Biocept (NASDAQ: BIOC) is set to release its earnings results for the second quarter of 2019 on Monday after the market closes. The commercial-stage molecular oncology diagnostics company is likely to post a narrower loss backed by higher revenue.
The company’s revenue-generating efforts are focused on medical oncologists, surgical oncologists, pulmonologists, pathologists, and providing laboratory services utilizing both circulating tumor cell (CTC) and ctDNA testing. It also includes licensing and selling its proprietary testing.
The research and development expenses are expected to rise for the second quarter due primarily to costs associated with the development of new individual assays and automation, as well as validation of our Target Selector NGS Lung assay panel under the collaboration with Thermo Fisher Scientific.
Biocept is likely to see an increase in physician usage of its liquid biopsy tests for breast cancer monitoring using CTC. This quarter’s performance could be benefited by the Target Selector NGS Lung, its multi-gene liquid biopsy panel specifically developed to detect and monitor actionable biomarkers associated with lung cancer.
The company intends to grow its business by directly offering medical oncologists, surgical oncologists, pulmonologists, pathologists and other physicians its Target-Selector liquid biopsy CTC and ctDNA assays.
Also read: Progenics Q2 earnings review
Analysts expect the company to report a loss of $0.19 per share on revenue of $1.3 million for the second quarter. In comparison, during the previous year quarter, Biocept posted a loss of $2.70 per share on revenue of $822,000. The company has missed analysts’ expectations thrice in the past four quarters.
For the first quarter, Biocept reported a narrower loss helped by higher revenue as well as lower costs and expenses. Biocept accessioned 1,325 total samples in the first quarter of 2019, a 13% increase from last year, and accessioned 1,155 billable samples, up 7% from a year ago.