Interpace Diagnostics Group Inc (NASDAQ: IDXG) Interpace Diagnostics posted Q1 earnings of $0.55 per share on revenue of $3.47 million, leading to a harvest of sorts for stock holders.
For the quarter ended March 31, the molecular diagnostics firm reported revenues of $3.5 million compared to $3.0 million the year before. Income from Continuing Operations grew to $1.9 million in 2017 up from a loss of $4 million in the prior year's quarter.
Total Assets grew by $5.2 million while at the same time total liabilities were reduced by over $12 million compared to year end.
A news release Monday revealed net cash used in operations for the quarter amounted to $4.1 million in Q1-2017 as compared to $4.0 million in 2016. Included in cash used in the first quarter of 2017 was approximately $2.5 million of expenditures related to discontinued operations, transaction fees and payment obligations carried over from the contract sales organization (CSO) business the company sold in 2015.
The firm's ThyGenX and ThyraMIR thyroid molecular assays are now covered for about 250 million patients nationwide, the firm said. Interpace noted that it has entered into an agreement with a major, undisclosed health-care system in Philadelphia for the two molecular tests.
The company also entered into an exclusive distribution agreement with Best Med Opinion of Tel Aviv, Israel, a provider of second opinion and clinical services for physicians and patients in Israel and several other countries.
Interpace shares rose 33 cents, or 13.8% to $3.05 in midday trading to $2.72.