ProPhase Labs Provides Business Update
October 13 2021 - 8:30AM
ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified biotech and
genomics company, today announces that it expects its Q3 2021
COVID-19 testing revenues to be lower than its Q2 2021 testing
revenues given the overall lower levels of COVID-19 testing during
the summer months. However, based on the recent uptick in COVID-19
testing (due in part to various government and employer-imposed
mandates) and the Company’s growing customer base for testing
services, the Company anticipates Q4 2021 COVID-19 testing revenues
to be in-line the record levels achieved in Q1 of this year,
despite recently decreasing COVID-19 positivity rates.
Ted Karkus, ProPhase’s Chief Executive Officer,
commented, “While the decline in the COVID-19 positivity rates
continued from mid-January 2021 through mid-Q3, positivity rates
rebounded significantly in late August and September. As a result,
we have seen our testing levels surge in October. We anticipate
this surge will continue through the remainder of Q4 based on our
expanding customer base, including municipal contract wins and the
opening of schools and other high-traffic venues, many of which
will require either vaccinations or regular COVID-19 testing to
gain access. We are also building a sizable customer base of
independent pharmacies that we anticipate will provide consistent
and growing testing revenues for our diagnostics business.
Mr. Karkus added, “We are currently testing at
the highest levels since our all-time peak in January 2021. All of
our year-to-date growth has been completely organic, and our lab
has never been more organized and efficient.
“In addition, the integration of
recently-acquired Nebula Genomics into our ProPhase Precision
Medicine division continues to proceed as planned. We believe that
combining Nebula Genomics’ comprehensive genomic testing with our
CLIA-certified lab capabilities will lead to faster turnaround
times and lower price points, driving additional demand. We also
plan to offer low-pass genomic testing at significantly lower price
points. This will allow us to leverage our distribution network of
more than 40,000 food, drug, and mass retail stores to further
expand direct-to-consumer and big-box retail distribution of
Nebula’s genomic sequencing products and services. Each of these
initiatives could significantly grow sales as we look forward into
2022,” said Mr. Karkus.
“We are also continuing to evaluate and pursue
additional strategic and synergistic acquisitions to build our
precision medicine and genomics research capabilities with the help
of world-renowned genomics expert, George Church, co-founder of
Nebula Genomics and advisor to ProPhase,” concluded Mr. Karkus.
About ProPhase
Labs
ProPhase Labs (Nasdaq: PRPH) (“ProPhase”) is a
diversified biotech and genomics company that seeks to leverage its
CLIA lab services to provide whole genome sequencing and research
direct to consumers and build a genomics data base to be used for
further research. The Company continues to provide traditional CLIA
molecular laboratory services, including COVID-19 testing. ProPhase
Precision Medicine, Inc. focuses on genomics testing technologies,
a comprehensive method for analyzing entire genomes, including the
genes and chromosomes in DNA. The data obtained from genomic
testing can help to identify inherited disorders and tendencies,
help predict disease risk, help identify expected drug response,
and characterize genetic mutations, including those that drive
cancer progression.
ProPhase Diagnostics offers a broad array of
clinical diagnostic and testing services at its CLIA certified
laboratories. ProPhase Diagnostics serves patients who may have
SARS-CoV-2 (COVID-19) through both saliva and nasal swab methods.
Critical to COVID testing, results are provided in under 24 hours.
ProPhase Diagnostics also offers PCR (polymerase chain reaction)
testing for Influenzas A and B and RSV; as well as antigen and
antibody/immunity tests to broaden its COVID-19 testing beyond
RT-PCR testing.
ProPhase Global Healthcare, Inc. was formed to
seek to expand the Company’s SARS-CoV-2 (COVID-19) testing into
other countries and to pursue additional healthcare-related
initiatives.
ProPhase Labs has decades of experience
researching, developing, manufacturing, distributing, marketing,
and selling OTC consumer healthcare products and dietary
supplements, including dietary supplements under the TK
Supplements® brand. ProPhase actively pursues strategic investments
and acquisition opportunities for other companies, technologies,
and products. For more information, visit www.ProPhaseLabs.com.
Forward Looking Statements
Except for the historical information contained
herein, this document contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding our strategy, plans,
objectives and initiatives, including statements regarding our
expectations with respect to Q3 and Q4 COVID-19 testing revenues,
our goal to build a sizable customer base of independent pharmacies
that will provide consistent and growing testing revenues for our
diagnostics business, our plans to provide genomic testing with
faster turnaround times and lower price points, and our ongoing
efforts to evaluate and pursue additional strategic and synergistic
acquisitions to build our precision medicine and genomics research
capabilities. Management believes that these forward-looking
statements are reasonable as and when made. However, such
forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may cause actual results to
differ materially from those projected in the forward-looking
statements. These risks and uncertainties include but are not
limited to general economic conditions, the scale, scope and
duration of the COVID-19 pandemic, consumer demand for our COVID-19
testing and other lab processing services, challenges relating to
entering into new business lines, the competitive environment, our
failure to obtain and maintain necessary regulatory approvals, our
ability to continue to ramp up our labs’ testing capacity and
execute on our business plan, and the risk factors listed from time
to time in our Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q and any other SEC filings.
Media Relations
Contact:Jules AbrahamDirector of Public
RelationsCORE IR917-885-7378julesa@coreir.com
ProPhase Labs (NASDAQ:PRPH)
Historical Stock Chart
From Aug 2024 to Sep 2024
ProPhase Labs (NASDAQ:PRPH)
Historical Stock Chart
From Sep 2023 to Sep 2024