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Interpace Biosciences Inc. (IDXG+5.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes restated financial statements for 2023 due to a misstatement related to royalty expenses. The company determined that it should not have accrued royalty expenses for certain agreements, which led to a restatement of prior financial statements.
For the year ended December 31, 2024, Interpace reported net revenue of $46.9 million, an increase from $40.0 million in 2023. The increase was attributed to higher test volumes.
Cost of revenue for 2024 was $17.0 million, up from $15.0 million in 2023, due to increased test volumes. Gross profit increased to $29.9 million from $25.1 million in the previous year.
Operating expenses totaled $21.8 million in 2024, slightly up from $21.1 million in 2023. This was primarily due to increased sales and marketing expenses.
Net income from continuing operations was $6.9 million for 2024, compared to $2.3 million in 2023. The company also reported a net income of $6.7 million for the year, up from $2.0 million in 2023.
The company announced a restructuring plan to address the potential loss of Medicare coverage for its PancraGEN test, which was initially set for non-coverage but later delayed until April 24, 2025.
Interpace's liquidity could be impacted if Medicare ultimately restricts coverage for the PancraGEN test. The company is exploring strategic alternatives to address potential financial challenges.
The company ended 2024 with cash and cash equivalents of $1.5 million and total current assets of $11.8 million against current liabilities of $10.6 million.
Interpace's annual report also includes details on its corporate governance, insider trading policy, and risk factors affecting its business operations.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.