Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.22.1
Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

 

22. Subsequent Events

 

Centers for Medicare & Medicaid Services (CMS) Billing Policy Notice & Rights Offering

 

On January 28, 2022, the Company announced that the Centers for Medicare & Medicaid Services (CMS) issued a new billing policy whereby CMS would no longer reimburse for the use of the Company’s ThyGeNEXT® and ThyraMIR® tests when billed together by the same provider/supplier for the same beneficiary on the same date of service and that the Company was terminating its previously announced rights offering and the mutual termination of the standby purchase agreement with 3K Limited Partnership. The CMS billing policy decision was subsequently reversed in February 2022, however the Company has not yet realized the full cash collection benefit of current and retroactive Thyroid testing and such cash collections may be temporarily reduced or delayed until we resolved the matter with CMS.

 

 

INTERPACE BIOSCIENCES, INC.

VALUATION AND QUALIFYING ACCOUNTS

YEARS ENDED DECEMBER 31, 2021 AND 2020

($ in thousands)

 

          Additions              
    Balance at     (Reductions)     (1)     Balance at  
    Beginning     Charged to     Deductions     end  
Description   of Period     Operations     Other     of Period  
2020                                
Allowance for doubtful accounts   $ 25             -       250     $ 275  
Allowance for doubtful notes   $ 869       -       -     $ 869  
Tax valuation allowance   $ 17,027       -       6,657     $ 23,684  
                                 
2021                                
Allowance for doubtful accounts   $ 275       -       (203 )   $ 72  
Allowance for doubtful notes   $ 869       -       -     $ 869  
Tax valuation allowance   $ 23,684       -       9,486     $ 33,170  

 

(1) Includes payments and actual write offs, as well as changes in estimates in the reserves.