IDXG - Earnings call transcript Q2 2019 | Interpace Biosciences, Inc.

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Operator

Greetings! Welcome to Interpace Diagnostics Group Second Quarter 2019 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded.

During this call, the company will make forward-looking statements. any is is a that of a you fact historical forward-looking caution statement not that statement We statement. This financial includes projections, company’s expectations, plans, remarks beliefs, and about the prospects. the on subject in are numerous the those results important that analysis are to call uncertainties to judgment and forward-looking cause statements this conference statements. based as These described of could date risks differ of and from and actual materially

in factors uncertainties associated well be as This conference with the Safe includes made section SEC today’s statements in this as as described the filings, Interpace’s Form including well on with and discussions forward-looking in XX-Q call filed shortly. the the second XX-K statements. of the in earnings to our section are for discussion risks the filed periodic as statement Harbor expected XXXX, on in These March release, forward-looking XX, risk the Form public quarter

risks. carefully events Investors no or or future intend should and update investors actual reflect obligation to potential consider outcomes read does Interpace forward-looking to so. to not assumes these statements do these and

is believe be In included non-GAAP supplemental company’s Accepted the supplement the We or on provides in is reconciling to Principle Web GAAP available information performance. which we helpful its company’s the may in to table have assessing non-GAAP information information A information. Accounting that numbers, meaningful provided site. earnings information non-GAAP addition, the Generally this the release, GAAP

of I conference over Stover. Interpace would call CEO President Diagnostics, to like Jack now and the to turn

Jack Stover

for Chief Interpace's is the results With a thank Jim the me today you all on of and Thank Early, second joining financial for for this and our Officer. you, morning quarter. us Financial Sherry, business call highlights review

will update will I Jim update revise and for our business more detail. net and focus to financial call, general the in today’s revenue on year. guidance review performance provide our achievements a date, our For

the call for we questions. will Following open that,

advanced providing to solutions like now is I’d markers, every and diagnostics enabling and start remind As offering I mission BioPharma business. Interpace in data everyone molecular leader medicine, a Interpace's call, of Services. and personalized

tests by for Our clinically new trials to diagnostic business pathology providing biopharmaceutical molecular clinical BioPharma evidence-based services therapeutic our expertise Business Services development. supports companies and beneficial and improved provides diagnostic

business to disease-specific chain data offerings targeted Accordingly, our new prognostic unique value and specialized along planning service applications. leverages early model and therapeutic therapeutic diagnosis from the

for focused Our ThyraMIR, out nodules business thyroid diagnostic ruling sequencing on for ThyGeNEXT, on that microRNA risk clinical includes the in next-generation assessment cancer; our ruling cancer. identification test thyroid focuses nodule expression classifier first cancer gene of

typically Importantly, work ThyraMIR and ThyGeNEXT together.

And PancraGEN, well the solid first our commercially through and assays of are pancreatic biliary cysts now strictures. as available XXXX. test QX molecular suppliers bioinformatics evaluation sophisticated as revenue These and only the principal U.S. and of for masses

X.X highlights and new million review net for XX.X Now our recognized to a We to growth, revenue in the year-to-date. QX net date. the million XXth revenue for of quarter consecutive and quarter record. was quarter

remained strong both we our reimbursement growth and ThyraMIR across the and Medicare both and For businesses. products. our ThyGeNEXT endocrine in gastrointestinal strong quarter, saw volume contracted PancraGEN

by new Four generated are contracts net with our quarter the achieved the business pricing in by July second thyroid Today, our revenues XX% were PancraGEN during and through contracts of endocrine about more works. XX% or business. pricing our

our reimbursement good we coverage. and diagnostic driving and the products progress awareness, During to use improving while make continue of quarter, expanding acceptance

year. of billing on contractor and continued catch-up We at the to we new beginning with our the that also began collections transitioning our integrate collections and

been in program soft year-to-date, the additional quarter Esophagus, and our evaluation BE, During BarreGEN, or proprietary Barrett’s our with has second we launched. assay progress is made and for that clinical

