leadf
logo-loader
viewBiocept Inc

Biocept posts sixth consecutive growth quarter thanks to increase in commercial test volume

The San Diego-based biotech firm delivered revenue of $1.8 million during 4Q 2019, an increase of 108% over the same period last year

US Dollar on table
Biocept brought in $5.5 million in revenue during fiscal 2019

Biocept Inc (NASDAQ: BIOC) posted another record quarter as the commercial provider of liquid biopsy kits for cancer saw an increase in test volume.

The San Diego-based biotech firm delivered revenue of $1.8 million during 4Q 2019, an increase of 108% over the same period last year.

The gain was largely driven by commercial revenue, up 94% compared to 4Q 2018 and 11% over the previous quarter in 2019.

READ: Biocept says published clinical data further validates Target Selector to identify cancer-related mutations

It is the company’s sixth consecutive quarter of growth, CEO Michael Nall told shareholders in a statement Wednesday.

"Our growth for the quarter was driven by year-over-year increases of 46% in commercial test volume and 34% in average reimbursement per patient, predominantly due to reporting on more tests per accession ordered by referring doctors,” Nall said.

Fourth-quarter cost of revenues per accession declined 12% versus the fourth quarter of 2018, the company said.

“While growing revenues, we also benefitted from operating efficiencies, including automation initiatives in our CLIA-certified laboratory,” Nall said. “These efficiencies combined with higher sample volume moved us significantly closer to positive gross margin.”

For its fiscal 2019, Biocept delivered $5.5 million in revenue, a 70% increase from the $3.3 million it posted in 2018.

During the year, the firm launched the first-and-only liquid biopsy test to evaluate cerebrospinal fluid as well as test panels for lung and breast cancer. It also added a new revenue stream via sales of its Target Selector research-use only kits and expanded its intellectual property portfolio with new patents. 

In 2019 the firm raised net proceeds of $17.5 million from two equity offerings and warrant exercises.

Its net loss for 4Q 2019 was $5.7 million, or $0.20 per share, down from $6 million, or $1.43 per share during the year-ago period.

Biocept’s shares jumped around 9% in aftermarket trading Wednesday to sit around $0.38.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Biocept Inc

Price: 4.44 USD

NASDAQ:BIOC
Market: NASDAQ
Market Cap: $59.48 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Biocept Inc named herein, including the promotion by the Company of Biocept Inc in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Biocept announces Highmark has made a positive coverage determination on...

Biocept (Nasdaq: BIOC) CEO Michael Nall joined Steve Darling from Proactive with news the company has received positive news from Highmark, America’s fourth-largest Blue Cross Shield affiliate. That news being Biocept's Target Selector liquid biopsy assays have been accepted for medical coverage...

on 23/9/20

2 min read