Le Lézard
Classified in: Health, Science and technology, Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

Biocept Reports Third Quarter 2021 Financial Results


Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, reports financial results for the three and nine months ended September 30, 2021 and provides a business update.

"With CNSide, our paradigm-changing neuro-oncology test that uses cerebrospinal fluid for diagnosing and monitoring patients with brain metastases, we are reporting strong sequential quarter volume growth, primarily driven by data generated with our academic partners," said Michael Nall, Biocept's President and CEO. "Our customer base for this proprietary service continues to grow, with the majority as repeat users.

"As an update on our RT-PCR COVID-19 testing services, we have now received more than 660,000 samples for testing since June 2020. Testing volume increased during the third quarter due to the emergence of the Delta variant and our contracted services with the California community college system," he added. "Revenue from COVID-19 testing drove profitability for both the quarter and year-to-date, which in turn supports continued investment in our long-term oncology business."

Third Quarter 2021 and Recent Highlights

Commercial Developments and Agreements

Oncology

COVID-19

Scientific Presentations

Corporate Developments

Intellectual Property

Third Quarter Financial Results

Net revenues for the third quarter of 2021 were $17.5 million, an increase of 165% from $6.6 million for the third quarter of 2020, with the increase primarily attributable to higher RT-PCR COVID-19 testing. Revenues for the third quarter of 2021 included $16.5 million in RT-PCR COVID-19 test revenue, $826,000 in oncology test revenue, $34,000 in development services test revenue and $71,000 in revenue for distributed products, Target Selector RUO kits, CEE-Sure® blood collection tubes and payments for development services. Net revenues for the third quarter of 2020 included $5.7 million in RT-PCR COVID-19 test revenue, $713,000 in oncology test revenue, $47,000 in development services test revenue and $154,000 in revenue for distributed products, Target Selector RUO kits and CEE-Sure blood collection tubes and payments for development services.

Biocept accessioned 154,324 total samples and 152,796 commercial billable samples during the third quarter of 2021, compared with 52,542 total samples and 48,109 commercial billable samples during the third quarter of 2020. The increases were primarily attributable to higher COVID-19 testing.

Cost of revenues for the third quarter of 2021 was $10.3 million, compared with $5.9 million for the third quarter of 2020, with the increase primarily due to higher COVID-19-related collection kits and consumable expenses.

Research and development (R&D) expenses for the third quarter of 2021 were $1.3 million, compared with $1.1 million for the third quarter of 2020, with the increase primarily attributable to increases in headcount-related expenses and material costs associated with investment in CNSide clinical development. General and administrative (G&A) expenses for the third quarter of 2021 were $3.4 million, compared with $3.0 million for the third quarter of 2020, with the increase primarily due to headcount additions and other expenses related to COVID-19 volume. Sales and marketing expenses for the third quarter of 2021 were $1.9 million, compared with $1.4 million for the third quarter of 2020, with the increase due to higher COVID-19 revenue and marketing costs related to CNSide.

Net income attributable to common stockholders for the third quarter of 2021 was $427,000, or $0.03 per diluted share on 15.6 million weighted-average shares outstanding. This compares with a net loss attributable to common stockholders for the third quarter of 2020 of $4.9 million, or $0.37 per share on 13.3 million weighted-average shares outstanding.

Nine Month Financial Results

Net revenues for the first nine months of 2021 were $47.3 million, including a $1.1 million increase in reserves for aged accounts receivables recognized in the second quarter of 2021, compared with $9.0 million for the first nine months of 2020. Revenue for the first nine months of 2021 included $47.0 million in commercial test revenue, $107,000 in development services test revenue and $167,000 in revenue for Target Selector RUO kits and CEE-Sure blood collection tubes and payments for development services.

Operating expenses for the first nine months of 2021 were $45.9 million, and included cost of revenues of $26.8 million, R&D expenses of $3.5 million, G&A expenses of $9.8 million and sales and marketing expenses of $5.8 million.

Net income for the first nine months of 2021 was $1.2 million, or $0.08 per diluted share on 14.3 million weighted-average shares outstanding. This compares with a net loss for the first nine months of 2020 of $19.7 million, or $1.74 per share on 11.3 million weighted-average shares outstanding.

Biocept reported cash and cash equivalents as of September 30, 2021 of $27.7 million, compared with $14.4 million as of December 31, 2020. During the third quarter, the Company raised $9.6 million from the sale of common stock under its at-the-market equity offering facility.

Conference Call and Webcast

Biocept will hold a conference call today at 4:30 p.m. Eastern time to discuss these results and answer questions. The conference call can be accessed by dialing (855) 656-0927 for domestic callers, (855) 669-9657 for Canadian callers or (412) 902-4109 for other international callers. A live webcast of the conference call will be available on the investor relations page of the Company's website at http://ir.biocept.com/events.cfm.

A replay of the call will be available for 48 hours following its conclusion and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for other international callers. Please use event passcode 10161580. A replay of the webcast will be available for 90 days.

About Biocept

Biocept, Inc. develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers. In addition to its broad portfolio of blood-based liquid biopsy assays, Biocept has developed the CNSidetm cerebrospinal fluid assay that detects cancer that has metastasized to the central nervous system. Biocept's patented Target Selectortm technology captures and quantitatively analyzes CSF tumor cells for tumor-associated molecular markers, using technology first developed for use in blood. Biocept also is leveraging its molecular diagnostic capabilities to offer nationwide COVID-19 RT-PCR testing to support public health efforts during this unprecedented pandemic. For more information, visit www.biocept.com. Follow Biocept on Facebook, LinkedIn and Twitter.

