Biocept (BIOC) revenue drops 23% in Q2; loss narrows

Biocept (NASDAQ: BIOC) reported a narrower loss in the second quarter of 2020. The company’s revenue declined by 23% year-over-year to $917,000, hurt by the COVID-19 pandemic. BIOC stock slumped about 9% in the after-market hours.

Biocept’s net loss attributable to common shareholders for the second quarter of 2020 stood at $6.5 million, or $0.05 per share compared to the net loss attributable to common shareholders of $7.8 million, or $0.38 per share in the second quarter of 2019.

Last week, Biocept signed an agreement with Aegea Biotechnologies, a private life sciences company, under which Biocept will co-develop a highly sensitive PCR-based assay designed by Aegea for detecting the COVID-19 virus.

Also read: Biocept (BIOC) – Is it worth buying?

Biocept has received over 11,000 specimens to date for COVID testing. The San Diego-based company is developing its own COVID-19 specimen collection kits for distribution to clients and expects those kits to be available later in 2020.

“We have secured components to date for approximately 50,000 COVID-19 specimen collection kits to support current testing and expect to begin shipping our own COVID-19 specimen collection kits to our lab services customers later this year, which will contain our proprietary VEE-SURE viral transport media,” said CEO Michael Nall.

Last month, in email communication with AlphaStreet, the company spokesperson said that it expects the proprietary Biocept-developed COVID-19 collection kits to be available in the third quarter of 2020.

Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Biocept Q2 2020 earnings call transcript