income (loss) from continuing operations before tax | 434 | (1,117 | ) | |||||
Provision for income taxes | 4 | 18 | ||||||
Income (loss) from continuing operations | 430 | (1,135 | ) | |||||
Loss from discontinued operations, net of tax | (79 | ) | (1,112 | ) | ||||
Net income (loss) | $ | 351 | $ | (2,247 | ) | |||
Basic income (loss) per share of common stock: | ||||||||
From continuing operations | $ | 0.10 | $ | (0.27 | ) | |||
From discontinued operations | (0.02 | ) | (0.26 | ) | ||||
Net loss per basic share of common stock | $ | 0.08 | $ | (0.53 | ) | |||
Diluted income (loss) per share of common stock: | ||||||||
From continuing operations | $ | 0.10 | $ | (0.27 | ) | |||
From discontinued operations | (0.02 | ) | (0.26 | ) | ||||
Net loss per basic share of common stock | $ | 0.08 | $ | (0.53 | ) | |||
Weighted average number of common shares and | ||||||||
common share equivalents outstanding: | ||||||||
Basic | 4,307 | 4,208 | ||||||
Diluted | 4,308 | 4,208 |
Selected Balance Sheet Data (Unaudited)
($ in thousands)
2023 | 2022 | |||||||
Cash and cash equivalents | $ | 5,596 | $ | 4,828 | ||||
Total current assets | 12,484 | 12,154 | ||||||
Total current liabilities | 13,851 | 14,283 | ||||||
Total assets | 15,877 | 15,979 | ||||||
Total liabilities | 31,879 | 32,515 | ||||||
Total stockholders' deficit | (62,538 | ) | (63,072 | ) |
Selected Cash Flow Data (Unaudited)
($ in thousands)
For the Three Months Ended | ||||||||
2023 | 2022 | |||||||
Net income (loss) | $ | 351 | $ | (2,247 | ) | |||
Net cash provided (used in) operating activities | $ | 1,133 | $ | (1,254 | ) | |||
Net cash used in investing activities | (65 | ) | (19 | ) | ||||
Net cash (used in) provided by financing activities | (300 | ) | 1,059 | |||||
Change in cash, cash equivalents and restricted cash | 768 | (214 | ) | |||||
Cash, cash equivalents and restricted cash – beginning | 4,828 | 3,314 | ||||||
Cash, cash equivalents and restricted cash – ending | $ | 5,596 | $ | 3,100 |
Reconciliation of Adjusted EBITDA (Unaudited)
($ in thousands)
Three Months Ended | ||||||||
2023 | 2022 | |||||||
Income (loss) from continuing operations (GAAP Basis) | $ | 430 | $ | (1,135 | ) | |||
Depreciation and amortization | 356 | 371 | ||||||
Stock-based compensation | 192 | 303 | ||||||
Taxes expense | 4 | 18 | ||||||
Interest accretion expense | 35 | 121 | ||||||
Note payable interest | 225 | 180 | ||||||
Mark to market on warrant liability | - | (63 | ) | |||||
Change in fair value of note payable | (33 | ) | (107 | ) | ||||
Adjusted EBITDA | $ | 1,209 | $ | (312 | ) |
Non-GAAP Financial Measures
In addition to
In this document, we discuss Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is a metric used by management to measure cash flow of the ongoing business. Adjusted EBITDA is defined as income or loss from continuing operations, plus depreciation and amortization, non-cash stock based compensation and ESPP plans, interest and taxes, and other non-cash expenses including change in fair values of notes payable, contingent consideration and warrant liability. The table above includes a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Source:
2023 GlobeNewswire, Inc., source