Progenity Sells Lab Business To Northwest Pathology
Progenity Inc. (San Diego, CA) has sold its lab business, Avero Diagnostics (Irving, TX), to Northwest Pathology (Bellingham, WA) for $10.9 million in cash. The sale of Avero Diagnostics is expected to reduce Progenity’s annual operating expenses by approximately $28 million. Progenity now expects to focus on its research and development efforts for new drugs and diagnostic tests.
Avero Diagnostics (aka Mattison Pathology, LLP) performs anatomic, genetic and Covid tests at CLIA-certified labs in Lubbock and Irving, Texas. Annual revenue is approximately $40 million. Avero was originally founded by Tom Mattison, MD, and Trae Mattison, MD, in 2004, and then sold to Progenity in 2015.
Northwest Pathology, which employs 10 pathologists, operates a full-service lab and provides pathology services to 13 hospitals and more than 100 outpatient clinics in Washington and Alaska.