- Q4 and FY Revenue of
$9.2 million and$38.7 million - Q4 and FY Income from Continuing Operations of
$22.8 million and$25.0 million (benefiting from a one-time, non-cash tax-related accounting adjustment) - Q4 and FY Thyroid volume year-over-year increase of 11% and 13%
- Q4 and FY Thyroid revenue year-over-year increase of 14% and 21%
Q4 and FY revenue were
"The Company delivered strong thyroid performance in the fourth quarter, capping a transformational year as we completed our transition to a thyroid-only diagnostics testing company," said
McCarthy added, "Our strong financial position enabled continued investments in laboratory operational efficiency, leveraging AI and automation as part of our digital strategy. We further strengthened our balance sheet by fully paying off our debt in Q4 2025 and increased cash availability by
“2025 marked a pivotal year for Interpace as we successfully navigated the PancraGEN discontinuation and emerged as a focused thyroid diagnostics company,” said
Outlook
With a streamlined, thyroid-only operating model and strong commercial momentum, Interpace is positioned to accelerate execution in 2026. The Company remains focused on scaling thyroid test volume through deeper adoption within existing accounts and ongoing account growth, driving productivity gains through automation and operational discipline, and delivering on its previously provided guidance of approximately 16% year-over-year thyroid revenue growth.
Business Highlights
- Average thyroid revenue per test increased 5% year-over-year.
- Days sales outstanding (DSO) decreased 19% year-over-year.
- Turnaround time decreased 20% year-over-year.
- Average volume per account increased 6% year-over-year.
- Number of accounts increased 9% year-over-year.
- Percentage of new accounts converted to recurring accounts increased 10% year-over-year.
Fourth Quarter 2025 Financial Performance
For the Fourth Quarter of 2025 as Compared to the Fourth Quarter of 2024 and Pro Forma 2024 Results:
- Revenue was
$9.2 million , a decrease of 26% from$12.4 million for the prior year quarter and an increase of 20% from$7.7 million for the prior year quarter Pro Forma. - Gross Profit percentage was 66% compared to 64% for the prior year quarter and 57% for the prior year quarter Pro Forma.
- Operating income was
$1.6 million versus operating income of$2.1 million in the prior year quarter and an operating loss of$4,000 in the prior year quarter Pro Forma. - Income from continuing operations was
$22.8 million (benefiting from a one-time, non-cash tax-related accounting adjustment) versus income from continuing operations of$1.9 million in the prior year quarter and a loss from continuing operations of$0.2 million in the prior year quarter Pro Forma. - Adjusted EBITDA was
$1.7 million versus$2.2 million in the prior year quarter and$0.2 million in the prior year quarter Pro Forma. - Q4 2025 cash collections totaled
$9.6 million compared to$11.2 million in the prior year quarter and$10.1 million in the prior year quarter Pro Forma.
Full Year 2025 Financial Performance
For the Year Ended 2025 as Compared to the Year Ended 2024 and Pro Forma 2024 Results:
- Revenue was
$38.7 million , a decrease of 18% from$46.9 million in the prior year and an increase of 17% from$33.2 million in the prior year Pro Forma. - Gross Profit percentage was 62% compared to 64% in the prior year and 59% in the prior year Pro Forma.
- Income from continuing operations was
$25.0 million (benefiting from a one-time, non-cash tax-related accounting adjustment) versus income from continuing operations of$6.9 million in the prior year and$0.5 million in the prior year Pro Forma. - Adjusted EBITDA was
$5.4 million versus$8.7 million in the prior year and$2.3 million in the prior year Pro Forma. - 2025 cash collections totaled
$41.7 million compared to$43.6 million in the prior year and$28.7 million in the prior year Pro Forma.
Management uses a non-GAAP Pro Forma income statement to help evaluate the results of our performance. The Pro Forma income statement for 2024 reflects the Company’s current business structure as a thyroid-only diagnostics testing company and excludes revenue and related costs from PancraGEN, which was discontinued in
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 possibility that the Company’s estimates of future revenue, net income and adjusted EBITDA may prove to be materially inaccurate, the preliminary unaudited financial results being subject to audit review and adjustments, the Company’s prior history of operating losses, the Company’s ability to adequately finance its business, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, and the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect.
