aibioInterpace Biosciences reports first quarter revenue of $9.0 million
Tickers IDXG
Revenue was $9.0 million, down 22% from the prior-year quarter as reported and up 14% on a pro forma basis, and the company reaffirmed its 2026 thyroid growth guidance.
Key facts
- Company
- INTERPACE BIOSCIENCES, INC. (OTC: IDXG)
- News type
- Company Updates
- Primary source
- Form 8-K, Exhibit 99.1 (SEC EDGAR)
Interpace Biosciences, Inc. reported first quarter 2026 results in a release dated May 12, 2026, which it filed with the SEC on Form 8-K on May 14, 2026. Revenue for the quarter ended March 31, 2026 was $9.0 million. That was a decrease of 22% from $11.5 million in the first quarter of 2025, which included PancraGEN revenue. On a pro forma basis that excludes PancraGEN, revenue rose 14% from $7.9 million. Income from continuing operations was $0.8 million, compared with $1.8 million a year earlier and $0.4 million on a pro forma basis.
Thyroid growth and margins
The company said thyroid revenue rose 12% from a year earlier and thyroid volume rose 10%. Gross profit as a percentage of revenue was 65%, compared with 64% in the prior-year quarter and 59% on a pro forma basis. Operating income was $1.1 million, or about 12% of revenue, compared with $1.8 million a year earlier. Adjusted EBITDA was $1.6 million, or about 17% of revenue, compared with $2.1 million in the prior-year quarter and $0.8 million pro forma.
The company describes PancraGEN as discontinued in May 2025, leaving it as a thyroid-only molecular diagnostics company. Its two commercialized tests are ThyGeNEXT, which uses a next-generation sequencing assay to diagnose thyroid cancer from thyroid nodules, and ThyraMIR v2, which is used in combination with ThyGeNEXT and uses a proprietary microRNA pairwise expression profiler with algorithmic classification.
Business highlights for the quarter included average thyroid revenue per test up 3%, average volume per account up 9% and the number of accounts up 5%. On a reported basis the quarter was weaker than the headline growth suggests: revenue fell 22%, income from continuing operations fell to $0.8 million from $1.8 million, operating income fell to $1.1 million from $1.8 million, and adjusted EBITDA fell to $1.6 million from $2.1 million. The growth figures use a pro forma comparison the company built to exclude PancraGEN. First quarter cash collections totaled $8.7 million, compared with $11.3 million in the prior-year quarter and $7.8 million on a pro forma basis.
Management comments
Chief Financial Officer Chris McCarthy said the company's "debt-free balance sheet" continues to support investment in laboratory automation and AI-enabled productivity initiatives across its workflow. He said the company is scaling operating leverage in line with volume growth without a corresponding increase in headcount.
Chief Executive Officer Tom Burnell said the first quarter showed the durability of the business the company built through the transition, and that the same characteristics that defined 2025 were present in the first quarter.
Guidance and financial background
The company reaffirmed its previously provided 2026 guidance of approximately 16% year-over-year thyroid revenue growth, a company target, and one above the 12% thyroid growth it posted in the first quarter. It said it will focus on scaling thyroid test volume through deeper adoption within existing accounts, expanding its active account base, and gaining productivity through laboratory automation and operational discipline.
SEC XBRL data summarizes figures reported in the company's 10-K, filed March 30, 2026. For 2025, the company reported research and development expense of $642,000, compared with $676,000 for 2024. It reported net income of $24.6 million for 2025 and $6.7 million for 2024. Cash from operations was $5.8 million for 2025 and $4.6 million for 2024. Year-end cash and cash equivalents were $1.5 million for 2024.
The release lists risks that could affect results. They include the company's ability to finance its business, its reliance on third parties to process and transmit claims to payers, and its revenue recognition, which is based in part on estimates of future collections.
Priorities
The company said it expects to keep building on first quarter performance through the remainder of 2026, which is its own expectation. Its stated priorities are thyroid test volume growth, account expansion and productivity gains from laboratory automation. The release does not give a date for the second quarter results.