ProPhase Labs (NASDAQ: PRPH) is a healthcare company that operates clinical diagnostic laboratories and a genomics sequencing business. Revenue comes from fee-for-service diagnostic testing, including PCR and rapid antigen tests for COVID-19 and influenza, billed to governmental bodies, municipalities, large corporations, and third-party payors, as well as genomics sequencing services through its Nebula Genomics subsidiary. The company also holds an early-stage oncology drug candidate, LB-1, being studied in combination with chemotherapy agents at Dana-Farber Cancer Institute and Harvard Medical School. ProPhase Diagnostics operates two CLIA-certified laboratories, one in Old Bridge, New Jersey (acquired October 2020) and one in Garden City, New York (opened January 2021). The company competes against large commercial reference laboratories. As of March 28, 2025, PRPH had approximately 147 holders of record and does not expect to pay a regular quarterly cash dividend in the foreseeable future.

Revenue model

Fee-for-service diagnostic testing billed to governmental bodies, municipalities, corporations, and third-party payors; genomics sequencing services via Nebula Genomics; no revenue from the HRSA uninsured program in FY2024.

Products and services

PCR COVID-19 testing; rapid antigen COVID-19 testing; influenza testing; CLIA-certified clinical laboratory services; whole-genome sequencing through Nebula Genomics; early-stage oncology compound LB-1 (preclinical).

Customers and end markets

Governmental bodies, municipalities, and large corporations for diagnostic testing; individual consumers for genomics sequencing; third-party payors for reimbursed diagnostic services.

Value-chain role

Direct operator of CLIA-certified diagnostic laboratories; genomics sequencing service provider; relies on third-party suppliers for laboratory equipment, raw materials, and specimen transport.

Geographic exposure

United States; laboratory facilities in Old Bridge, New Jersey and Garden City, New York.

Competitors

Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Large multispecialty group medical clinics, Health systems with in-house laboratory capabilities

Source: SEC 10-K, filed 2025-04-01

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