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
(in thousands, except per share data)
| Three Months Ended | Years Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenue, net | $ | 9,224 | $ | 12,411 | $ | 38,728 | $ | 46,926 | ||||||||
| Cost of revenue | 3,180 | 4,504 | 14,598 | 17,001 | ||||||||||||
| Gross Profit | 6,044 | 7,907 | 24,130 | 29,925 | ||||||||||||
| Sales and marketing | 2,114 | 3,084 | 9,924 | 11,655 | ||||||||||||
| Research and development | 142 | 194 | 642 | 676 | ||||||||||||
| General and administrative | 2,211 | 2,567 | 9,480 | 9,486 | ||||||||||||
| Total operating expenses | 4,467 | 5,845 | 20,046 | 21,817 | ||||||||||||
| Operating income | 1,577 | 2,062 | 4,084 | 8,108 | ||||||||||||
| Interest accretion expense | - | - | - | (34 | ) | |||||||||||
| Note payable interest expense | (12 | ) | (110 | ) | (168 | ) | (625 | ) | ||||||||
| Other expense, net | (30 | ) | (95 | ) | (142 | ) | (499 | ) | ||||||||
| Income from continuing operations before tax | 1,535 | 1,857 | 3,774 | 6,950 | ||||||||||||
| (Benefit) provision for income taxes | (21,217 | ) | (8 | ) | (21,210 | ) | 4 | |||||||||
| Income from continuing operations | 22,752 | 1,865 | 24,984 | 6,946 | ||||||||||||
| (Loss) income from discontinued operations, net of tax | (95 | ) | 16 | (409 | ) | (244 | ) | |||||||||
| Net income | 22,657 | 1,881 | 24,575 | 6,702 | ||||||||||||
| Less adjustment for preferred stock deemed dividend | - | (464 | ) | - | (464 | ) | ||||||||||
| Net income attributable to common stockholders | $ | 22,657 | $ | 1,417 | $ | 24,575 | $ | 6,238 | ||||||||
| Basic income (loss) per share of common stock: | ||||||||||||||||
| From continuing operations | $ | 5.14 | $ | 0.32 | $ | 5.65 | $ | 1.48 | ||||||||
| From discontinued operations | (0.02 | ) | 0.00 | (0.09 | ) | (0.06 | ) | |||||||||
| Net income (loss) per basic share of common stock | $ | 5.12 | $ | 0.32 | $ | 5.55 | $ | 1.42 | ||||||||
| Diluted income (loss) per share of common stock: | ||||||||||||||||
| From continuing operations | $ | 0.82 | $ | 0.05 | $ | 0.90 | $ | 0.41 | ||||||||
| From discontinued operations | (0.00 | ) | 0.00 | (0.01 | ) | (0.02 | ) | |||||||||
| Net income (loss) per diluted share of common stock | $ | 0.82 | $ | 0.05 | $ | 0.89 | $ | 0.40 | ||||||||
| Weighted average number of common shares and | ||||||||||||||||
| common share equivalents outstanding: | ||||||||||||||||
| Basic | 4,429 | 4,406 | 4,424 | 4,387 | ||||||||||||
| Diluted | 27,705 | 26,132 | 27,695 | 15,734 | ||||||||||||
Selected Balance Sheet Data
($ in thousands)
| 2025 | 2024 | |||||||
| Cash and cash equivalents | $ | 2,505 | $ | 1,461 | ||||
| Total current assets | 9,900 | 11,773 | ||||||
| Total current liabilities | 5,103 | 10,615 | ||||||
| Total assets | 33,838 | 14,792 | ||||||
| Total liabilities | 11,475 | 17,009 | ||||||
| Total stockholders' equity (deficit) | 22,363 | (2,217 | ) | |||||
Selected Cash Flow Data
($ in thousands)
| For the Years Ended | ||||||||
| 2025 | 2024 | |||||||
| Net income | $ | 24,575 | $ | 6,702 | ||||
| Net cash provided by operating activities | $ | 5,831 | $ | 4,646 | ||||
| Net cash used in investing activities | (356 | ) | (876 | ) | ||||
| Net cash used in financing activities | (4,431 | ) | (5,807 | ) | ||||
| Change in cash and cash equivalents | 1,044 | (2,037 | ) | |||||
| Cash and cash equivalents – beginning | 1,461 | 3,498 | ||||||
| Cash and cash equivalents – ending | $ | 2,505 | $ | 1,461 | ||||
Reconciliation of Pro Forma (Unaudited)
(in thousands, except per share data)
| Three Months Ended | ||||||||||||
| PancraGEN | ||||||||||||
| As Reported | Direct Costs* | Pro Forma | ||||||||||
| Revenue, net | $ | 12,411 | $ | 4,715 | $ | 7,696 | ||||||
| Cost of revenue | 4,504 | 1,212 | 3,292 | |||||||||
| Gross Profit | 7,907 | 3,503 | 4,404 | |||||||||
| Sales and marketing | 3,084 | 1,233 | 1,851 | |||||||||
| Research and development | 194 | 78 | 116 | |||||||||
| General and administrative | 2,567 | 126 | 2,441 | |||||||||
| Total operating expenses | 5,845 | 1,437 | 4,408 | |||||||||
| Operating income | 2,062 | 2,066 | (4 | ) | ||||||||
| Note payable interest | (110 | ) | - | (110 | ) | |||||||
| Other expense, net | (95 | ) | - | (95 | ) | |||||||
| Income from continuing operations before tax | 1,857 | 2,066 | (209 | ) | ||||||||
| Benefit for income taxes | (8 | ) | - | (8 | ) | |||||||
| Income from continuing operations | 1,865 | 2,066 | (201 | ) | ||||||||
| Income from discontinued operations, net of tax | 16 | - | 16 | |||||||||