risk of was the benefit in Esophagus. potential about first of assessing published with gastroenterology our BMI assay the in research the publication Barrett’s The independent progression

group assist focused has KOL in encouraging Shaheen been our will led specifically insightful both designing of undoubtedly North of BE and of Carolina and Dr. us on clinical and the initiation by and University Nick The out trials. carrying

we reimbursement commercially BarreGEN. in sufficient acceptance to hope achieve and clinical launch Importantly, XXXX, to

on liabilities of constituting million. certain certain of we the mentioned, adjustments. XX BioPharma acquired $XX net for reported the to July Genetics $XX.X assets previously Cancer In subject Business As BioPharma and Business approximately million XXXX, approximately the revenues

across now sophisticated specialty leading The already service assays, clinical call custom leveraging novel and service acquisition, a of which is from algorithms drug discovery oncology precancerous business trial testing assessment and capabilities we Interpace the oncology continuum and to BioPharma support.

firms Interpace one in $XX convertible approval equity in In Partners, portion of of two which the stock then the a the by is sector, conjunction price, to leading a Capital to premium preferred biopharma newly at to tranches stock acquisition, shareholders. diagnostic private subject agreed invest our with Ampersand in of million Interpace’s issued

often help biopharma that strong Interpace. believe be rate secure with biopharma our fundamentally stabilize more service We to is combination manage diagnostic is product believe but predictable. will with scalable a difficult sector future growth. business revenue for lumpy expanding should scheduling very customer transformative for into can due aggressively reimbursement, and to and that otherwise the but offerings now future with to be great which It combined due and we revenue Together,

our data. biopharmaceutical and with creates provides business deep top with banks of work to ability biopharma bio instant those combining companies clinical our the scale instant Demonstrating credibility,

to are us such as We these to them. help AI monetize determine with Helomics working partners assets how already best assess and

product with and next diagnostic from clinical the The the strategize fringe to Business on provide segments tumor Further, acquisition BioPharma market develop, also the that cancers oncology biopharma almost very clinical that should we can products capitalize immediately. as will the now hematology of potentially in business the of clinical druggable combination provides BioPharma as to towards so large do Business opportunities an near-term and solid us. we eye

have than one-time the of flow a Interpace breakeven company. after expected could with combination and diagnostic cash that believe we we allow two as the finally, synergies EBITDA growing get should stand-alone And businesses to to and/or cost sooner

I with as the Partners, private opportunity We and firms of leading are biopharma to mentioned, Capital the Ampersand with in space. equity one laboratory partner also pleased the

in revenues of of global With deep and acquisition well Ampersand a and base data for and the is a the potentially of capitalized the Interpace XXXX now Genomics acquisitions XXXX, BioPharma assets assumption has acquisition and in Rosetta synergistic opportunities. is platform further business of of

that, would like net With for this year. I to provide updated revenue guidance

will We previous are to breakeven. million year be or guidance of million to revenue in to XX% net the guidance. now our to guiding XX increase the estimate between and a and/or of we XX on EBITDA our XX% provide timeframe flow cash Later

our for the the Jim highlights quarter to to hand off to year-to-date. Jim? Early, and I’d like Now, call discuss our CFO, financial

Jim Early

position. and I some like our Today, financial Jack, everyone. the morning, and to of key you, Thank elements good quarter for focus would of financial the performance

revenue previously As of XXXX XX% second for was XXXX. million, net quarter up X.X from QX mentioned, the of

XXXX. our the Our year-to-date period reason XX% by was businesses led unit up in revenue $XX.X The net thyroid principal both for for same continued and growth. principally revenue growth expansion in net was million, our GI

the percentage timing XX% last the lab to QX to personnel year-to-date. year, of Gross XXXX plan. profit as primarily to test XX% was compared the second of XX% through second for of to year-to-date gross was profit XXXX and quarter in hiring for quarter for the compared of XX% supply Our purchases percentage due additional volumes laboratory the prior according

the year prior X.X of XX% costs period. marketing were over an year-to-date increase million, and Sales