Forward-Looking Statements Disclaimer Statement

This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements regarding the capabilities and performance of our CNSide assay and Target Selector technology, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risks and uncertainties, including risks and uncertainties associated with the continually evolving COVID-19 pandemic and the risk that our products and services may not perform as expected. These and other factors are described in greater detail under the "Risk Factors" heading of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, as filed with the Securities and Exchange Commission (SEC) on August 16, 2021, and under the "Risk Factors" heading of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, being filed with the SEC today. The effects of such risks and uncertainties could cause actual results to differ materially from the forward-looking statements contained in this news release. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law. Readers are advised to review our filings with the SEC at http://www.sec.gov/.

 
BIOCEPT, INC.
CONDENSED BALANCE SHEETS
 
December 31,

September 30,

2020

2021

 

(unaudited)

 
ASSETS
Cash $

14,367,942

$

27,698,334

Accounts receivable, net

14,144,911

15,972,256

Inventories, net

1,929,624

2,898,325

Prepaid expenses and other current assets

2,151,527

686,330

TOTAL CURRENT ASSETS

32,594,004

47,255,245

FIXED ASSETS, NET

2,317,616

2,151,806

LEASE RIGHT-OF-USE ASSETS

12,114,058

12,100,213

OTHER NON-CURRENT ASSETS

425,908

438,776

TOTAL ASSETS $

47,451,586

$

61,946,040

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES, NET $

12,494,253

$

10,403,908

NON-CURRENT LIABILITIES, NET

11,264,911

11,486,448

TOTAL LIABILITIES

23,759,164

21,890,356

SHAREHOLDERS' EQUITY

23,692,422

40,055,684

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $

47,451,586

$

61,946,040

 
 
BIOCEPT, INC.
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
 
For the three months ended September 30, For the nine months ended September 30,

2020

2021

2020

 2021

(unaudited) (unaudited) (unaudited) (unaudited)
NET REVENUES $

6,586,144

 

$

17,469,502

 

$

8,950,160

 

$

47,272,859

 

COSTS AND EXPENSES
Cost of revenues $

5,859,370

 

$

10,292,299

 

$

11,323,668

 

$

26,759,975

 

Research and development expenses

1,087,741

 

1,302,893

 

3,989,133

 

3,483,232

 

General and administrative expenses

3,023,337

 

3,434,349

 

6,839,467

 

9,805,012

 

Sales and marketing expenses

1,434,481

 

1,938,415

 

4,232,867

 

5,806,348

 

Total costs and expenses

11,404,929

 

16,967,956

 

26,385,135

 

45,854,567

 

(LOSS)/INCOME FROM OPERATIONS

(4,818,785

)

501,546

 

(17,434,975

)

1,418,292

 

WARRANT INDUCEMENT, INTEREST AND OTHER EXPENSE

(59,549

)

(74,499

)

(2,274,000

)

(219,432

)

(LOSS)/INCOME BEFORE INCOME TAXES

(4,878,334

)

427,047

 

(19,708,975

)

1,198,860

 

INCOME TAXES

?

 

?

 

?

 

?

 

NET (LOSS)/INCOME AND COMPREHENSIVE (LOSS)/INCOME $

(4,878,334

)

$

427,047

 

$

(19,708,975

)

$

1,198,860

 

Deemed dividend related to warrants down round provision

?

 

?

 

(2,774

)

?

 

NET (LOSS)/INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $

(4,878,334

)

$

427,047

 

$

(19,711,749

)

$

1,198,860

 

NET (LOSS)/INCOME PER SHARE
- Basic $

(0.37

)

$

0.03

 

$

(1.74

)

$

0.09

 

- Diluted $

(0.37

)

$

0.03

 

$

(1.74

)

$

0.08

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
- Basic

13,333,427

 

15,384,469

 

11,324,289

 

14,089,537

 

- Diluted

13,333,427

 

15,625,409

 

11,324,289

 

14,330,477

 

 


These press releases may also interest you

at 22:35
In 2007, after many years in the recruiting industry and entrepreneurship in his DNA, TurningPoint's CEO & Founder, Ken Schmitt, decided it was time to change the standard for recruiting. He envisioned a high-touch, personalized approach to...

at 21:36
Mind Medicine (MindMed) Inc. , (NEO: MMED) (the "Company"), a clinical stage biopharmaceutical company developing novel products to treat brain health disorders, announced today that the registration statement on Form S-3, filed on May 4, 2022, was...

at 21:30
Mydecine Innovations Group Inc. (NEO: MYCO) ("Mydecine" or the "Company"), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, today reported financial results and provided a business update for the...

at 20:20
According to the latest market analysis report "DNA Sequencing Market by Solution and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 19.53% in 2022. The market is predicted to witness a potential growth...

at 20:05
ASC Therapeutics, a privately held biopharmaceutical company pioneering the development of transformative in-vivo gene replacement, gene editing and allogeneic cell therapies, will provide a comprehensive review of IND-enabling studies of ASC618, a...

at 20:05
CANbridge Pharmaceuticals Inc. (HKEX:1228), a leading China-based global biopharmaceutical company committed to the research, development and commercialization of transformative rare disease and rare oncology therapies, announced the presentation of...



News published on 15 november 2021 at 16:15 and distributed by: