PARSIPPANY, N.J., April 7, 2016 /PRNewswire/ -- Interpace Diagnostics Group (NASDAQ: IDXG) a company focused on developing and commercializing high value-added molecular diagnostics tests for oncology set a record for monthly cash collections during March 2016. In excess of $1.3 million was collected by the Company, the highest amount since its formation in November 2014. Cash collections are typically a leading indicator for revenue recognition for most early commercial stage molecular diagnostics companies.
"Our record setting cash collection month illustrates several healthy dynamics of the Interpace Diagnostics operations," said Jack Stover, Interim CEO. "In addition to the obvious benefits of collecting our receivables, we believe this milestone of record cash collections demonstrates the growing acceptance by customers and payers for our high value added molecular diagnostics assays. Multiple studies and publications demonstrate that our tests favorably impact patient lives and reduce the costs associated with unnecessary surgical procedures."
"Robust cash collections are even more important to us as we continue our transition to being a fully integrated molecular diagnostics company after selling our CSO business in December of last year. Meeting our obligations importantly allows us to then continue to invest in development, as well as support our existing product lines already in the market," added Mr. Stover.
Interpace Diagnostics plans to report its first quarter 2016 financial results in early May.
About Interpace Diagnostics Group, Inc
Interpace Diagnostics is focused on developing and commercializing molecular diagnostic tests, leveraging the latest technology and personalized medicine for better patient diagnosis and management. The company currently has three commercialized molecular tests; PancraGen® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX®, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR®, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay. Interpace Diagnostics mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science.
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 our 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 and may periodically disclose preliminary cash collections on a monthly basis. 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 company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause company's actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, our ability to adequately finance the business, the market's acceptance of our molecular diagnostic tests; our ability to secure additional business and generate higher profit margins through sales of our molecular diagnostic tests, in-licensing or other means, projections of future revenues, growth, gross profit and anticipated internal rate of return on investments. Additionally, all forward-looking statements are subject to the risk factors detailed from time to time in the company's periodic filings with the Securities and Exchange Commission (SEC), including without limitation, the Annual Report on Form 10-K filed with the SEC on March 30, 2016. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Interpace Diagnostics Contacts:
Chris Dailey / Doug Sherk
EVC Group, Inc.
EVC Group, Inc.
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SOURCE Interpace Diagnostics Group, Inc.