marketing and X XXXX. an new QX due additional over of managers representatives For This and the both sales headcount is quarter, sales payments. secure marketing million, investment were increase sales services achieved. revenues increase and the Typically, third to reimbursement and to contracting XX% costs year and account come for of and and are a as the additional coverage for as quarters revenue fourth of percentage of down during higher costs

certain in second million, from bad the quarter year. claim quarter charges General second X.X including X.X contingent prior principally up million for increased XXXX the year. XXX administrative to was costs reversal ASC development in related G&A the and prior in million of of up expense to million, and the quarter from a from expense for X.X Research conversion and the or the debt X.X non-cash the

primarily BioPharma we $X.X of and the Business, during of cost of were acquisition incurred $X.X and fees. our over with which professional million connection XXXX year-to-date, million In QX consulting

QX of million, operations XXXX year-to-date respectively, and was from X.X XXXX X.X million for continuing from X.X the XXXX versus million. and loss a and XXXX and QX above, X.X loss of As continuing million operations result of was

reimbursement was BioPharma loss greater investment the we than beyond our originally as Business second investment year and and will the of are to While rewarded. half the our in confident that clinical of growth be anticipated, the business as acquisition support further the well in

in evaluating financial noted before interest, or EBITDA, above, we our earnings to often and adjusted non-GAAP we discussed release amortization depreciation when measure and usage. taxes, cash refer a earnings As our

well amortization stock-based asset to revaluing as purposes loss taxes, our debt, operations other to as mark-to-market costs for We the relating warrant value non-cash charges. continuing compensation, and bad define adjusted our fair as interest, consideration, depreciation contingent EBITDA liability of adjustments or from loss, expense, extinguishment income debt excluding and expense impairment, of

and X.X million And periods million, was periods XXXX the XXXX respectively. negative Accordingly, and XXXX three-month X.X and EBITDA ended ended for XX, negative XX, was XXXX adjusted June X.X respectively. million our and million, negative June negative six-month for X.X the

noted. volume was in as building quarters, marketing and laboratory headcount primarily future and volume sales to EBITDA increases to The costs due anticipated decrease support for previously in increased investment to acquisition

quarter burn of our Our sales as growth. principally operating planned averaged operating monthly million in XXXX, increase the as acquisition second marketing planned our the second our a Business to expenses in and of expenses year of the support BioPharma of half cash as well result X.X and

cash from XXXX million offering equivalents included net and totaled June and as of January proceeds public in XXXX. X of Cash X.X million a XX,

with customary of obtain before Additionally, and stockholder conditions. Partners $XX approval if funding closing we second Ampersand of the anticipate completing satisfy million we Capital year end tranche

end Our accounts X.X revenues. our due principally to of growing from receivable million the XXXX, at increased million to XX

two our first XXXX during of timing burn changed we during the of year. quarter collections billing the of which cash first contractor affected our and and the the temporarily collections quarters Additionally,

with transition growth. this collections time cash are now commensurate and at finalizing our are revenue We the improving

we in the facility As XX, three-year Silicon with component. XXXX, million transition. for Valley Business we line approximately Subsequent to not credit a million purposes reminder, to an $XXX,XXX of and credit facility into of a entered X.X up the $X principally loan term working Bank this June with to a borrowed have last involving under year BioPharma assist us acquisition three-year capital

June million in stockholders’ XX.X of end, XX.X were Total assets total million long-term and resulting of quarter have outstanding. liabilities approximately no million were XX.X debt At as XX, XXXX. equity we

XXX marketing sales currently planned to as reps, team. as compared lab added we resources our end budgeted at account and as headcount commercial Our several to XXXX as the is of managers, XX personnel

turn operator, me for let that, Q&A. With to back the Sherry, the the call

Operator

Thank you. [Operator Instructions].

Ladenburg Thalmann. with Cohen question Jeffrey first Our is from

You proceed. may

Jeffrey Cohen

and you? Jack Jim. Hi, How are

Jack Stover

are How Jeff. Good, you doing?

