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ProPhase Labs Inc. (PRPH-0.78%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a significant decrease in net revenue to $6.8 million from $35.0 million in the previous year, primarily due to a reduction in demand for COVID-19 diagnostic testing services.
Cost of revenues for the year was $6.9 million, leading to a gross loss of $0.2 million, compared to a gross profit of $15.6 million in the previous year.
General and administrative expenses increased to $37.9 million from $33.4 million, attributed to costs associated with genomics operations and strategic initiatives.
The company reported a net loss of $53.4 million, or $(2.61) per share, compared to a net loss of $16.8 million, or $(0.98) per share, in the previous year.
ProPhase Labs Inc. did not perform any diagnostic testing services in 2024 due to a decrease in demand and reimbursement rates.
The company continues to focus on its genomics and consumer products segments, with revenue from genomic products and services reported at $5.3 million.
ProPhase Labs Inc. has also been involved in licensing agreements for novel drugs and diagnostics, including the BE-Smart Esophageal Pre-Cancer Diagnostic Screening Test.
The company has identified a need for additional funding and may seek to raise capital through equity or debt offerings to support its operations and strategic initiatives.
ProPhase Labs Inc. has classified its contract manufacturing operations as discontinued following the sale of its subsidiary, Pharmaloz Manufacturing Inc., in January 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ProPhase Labs Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.