| Net income | 1,881 | 2,066 | (185 | ) | ||||||||
| Less adjustment for preferred stock deemed dividend | (464 | ) | - | (464 | ) | |||||||
| Net income (loss) attributable to common stockholders | $ | 1,417 | $ | 2,066 | $ | (649 | ) | |||||
| Basic income (loss) per share of common stock: | ||||||||||||
| From continuing operations | $ | 0.32 | $ | 0.47 | $ | (0.15 | ) | |||||
| From discontinued operations | 0.00 | - | 0.00 | |||||||||
| Net income (loss) per basic share of common stock | $ | 0.32 | $ | 0.47 | $ | (0.15 | ) | |||||
| Diluted income (loss) per share of common stock: | ||||||||||||
| From continuing operations | $ | 0.05 | $ | 0.08 | $ | (0.03 | ) | |||||
| From discontinued operations | 0.00 | - | 0.00 | |||||||||
| Net income (loss) per diluted share of common stock | $ | 0.05 | $ | 0.08 | $ | (0.02 | ) | |||||
| Weighted average number of common shares and | ||||||||||||
| common share equivalents outstanding: | ||||||||||||
| Basic | 4,406 | 4,406 | 4,406 | |||||||||
| Diluted | 26,132 | 26,132 | 26,132 | |||||||||
| Year Ended | ||||||||||||
| PancraGEN | ||||||||||||
| As Reported | Direct Costs* | Pro Forma | ||||||||||
| Revenue, net | $ | 46,926 | $ | 13,725 | $ | 33,201 | ||||||
| Cost of revenue | 17,001 | 3,470 | 13,531 | |||||||||
| Gross Profit | 29,925 | 10,255 | 19,670 | |||||||||
| Sales and marketing | 11,655 | 3,266 | 8,389 | |||||||||
| Research and development | 676 | 203 | 473 | |||||||||
| General and administrative | 9,486 | 347 | 9,139 | |||||||||
| Total operating expenses | 21,817 | 3,816 | 18,001 | |||||||||
| Operating income | 8,108 | 6,439 | 1,669 | |||||||||
| Interest accretion expense | (34 | ) | - | (34 | ) | |||||||
| Note payable interest | (625 | ) | - | (625 | ) | |||||||
| Other expense, net | (499 | ) | - | (499 | ) | |||||||
| Income from continuing operations before tax | 6,950 | 6,439 | 511 | |||||||||
| Provision for income taxes | 4 | - | 4 | |||||||||
| Income from continuing operations | 6,946 | 6,439 | 507 | |||||||||
| Loss from discontinued operations, net of tax | (244 | ) | - | (244 | ) | |||||||
| Net income | 6,702 | 6,439 | 263 | |||||||||
| Less adjustment for preferred stock deemed dividend | (464 | ) | - | (464 | ) | |||||||
| Net income (loss) attributable to common stockholders | $ | 6,238 | $ | 6,439 | $ | (201 | ) | |||||
| Basic income (loss) per share of common stock: | ||||||||||||
| From continuing operations | $ | 1.48 | $ | 1.47 | $ | 0.01 | ||||||
| From discontinued operations | (0.06 | ) | - | (0.06 | ) | |||||||
| Net income (loss) per basic share of common stock | $ | 1.42 | $ | 1.47 | $ | (0.05 | ) | |||||
| Diluted income (loss) per share of common stock: | ||||||||||||
| From continuing operations | $ | 0.41 | $ | 0.41 | $ | 0.00 | ||||||
| From discontinued operations | (0.02 | ) | - | (0.02 | ) | |||||||
| Net income (loss) per diluted share of common stock | $ | 0.40 | $ | 0.41 | $ | (0.01 | ) | |||||
| Weighted average number of common shares and | ||||||||||||
| common share equivalents outstanding: | ||||||||||||
| Basic | 4,387 | 4,387 | 4,387 | |||||||||
| Diluted | 15,734 | 15,734 | 15,734 | |||||||||
* PancraGEN Direct Costs represent only direct costs associated with the operations of PancraGEN testing, with no allocations or estimates of corporate, shared, or overhead expenses included.
Reconciliation of Adjusted EBITDA (Unaudited)
($ in thousands)
| Three Months Ended | Years Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Income from continuing operations (GAAP Basis) | $ | 22,752 | $ | 1,865 | $ | 24,984 | $ | 6,946 | ||||||||
| Depreciation and amortization | 118 | 95 | 425 | 300 | ||||||||||||
| Stock-based compensation | 4 | 72 | 35 | 291 | ||||||||||||
| Severance & related expense | - | - | 692 | - | ||||||||||||
| Asset impairment - lab supplies | - | - | 198 | - | ||||||||||||
| Tax (benefit) expense | (21,217 | ) | (8 | ) | (21,210 | ) | 4 | |||||||||
| Interest accretion expense | - | - | - | 34 | ||||||||||||
| Financing interest and related costs | 12 | 110 | 168 | 625 | ||||||||||||
| Interest income | 7 | (8 | ) | 32 | (48 | ) | ||||||||||
| Change in fair value of note payable | 23 | 103 | 110 | 547 | ||||||||||||
| Adjusted EBITDA | $ | 1,699 | $ | 2,229 | $ | 5,434 | $ | 8,699 | ||||||||
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, severance expense, interest and taxes, and other non-cash expenses including change in fair values of notes payable. The table above includes a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
