Biocept (BIOC) Misses Q4 EPS by 10c, Revenues Beat

Biocept (NASDAQ: BIOC) reported Q4 EPS of ($0.20), $0.10 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $1.8 million versus the consensus estimate of $1.7 million.

"I'm pleased to report our sixth consecutive quarter of growth with fourth quarter revenues reaching a record $1.8 million, more than double the prior year's quarterly revenues," said Michael Nall, President and CEO of Biocept. "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. While growing revenues, we also benefitted from operating efficiencies, including automation initiatives in our CLIA-certified laboratory. These efficiencies combined with higher sample volume moved us significantly closer to positive gross margin. We have more actions to complete the automation of our lab and we are pleased with the contribution from these efforts so far.

"Revenue for the full year 2019 increased 70% over the prior year," said Mr. Nall. "A key growth driver throughout 2019 was our decision to focus on prostate cancer, including committing more commercial resources to urologists and urology practices and introducing additional prognostic and predictive biomarker tests. As the year progressed, we were encouraged that more urologists were using more biomarkers per test for more of their patients.

"I'm exceptionally proud of our strong operational performance throughout 2019 and into 2020. Among notable accomplishments, we launched the first-and-only liquid biopsy test to evaluate cerebrospinal fluid as well as NGS test panels for lung and breast cancer. We also added a new revenue stream from sales of our Target Selector™ research-use only (RUO) kits, further expanded our intellectual property portfolio with new U.S. and foreign patents, and presented compelling data further validating our technology at multiple scientific conferences and in peer-reviewed journals," he added. "So far this year, we have raised net proceeds of $17.5 million from two equity offerings and warrant exercises, positioning us for continued execution on our growth strategy."

For earnings history and earnings-related data on Biocept (BIOC) click here.

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