INTERPACE BIOSCIENCES, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>INTERPACE BIOSCIENCES, INC. filed its 2023 10-K report detailing its financial performance and corporate history.</b>

AI Summary

INTERPACE BIOSCIENCES, INC. (IDXG) filed a Annual Report (10-K) with the SEC on April 1, 2024. Filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Interpace Diagnostics Group, Inc. and PDI INC. Incorporated in Delaware with its principal business address in Parsippany, NJ. The filing covers the period from January 1, 2023, to December 31, 2023. Includes financial data and disclosures for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking INTERPACE BIOSCIENCES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health and operational status for the fiscal year 2023, crucial for investors assessing its current standing. The historical company name changes and incorporation details offer context on the company's evolution and corporate structure.

Risk Assessment

Risk Level: low — INTERPACE BIOSCIENCES, INC. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and operational disclosures without immediate market-moving news.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand INTERPACE BIOSCIENCES, INC.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-01 — Filing Date (Date of submission)
• 2023 — Reporting Year (Primary fiscal year covered)
• 2022 — Prior Year (Comparative fiscal year)
• 2021 — Year Before Prior (Comparative fiscal year)

Key Players & Entities

• INTERPACE BIOSCIENCES, INC. (company) — Filer name
• IDXG (company) — Ticker symbol
• 10-K (regulator) — Form type
• 2023-12-31 (date) — Fiscal year end
• 2024-04-01 (date) — Filing date
• Parsippany, NJ (location) — Business address
• Interpace Diagnostics Group, Inc. (company) — Former company name
• PDI INC (company) — Former company name

FAQ

Industry Context

INTERPACE BIOSCIENCES, INC. operates within the medical instruments and apparatus industry, focusing on diagnostic solutions.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow trends.
2. Review the 'Risk Factors' section for potential business and financial challenges.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value per share Indicate by check
• $6.2 million — a total purchase price of approximately $6.2 million after working capital and other adjustm
• $0.5 million — working capital and other adjustments ($0.5 million of which was deposited into escrow), su
• $2.0 million — to pay the Company an earnout of up to $2.0 million based on revenue for the period beginni
• $1.0 million — ved an earnout payment of approximately $1.0 million in September 2022 which is the fully se
• $25.9 billion — r diagnostics market is estimated to be $25.9 billion (USD) in 2023 and is expected to grow t
• $54.9 billion — USD) in 2023 and is expected to grow to $54.9 billion (USD) by 2030 with a Compound Annual Gr
• $246 billion — se dramatically by 2030 to an estimated $246 billion (USD). The following table taken from C
• $200 million — liary lesions annually or approximately $200 million annually based on the current size of t

Filing Documents

• form10-k.htm (10-K) — 2337KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• ex10-39.htm (EX-10.39) — 2KB
• ex10-39_001.jpg (GRAPHIC) — 326KB
• ex10-39_002.jpg (GRAPHIC) — 41KB
• ex10-39_003.jpg (GRAPHIC) — 115KB
• 0001493152-24-012464.txt (&nbsp;) — 10425KB
• idxg-20231231.xsd (EX-101.SCH) — 61KB
• idxg-20231231_cal.xml (EX-101.CAL) — 98KB
• idxg-20231231_def.xml (EX-101.DEF) — 227KB
• idxg-20231231_lab.xml (EX-101.LAB) — 518KB
• idxg-20231231_pre.xml (EX-101.PRE) — 406KB
• form10-k_htm.xml (XML) — 1715KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 59 Item 1C. Cybersecurity 59 Item 2.

Properties

Properties 59 Item 3.

Legal Proceedings

Legal Proceedings 60 Item 4. Mine Safety Disclosures 60 PART II Item 5. Market for our Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. Reserved 60 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 61 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 72 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 73 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11.

Executive Compensation

Executive Compensation 73 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 73 Item 14. Principal Accountant Fees and Services 74 PART IV Item 15. Exhibits, Financial Statement Schedules 74 Item 16. Form 10-K Summary 77

Signatures

Signatures 78 2 FORWARD LOOKING STATEMENT INFORMATION This Annual Report on Form 10-K, and the documents incorporated by reference in this document, our press releases and oral statements made from time to time by us or on our behalf, may contain "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (or the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In this context, forward-looking statements are not historical facts and include statements about our plans, objectives, beliefs and expectations. Forward-looking statements include statements preceded by, followed by, or that include the words "believes," "expects," "anticipates," "seeks," "plans," "estimates," "intends," "projects," "targets," "should," "could," "may," "will," "can," "can have," "likely," or the negatives thereof or other comparable words and expressions regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking "Business" and Part II – Item 7 – "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking assumptions 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 our control. These predictions are also affected by known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from those expressed or implied by any forward-looking statement. Many of these factors are beyond our ability to

BUSINESS

BUSINESS Company Overview We are a company that provides esoteric molecular diagnostic testing, and pathology services to aid physicians in their evaluation of cancer risk in patients with indeterminate biopsies and a perceived high risk of cancer from clinical features. Utilizing the latest technology in personalized medicine, we develop and commercialize genomic tests and related first-line assays that can help improve patient diagnosis and management. Customer Category Types of Customers Nature of Services Clinical services Hospitals Physicians Cancer Centers Clinics Clinical services that help guide patient management decisions by providing information on the diagnosis and prognosis of indeterminate specimens. Guidance on genetic marker-related pharmaceutical treatment options, when available, is also provided. Commercial laboratories Pathology groups 4 Our clinical services' customers consist primarily of physicians, hospitals, cancer centers, commercial laboratories, pathology groups and clinics. Our largest customer for ThyGeNEXT and ThyraMIR v2 products in 2022 was Laboratory Corporation of America or LabCorp. Our revenue channels include reimbursement by Medicare, Medicare Advantage, Medicaid, and direct client billings (for example, hospitals and clinics), and commercial payers such as Blue Cross Blue Shield, Aetna, Cigna, United Healthcare and others. Strategic Disposition of Pharma Business On August 31, 2022, Interpace Biosciences, Inc. ("Interpace" or the "Company") and Interpace Pharma Solutions, Inc. (the "Subsidiary) entered into an Asset Purchase Agreement (the "Purchase Agreement") with Flagship Biosciences, Inc. (the "Purchaser") pursuant to which the Purchaser agreed to (i) acquire substantially all of the assets of the Subsidiary used in Subsidiary's business of complex molecular analysis for the early diagnosis and treatment of cancer and supporting the development of targeted therapeutics (the "Business") and

View Full Filing

View this 10-K filing on SEC EDGAR