Interpace Diagnostics (NASDAQ: IDXG) reported Q1 EPS of ($0.10), $0.04 worse than the analyst estimate of ($0.06). Revenue for the quarter came in at $6.01 million versus the consensus estimate of $6.33 million.

FIRST QUARTER 2019 FINANCIAL PERFORMANCE

• Net Revenue was $6.01 million, an increase of 25% over the first quarter of 2018;
• Gross Profit was 56%, an improvement compared to 46% in the first quarter of 2018;
• Sales & marketing Expenses, were $2.4 million or 40% of Net Revenues an improvement as compared to 41% of Net Revenues in 2018; G&A Expenses for the quarter were $2.9 million as compared to $2.2 million for the prior year first quarter;
• Loss from Continuing Operations was $(3.4) million as compared to $(3.1) million for 2018;
• Net Loss per basic and diluted share was $(.10) in 2019 versus $(.11) in the prior year;
• Net cash used in operations was $3.0 million during the first quarter of 2019 as compared to $2.5 million in the same period of 2018;
• Cash and cash equivalents were $9.1 million as of March 31, 2019;
• Adjusted EBITDA (in the attached schedule), which we believe is a meaningful supplemental disclosure that may be indicative of how management and our Board of Directors evaluate Company performance, is defined as income or loss from continuing operations, plus depreciation and amortization, non-cash stock based compensation, interest and taxes, and other non-cash expenses including asset impairment costs, loss on extinguishment of debt, goodwill impairment and change in fair value of contingent consideration and our warrant liability. Accordingly, our Adjusted EBITDA for the three-month periods ended March 31, 2019 and 2018 was $(1.82) million and $(1.76) million, respectively.

“We had a strong start to the year highlighted by growth and driven by increasing volume in our gastrointestinal (PancraGEN®) and endocrine (ThyGeNEXT®/ThyraMIR®) businesses,” stated Jack Stover, President and CEO of Interpace Diagnostics. “Based on our solid performance to date, we are pleased to provide 2019 Net Revenue guidance of approximately a 25% increase over the prior year.”

GUIDANCE:

Interpace Diagnostics sees FY2019 revenue of $27-28 million, versus the consensus of $27.87 million.

For earnings history and earnings-related data on Interpace Diagnostics (IDXG) click here.