Biocept, Inc. (NASDAQ: BIOC) reported a narrower loss in the fourth quarter of 2019 driven by higher revenue. The bottom line was wider than the analysts’ expectations while the top line exceeded consensus estimates.
Net loss was $5.71 million or $0.20 per share compared to a loss of $6.01 million or $1.43 per share in the previous year quarter. Net revenue jumped by 108% to $1.78 million. Analysts had expected a loss of $0.10 per share on revenue of $1.7 million for the fourth quarter.
The results were driven by a 46% year-over-year jump in commercial test volume and 34% in average reimbursement per patient. This was due to reporting more tests per accession ordered by referring doctors.
The top-line growth was driven by commercial test, development services test, as well as Target Selector RUO kits, which were commercially launched in early 2019, and CEE-Sure blood collection tubes. Biocept exited 2019 with 37 issued patents globally for its highly sensitive method of detecting cancer biomarkers.
The company has historically incurred substantial net losses and expects losses to continue due to costs from laboratory operations, sales and marketing, and ongoing research and development. This will continue to have a negative impact on working capital, total assets, and stockholders’ equity.
Research and development expenses declined by 8% for the fourth quarter helped by the lower allocated cost of laboratory associated activities. However, general and administrative expenses increased by 19% due mainly to a reclass of customer service and related expenses from sales & marketing to G&A.
The liquid biopsy market for oncology is expected to be a $17 billion market by 2023. The company focuses on patients with lung, breast, prostate and colorectal cancers. Biocept aims to increase market penetration into the emerging liquid biopsy segment with a focus on neuro-oncology, urology, breast, and lung cancer treatment segments.
The stock ended Wednesday’s regular session up 12.43% at $0.35. Following the earnings, the stock fell by 3.43% in the after-hours trading. The shares remained overvalued at the current levels with a bullish pattern trend. The performance outlook is negative in the near-term and long-term.
An innovative product portfolio that is capable of outshining the legacy databases has helped MongoDB (NASDAQ: MDB) stay largely unaffected by the market turmoil so far. Of late, the database
Retailer Macy's (NYSE: M) posted mixed results for its first quarter of 2020. While the topline missed the market's estimates, bottom line topped the targets. There were no change in
STZ Earnings: Key quarterly highlights that you need to know from Constellation Brands Q1 financial results
Constellation Brands (NYSE: STZ) today announced its first quarter financial results for the period ended May 31, 2020. First quarter net loss was $177.9 million, or $0.94 per share, compared