Jeffrey Cohen

fine. Just

So a few questions.

firstly, become when guess little as are about you BarreGEN talk and bit a could us timing and So soft revenues material as expected launch for to give far little color I a your to business? more now

Jack Stover

Sure, we marketplace. But with and the we gaining the Jeff. well expanded we timing to our is KOL we’ve BarreGEN progress onboard Obviously, difficult exactly predict initiated what at made as reimbursement some in as that really with brought terms QX. for in in of data QX think it’s as look it, tremendous group

is I us now multiple of are And larger partners potential diagnostic is as clinical risk in applications multiple business opposed terms what to forward applications. the with by the studies. And of where space to we’ve of focused. which assessment in also BarreGEN multiple expanding in We terms assay further is piece with our work the screening opportunities the of development dealing moved mean their space, in typically

or as it clinical that. our was for which of basis our the BarreGEN hope and well. currently remember, we was the patients base study we’re called reimbursement that be based of will improved upon expanding you in we about If study process XX And – expanded

higher to targeted as think of this second the first of So a looking in the revenue, in activities the at is I our half happening level of at terms launch year increased necessary half base XXXX. the really all target we with

Jeffrey Cohen

kind you, for that OpEx should half a perhaps Jim. of better we’ve the Okay, look our get you back a give but recently, got us color updated models Thank on it. fresh you. I know Could at one then to And little wanted that? that anticipate? we

Jim Early

that. Sure. provide We can

call, marketing. said forecast and sales an investment Our for as the we QX, on is especially billed it’s

hiring you might So the That’s marketing, come flatten mention from and we’ll all I it. the probably percentage as in the two rest operating We is year that’s that are what the year. did of Therefore, of marketing sales first and G&A complete. should the also Sales here. we which to our of see revenue but anticipation. call down half and Lab Ox focuses COGS big refer will expense,

half the of a did half little in but volume growth improve acquisition be items I – July And again now of other was according but hiring was the to Ox expense come expect QX. in but Therefore, to G&A fees hiring something to year. closing It has margin that the more slightly due that and might budgeted as most the the in of profit had QX we in our Lab you’ll most the handle the will stopped fees be So in because and some non-cash first first related that and mentioned. year. plan, second but to the there not success half that’s occurring done That is in QX that consulting see we of well, higher July. our that’s we of the actually the improve

Jack Stover

Jeff, actually for was for down. profit year-to-date while our gross was up quarter the what gross was interesting was profit

that So in see you lumpiness gross profit.

the think is more I year-to-date representative.

Jeffrey Cohen

got I may. And one if more, Okay, it. then

You a forward? for their us the level space? appetite Ampersand in their bit with And synergistic management little about talk you cousins the my with opportunities Board to Thanks and perhaps about I level questions. this also company further did representation your at going just taking and on discuss but mention not for M&A the wanted and more

Jack Stover

Sure.

Board, gain their additional and Let’s the the to investment start agreement they have representation will Right tranche, agreement. the of second now according stock they part with their representation one through continues in as as closely preferred the terms of complete working well. Eric to of Eric process their with the working with and transition acquisition Lev. fundamental on we’ve representatives was in us as the been him obviously

thought well were successful. a private the their most In we development what’s in very had most Genoptix well side, the happening in in tell clinical them. and space transaction. largest they and that compare their nice are It they was and And that about the very biopharma they appetite for nice broad of net I opportunities great you involved and opportunities recent them. or as great to of parties it a as very doesn’t talking obviously, guess really is are side well, will transaction transaction Ampersand a interest, but to that and targets have been about call What’s which know we the that business the be lab in the And believe already I terms completed it they of of before I I we we really knew the synergistic. entrée continue the even that was group space. not acquisition the BioPharma Business, but other we focused we’ve knowledge equity

in thyroid with at the space a business think as how of for we we that to time. you opportunity And at business competitors assets space. of the and leaders we was Asuragen If in the it can over did mentioned as great balanced the and acquisition and from now we of as you I commercially addition this RedPath grow I us, look Rosetta look expanded how the or at and becomes some think bought forget of Jeff, too, develop series bought don’t Business look BioPharma to potential those. I that provide really platform the to that business We a acquisitions. And a itself the Interpace with and

of pretty but you year, currently now the the transitioning we’ve for good have well. other as track I think quickly. that that at this scale digesting and and can tell grow to probably the Ampersand can Right this and looking the we’re people BioPharma pretty this I a are we Business we remainder demonstrated that and record opportunities we

