ProPhase Labs, a growth-oriented diagnostics, genomics, and biotech company, announced its financial and operational results for the year ended December 31, 2022. The company reported net revenue of $122.6 million for the year, up from $79.0 million the previous year, which represents an increase of approximately 55%. Net Income for the year was $18.5 million, or $1.17 per diluted share, an increase from net income of $6.3 million, or $0.41 per share, for the year ended December 31, 2021.

In addition, ProPhase Labs revealed adjusted EBITDA of $38.6 million for FY 2022, compared to adjusted EBITDA of $18.1 million for FY 2021. As of December 31, 2022, the company had cash, cash equivalents, and marketable equity securities worth $17.4 million and working capital of $44.6 million.

During the year, ProPhase Labs achieved several corporate highlights. The company acquired exclusive worldwide rights to develop and commercialize Equivir (dietary supplement) and Equivir G (Rx), two broad-based anti-viral products. It also acquired exclusive worldwide rights to develop and commercialize Linebacker (LB-1 and LB-2) for the treatment of cancer, inflammatory diseases or symptoms, and memory-related syndromes, diseases or symptoms.

ProPhase Labs also built out the Nebula Genomics infrastructure, hired key management, added Dr. Russ Altman of Stanford University to its advisory board, and set the company on an accelerated growth path going forward.

The company returned a total of 1.3 million shares to the company in 2022 from its common stock repurchase plan and cashless stock options exercised at a total value of $11.3 million. It also paid two stock dividends to stockholders in 2022 totaling $9.3 million.

Subsequently, it acquired exclusive worldwide rights to the BE-Smart Esophageal Pre-Cancer diagnostic screening test and related intellectual property assets. ProPhase Labs also received board approval for a new $6 million stock repurchase program.

Ted Karkus, ProPhase Lab’s Chief Executive Officer, expressed his satisfaction with the company’s results, saying that the platform they built together provides an exciting future for ProPhase Labs and its shareholders. “I believe that it is our destiny to build a multi-billion-dollar company together,” he said.

He added that the company’s success over the past decade and in particular over the last few years, which have proven to be a very difficult period for many companies, has been extraordinary. “I am so proud of our entire management team for what we have collectively accomplished,” he said.

Karkus noted that a decade ago, they inherited a cold brand with declining sales. But management had the skill and foresight to turn it around and sell it for $50 million. Unlike the managements of many other companies, they rewarded shareholders with stock buybacks and special dividends and did not squander a single penny. “We then looked for opportunities and were patient, only swinging at balls that we felt could result in homers for our company,” he said.

With the emergence of COVID-19, they found an opportunity to help people while generating immediate and significant returns. “The financial results speak for themselves,” he said.

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By Jane Lee

Jane Lee is a technology journalist who specializes in writing about the latest innovations and trends in the tech industry. She has covered topics such as artificial intelligence, cybersecurity, and cryptocurrency, and has interviewed some of the most influential figures in the tech world. Jane's engaging writing style and her ability to explain technical concepts in simple terms make her a favorite among tech enthusiasts.

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