Biocept Stock Drops Despite Clocking Q2 Sales Of $12M

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  • Biocept Inc BIOC reported its second-quarter revenues of $12 million, compared to a mere $917,471 a year ago, but sharply missing the consensus of $17.76 million.
  • The revenue growth is attributable to RT-PCR COVID-19 testing, as only $926,000 in revenue came from oncology testing.
  • Related: Medicare Issues Coverage Determination For Biocept's Target Selector Assay For Breast Cancer.
  • The company also brought in about $33,000 from development services and $34,000 from distributed products, including its Target Selector RUO kits, CEE-Sure blood collection tubes, and payments from Aegea for services associated with the development of a COVID-19 assay.
  • Biocept accessioned 102,172 commercial samples during Q2 compared to 1,306 during Q2 2020. 
  • Of these, 101,982 were billable samples, up from 985 in the same period last year.
  • CEO Michael Nall said in a statement that the quarterly revenues reflect an anticipated slow-down in COVID-19 testing volumes during Q2 as vaccination rates increased. However, the new increase of cases due to the Delta variant has led to an uptick in Q3.
  • Biocept's Q2 net loss was $1.8 million, or $0.14 per share, compared to $6.5 million, or $0.51 per share year.
  • Biocept finished the quarter with $14.4 million in cash and cash equivalents.
  • Price Action: BIOC shares are down 8.61% at $3.46 during the market session on the last check Tuesday.

 

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