Jeffrey Cohen

Super. taking questions. Thanks for my

Operator

is with question Jason question. Group. proceed next Please Maxim Our with from McCarthy your

Naureen Quibria

Hi. Good for Naureen quarter. morning. This is Congrats the on actually Jason.

Business itself? BioPharma about first Can regarding a Interpace the few questions bit a I of have little business the integration you’ve So recently acquired. the speak that you with

Jack Stover

Naureen, Yes, question. that’s easy an

have in you at is our you labs as in the major if – we look Pittsburgh. know, two business So lab

We secondary out of or in of BioPharma have Raleigh, New out operates Jersey The Business and lab Haven. development a New North Carolina. currently Rutherford,

As basically administrative we the really look at are terms synergies, management. synergies top synergies the of of sort in level

the We our a ago into have and time really a clinical the long decided same try we not business. to same decided as approach and strategic it into that merge facility, assays the was viable line BioPharma

matter you they validation if the And with the ability cetera. focus, a lines fact we’re issues Cancer in the same happy that time, same to fact customer saw a their including have clinical and variety you issues, Business looked did for As or really turnaround like Genetics BioPharma at reasons, of their on whole of in separate labs. et historically, that

So we will do to continue likely that.

Naureen Quibria

you. That’s really company you that current biggest ThyGeNEXT, with the the your Business BioPharma about growth you et where the assets in – Thank see drivers And term? cetera, talk helpful. actually speaking can to near of comparing strictly the for

Jack Stover

we’ve operations side the the business grow opportunity that be remember see And can now process. is to marketing clearly a significant about continue still rate. that our clinical of segment. you into process in a business, largest the in basically guess a and terms we effectively almost and we’re Interpace business the that part acquisition But historical of made to at itself the we clinical the Sure. tell growth, business sales to that And the by – able was six-month I have month both investment acquisition and

So reduction activity. in any anticipating that we’re not

we’ve secure is that moving the just been opposed investment Of agreements. mean course, by has into entering up And to we’re reimbursement as level more What I to limitations. to reimbursement contract reimbursement. made always the secure other subject really

you follow press So been most about last those our most continue that happen. of to agreements, those I and have if expect recent releases contracts or will

we is focus space. competition only but the also those The clinical not clinical in results, results helps against on other secure our reimbursement as strengthen our helps position

the of clinical a space and biotech last diligence with to expect able you’re so as BioPharma of they’re if the good pharmaceutical that. are to they talking be ship have that we that will, the in side period, be and from $XX and really did clinical going organizing and beyond. revenues basically terms business expansion. side hard this to due our throughout the certainly as They’ll mention continue but focus, customers, service I were with and And extraordinary. think that little on I of the BioPharma quickly. million we’re here we and that confident will in on side of the flip that So into transition I well companies build growth see I in with expect is side that confident a our guidance revenue year our the both you expanding this And work If was relationships And their and of fairly reason with with the less in terms XXXX including we range, to the major provide year we significant that. the in business go the ripe

Naureen Quibria

pivoting helpful. really to That’s question. just one And more Great.

in in of you make you’d assay would candidate? that your When announcement opening or a next asset. remarks be development terms and evaluating strategizing on an You the clinical mentioned

Jack Stover

by way than that the the see the other for next BarreGEN so product talking our obviously we to business. assay which as significant are Yes, about, market the clinical we

clinical, between in opportunities, grey terms looking that still at I’d and currently. of area say we’re In BioPharma evaluating the

that timing with will more more EBITDA clarity together as our months the cash BioPharma on six around next spend time as focusing to and and we’ll expectation three business. breakeven we the in have we So around flow when

Naureen Quibria

Thank That’s for you. helpful. That’s me. Sure. it

Jack Stover

Sure.

