Interpace Diagnostics Records Highest Monthly Collection In March

Interpace Diagnostics Group Inc

disclosed it recorded highest monthly collection of more than $1.3 million in March since its formation in November 2014. The value-added molecular diagnostics tests provider's cash collection was an indicator for revenue recognition for early commercial stage molecular diagnostics firms, its press statement said. Interpace Diagnostics Group Interim CEO Jack Stover said, "Our record-setting cash collection month illustrates several healthy dynamics of the Interpace Diagnostics operations." He added, "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." The company's CEO said, "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." Stover said meeting its obligations enabled to continue investment in development and support our existing product lines. Interpace Diagnostics said it would report its first quarter 2016 results in early May. The stock closed 5.56 percent higher on Wednesday.