Biocept (BIOC) Q4 EPS Beats Consensus, Revenues Beat (Correction)

(Updated - March 30, 2021 10:36 AM EDT)

(Update corrects EPS and headline)

Biocept (NASDAQ: BIOC) reported Q4 EPS of $0.14, beating the analyst estimate of ($0.27). Revenue for the quarter came in at $18.5 million versus the consensus estimate of $12.32 million.

“I’m exceptionally proud of the Biocept team for their enthusiasm and dedication in supporting the COVID-19 testing needs of our community while advancing our oncology business for a strong post-pandemic future,” said Michael Nall, President and CEO of Biocept. “Our COVID-19 testing has provided valuable information to our clients, which has helped contain viral spread. We received about 140,000 samples for COVID-19 testing during the fourth quarter and, even with the relocation of our corporate headquarters and CLIA laboratory, our team provided the vast majority of COVID-19 test results to health providers within 48 hours of receiving the sample.

“Our financial results for the fourth quarter reflect our team’s success with revenues reaching $18.5 million, resulting in our first-ever profitable quarter,” he added. “Our ability to generate higher revenues in recent quarters due to COVID-19 testing significantly reduced our cash burn in 2020, while we continued to provide excellent service for our oncology and COVID-19 customers.

“The focus of our oncology business going forward is clearly on our neuro-oncology strategy and cerebrospinal fluid (CSF) assay,” he added. “This assay uniquely addresses a high unmet clinical need by identifying metastatic progression of cancer to the central nervous system and brain. Approximately 10% to 30% of patients diagnosed with cancer, depending on tumor type, will ultimately experience spread of their disease to the central nervous system. Pilot studies have shown our CSF assay to be significantly more sensitive than conventional CSF cytology, the current standard of care, in detecting lung and breast cancer that has metastasized to the brain or central nervous system. Our CSF assay has the added advantages of identifying actionable molecular targets that provide physicians with valuable information in making treatment decisions, as well as providing quantitative information for monitoring treatment response and disease progression.

“Initial acceptance by neuro-oncology early-adopters has been highly encouraging as physicians from nearly two dozen leading academic institutions have ordered our assay with many becoming repeat users. Given the advantages of this offering, we have engaged a group of neuro-oncology thought-leaders from leading institutions to work with us in developing a strategy to establish our assay as the standard of care in diagnosing cancer with central nervous system involvement under National Comprehensive Cancer Network (NCCN) guidelines. Key among these actions is gathering clinical data in support of our testing. Later this year, we expect to start our Four C registry trial, which is designed to provide clinical validation of the performance of our assay against CSF cytology in predicting clinical outcomes in patients with suspected brain and central nervous system metastases,” Mr. Nall concluded.

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

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