Operator

LaidLaw Our Please with next your proceed question is from & with François Brisebois Company. questions.

François Brisebois

Hi, Jack. questions. Thanks the for

you if to a the much time, you’re or pick your them how feel diligence are like it could hear was provider. impact that biopharma disease obviously due it then picking It going it just very [ph] when certain strategy AI You talk about seems I’m with you your like diagnostics. just I getting you little seems to of trying terms saturated. mindset AI might certain were comes seem guys you’re all in in cancers the the and how in wondering wondering discussing? progressive best that areas does and be in your

Jack Stover

question. opportunities focus of however, we good There space, number of the specialty and in a a in it’s that terms at terms areas when AI Yes, at look AI you of our is. you in on are look neighbors where it that the know business, space. clinical in business providers few a lab in our people actually there biopharma our We because are Helomics clinical really the and very Pittsburgh largest got well the potential they’re to

and to we that and well we side, that well. is might with do information with they’re them of to that lot that investigative; we’re we’re terms got in with is us as monetizing that sharing opportunities data the really them assets next evaluating sharing we doing And forward. as that So them, of as and both time together just spend them forward, go not selecting a remember meaning fundamental data how of we we’re how work the in understand us fundamentally. go but what with All data being terms and

really I about into any package now our So baked products, next decision just making fit into if I’m next products. that And the actually next of around products products kind have. DNA, clinical we when is that that about will, not all might talking talking you of about talk I’m

even a this are biopsies therapeutic in of look BioPharma the evaluation. side, value attractive in basically determinant right that had when becomes we now assays us the through will. if assets, what you But on sectors portfolio pretty the we And opportunities if it identification two footprint the that market large a certainly On Franç, you at continuum where you have look is in for of whole on, into of are or much terms Business already side brings are preclinical it we mostly of before. us brings, what pre-cancerous really that disease clinical from haven’t at the we focused

lots for kind that of lot So lot is. in and as it not driven it’s opportunities exclusively services by A a not of for products of only there’s AI, but of well. but technologies continuum

François Brisebois

Thank very Understood. you it me. All much. for That’s right.

Operator

proceed. with Our Chen Wainwright. Please H.C. next question is from Yi

Yi Chen

My taking do Thank on is publication of you additional question my remainder you expect the first in question. for data the based test XXXX? BarreGEN

Jack Stover

Yes, Yi, data. remainder Nice pulling are XXXX, be if we’ll more it’s XXXX able I expecting our or specifics you. that. the thanks. plan program data from hearing a have launch Whether have higher to of the we of obviously don’t additional that But support we’re early level is clinical right at to together. to second now XXXX, a as half in

Yi Chen

you. Thank

Second follow in Do [ph] not, several the the PancraGEN you the same question states. has if can contracts Spiro multiple the decision? announced affecting Interpace in-network is path? And with think test recently are what reasons

Jack Stover

it’s good Yi. question, Yes, a

so typically is, patients an for over are two of by PancraGEN is our assay they’re is typically it’s know, Medicare One things. years you revenue basically our majority that covered old, by funded assay coverage. XX As The Medicare.

So easy. is that part

space two commercial that terms company doing. part we of key the we expansion, terms and opinion at groups the And carriers, in obviously if function commercial again, are in is a clinical only the is biopsy with evaluation it’s attractive really in number investing In look is The business cancer a an it, as one. continuing of will, of all nicely growing us. we’re dealing number look process And at. currently that that’s first of that growing methodology still and it’s you that we very about pancreatic for it in of now, which leader studies

of lots really to side work I we’re And the the well. us thyroid with as PancraGEN had on success there’s work on partners with as side was So with in us think attract well certainly we LabCorp like to partners thyroid interested side. and pancreatic remember, to the cancer evaluating on the opportunities able

Yi Chen

Thank you.

