Oncocyte Shares Fall On Posting Wider Than Expected Q2 Loss - OncoCyte (NASDAQ:OCX)

Oncocyte Corporation's OCX Q2 revenues were $2.03 million, compared to $143,000 in Q2 FY20 and beating consensus of $1.57 million.
Most revenues were attributable to tech transfer under a December licensing deal with Burning Rock Biotech for Oncocyte's DetermaRx lung cancer test.
Revenues from DetermaRx also increased compared to the prior year's quarter.
During a Q2 conference call, Oncocyte CEO Ron Andrews said, "we have continued our expansion into new hospitals with a total of 176 onboarded hospitals at the end of Q2 … an approximate 43% growth sequentially. At the end of Q2, we also had a total of 317 onboarded physicians, which is a 45% sequential increase."
Pharma Services revenues were slow in contrast, reflecting variability in the timing of customer projects.
The company still plans to launch a second clinical test, DetermaIO, by the end of this year.
Oncocyte incurred an EPS loss of $(0.12), compared to $(0.14) in Q2 FY20. Analysts had expected a lower loss of $(0.10).
Oncocyte's SG&A expenses doubled to $10.6 million from $5.3 million, driven by non-cash stock-based compensation expenses.
The firm also incurred a $2.5 million severance expense from its acquisition of Chronix Biomedical.
Oncocyte ended Q2 with $46.5 million in cash and cash equivalents and $1.1 million in marketable securities.
Price Action: OCX shares are down 19.10% at $4.05 during the market session on the last check Wednesday.