Q1 2022 Testing Volumes will Significantly Exceed Previous Record Results from Q1 2021
Significant year-over-year growth expected for the next four quarters
These record results are significantly greater than the Company’s previous record levels of approximately 110,000 tests performed in Q1 2021 due to growth in the Company’s diversified and expanding customer base for testing services and increased demand for COVID-19 testing related to the emergence of the Omicron variant.
The Company has significantly expanded headcount to over 250 laboratory professionals (up from approximately 50 laboratory professionals in the past quarter) to meet the increased demand for PCR COVID-19 testing. This increase has facilitated the Company’s return to testing results within 48 hours on average from the time of receipt.
“To meet the challenges of this unprecedented demand for COVID-19 testing, our management team has worked tirelessly to aggressively expand our processing capabilities with the addition of over 200 new laboratory employees in the past quarter. The increase in demand resulted in a temporary increase to our testing turnaround times in mid-December, but our rapid personnel expansion has allowed us to return our testing turnaround times to under 48 hours on average. We believe that these are some of the best turnaround times in the industry at present, particularly for larger volume labs in the
“We continue to expand our customer base, through municipal contract wins, schools, and other high-traffic venues, many of which continue to require either vaccinations or regular COVID-19 testing to gain access. We are also continuing to build a sizable and diverse customer base of independent pharmacies, concierge services and other testing sites that provide significant testing revenues for our diagnostics business,” concluded
About
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 and statements regarding our expectations with respect to Q1 2022 and future COVID-19 testing volumes and anticipated growth in revenues, earnings and cash flow in our testing business as well as our other businesses, and our ability to build a sizable customer base that will provide consistent and growing testing revenues for our diagnostics business, 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 the scale, scope and duration of the COVID-19 pandemic (including the emergence of COVID-19 variants), consumer demand for our COVID-19 testing and other lab processing services, general economic conditions, 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
Investor Relations Contact:
Managing Director
CORE IR
516-386-0430
mattb@coreir.com
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