Operator

with Please Ben is proceed. question Alliance from Partners. Haynor Global next Our

Ben Haynor

be It’s be largely new BarreGEN, with that guys. here opportunities where here. that you better about kind speak? untapped, the like morning, mousetrap, existing you could Ben going could large in you come looking that future, it and going Good smaller potentially Thinking you’re a could are to of in tests to after so markets are the or at more launch

Jack Stover

I typically Yes, Bill, call. good the we’re know Ben at a you it way Ben, But is question, look niche that player. it’s a what, the or on whosever

to trying boys in ours. big resources They this not with We’re the space. compete than have greater

like we So component. niche the

As a BarreGEN, of you look fact refer way. we at and two this when pieces matter it to has it

As progress we can a would that assessment we with the I niche believe to we call side, refer component what risk BarreGEN. profile of

screening Our and see potential potential on as it that it look opportunity. at at this are space basis a partners looking a larger they

both there’s opportunity. that resources so can of example And sides an we if bring take advantage of the right together we of can

Ben Haynor

to about then can we what ThyraMIR, look and the that? the little And large-scale out sense when see there? thinking helpful. are you make talk that So bit ThyGeNEXT of like? And What the a you’re validations? and data Okay, about expect some study might it’s goals might

Jack Stover

of expansion, you go second the done as the efficacy don’t terms well that remember we to between yet, the is effectively bridging of the want ThyGeNEXT, biomarker one but biomarkers in was we’ll with generation where And the QX. of But get exactly ThyGenX, and and year be more relatively study with the studies I this last was microRNA ThyraMIR the stage the ThyGeNEXT, generation the they in that and component talking announced that combination next yet. that we’ll year be both beginning on if dates to with equal. improving about really next as we it committed that activity and will, and terms shortly of in validating basically or the Yes, generation of reporting maybe were we’re of not it or first component

early studies. XXXX, have exciting complete that out it to those I’d of maybe XXXX. I We in expect a And end the we’ll some to there the of take bit about. will see in But think little talking time opportunities something near future be

Ben Haynor

me, provider, occurring you the of in great. with the Okay, up catch as billing the the switch current of the then lastly see catch up kind billing that’s And vendor, last quarter billing is guys on for quarter it?

Jack Stover

Yes, is were were view, I cash historical think yes. what meaning – as up that you’ll that the is to not not collections of a see par? The point answer from

you’re on our up and – So of concert remember What catching seeing now July, know expansion. those looking is collections August. collections what revenue that with already seeing now in historical we half already we’re moving and we’re know we are we’re our

fact, until back looked not at issues and In timing the when of kind were went terms it, timeframe. we collections May of cash we evident really the in

we July, effectively July in resolve so get able August. And that and to in now in to were process

comfortable really about got group we where and in of externally focused pretty also people but internally terms that a collections. driving are are, we’re So we’ve cash

As and you lifeblood our with progress we’re making. the to we’re know that’s absolutely satisfied critical

So on we are track.

Ben Haynor

you had. great. much, all Thank Okay, very I That’s gentlemen.

Jack Stover

Thanks, Ben.

Operator

I do apologize, Ben.

our conclude remarks. management turn over we As to closing conference to would Q&A back session, the I for like

Jack Stover

and productive quarter All-in-all, to a had we the very and and the forward of year-to-date successful through progress continued beyond. second Sherry. look year Thanks, and remainder

QX will well be in obviously specifically you Our as and business plans. progress more said, focus, on be recently more the I to prepared will our we update acquired major BioPharma our integrating as detailed as better

into to to costs, to and cash managing collecting product our continue commitments will geographies, capabilities growing most and ways and our franchises, offerings our executing on both new clinical on across leverage data highest priorities; promises. expanding competitive, we expanding delivering and our businesses seeking importantly on our or Meanwhile, stay creative and biopharma focus on

thank and excellent today Interpace also you. Cancer their leadership of all the Thank the BioPharma you for thank call Genetics I’d I performance team for to welcome and all employees. like joining the

Operator

today’s concludes This you. conference. Thank

this for may and time at You lines participation. your disconnect you thank your

Interpace Biosciences (IDXG) 13 Aug 192019 Q2 Earnings call transcript