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Interpace Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $12.3 million from $9.1 million in the same quarter the previous year. The increase is attributed to higher test volumes.
Cost of revenue for the quarter was $4.8 million, representing 39% of sales, compared to 45% in the same quarter of the previous year. This decrease in cost ratio is due to increased revenue.
The company reported a gross profit of $7.5 million for the quarter, compared to $5.0 million in the previous year, with the improvement attributed to increased revenue.
Sales and marketing expenses increased to $2.9 million from $2.5 million, primarily due to increased headcount and related employee costs.
General and administrative expenses were $2.5 million, up from $2.1 million, primarily due to increased employee costs and legal and professional fees.
Net income for the quarter was $1.3 million, compared to a net loss of $0.6 million in the previous year.
Cash provided by operating activities was $3.5 million for the nine months ended September 30, 2024.
Interpace had cash and cash equivalents of $2.1 million as of September 30, 2024, with total current assets of $11.1 million and current liabilities of $18.8 million.
The filing also details a loan agreement with BroadOak, with a balance of $5.9 million as of September 30, 2024.
The company continues to explore various strategic alternatives and financing options to provide additional liquidity.
The filing discusses potential impacts of a proposed LCD by Novitas, which could affect Medicare coverage for the PancraGEN® test, potentially impacting the company's liquidity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Interpace Biosciences Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.