Biocept Inc (NASDAQ: BIOC) reported unaudited net sales of $61.2 million for the fiscal year ended December 31, 2021.
The company also said it had approximately $28 million in cash and cash equivalents as of December 31, 2021, as it develops and markets molecular diagnostic tests that provide doctors with clinically actionable information for treatment. and follow-up of patients diagnosed with a variety of cancers.
Samuel Riccitelli, interim president and CEO of Biocept, said 2021 revenue hit an all-time high – up 123% year-over-year, driven primarily by RT-PCR COVID-19 testing. 19.
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“As expected, we are currently experiencing a drop in demand for COVID-19 testing as the unpredictable pandemic begins to transition into an endemic stage,” he said. “Additionally, in the fourth quarter of 2021, we again achieved consecutive quarter volume growth for CNSide, our proprietary cerebrospinal fluid test for the detection and monitoring of cancer involving the central nervous system.”
He added, “We expect to report positive cash flow from operations for 2021 and ended the year with a cash balance of approximately $28 million.”
The company said it restated its financial results for the quarter ended September 30, 2021, which resulted in the implementation of additional accounting review and control procedures and resource constraints. Thus the accounting review of Biocept’s accounts as at and for the year ended December 31, 2021 is in progress.
Biocept said it is filing a late filing notice on Form 12b-25 with the Securities and Exchange Commission, which provides an automatic 15-day extension to the deadline for filing its annual report on Form 10-K for the fiscal year ended December 31. 2021, to April 15, 2022.
The company said the net sales and cash and cash equivalents figures should be considered preliminary and may be subject to change as the company’s independent registered accounting firm has not completed its audit.
Biocept expects to file its Form 10-K for the year ending December 31, 2021, by April 15, 2022, or as soon as possible.
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