Biocept Inc (NASDAQ: BIOC) reported first-quarter results that saw revenue jump 12% year-over-year from its coronavirus RT-PCR (COVID-19) testing services.
For the period ended March 31, 2022, the San Diego, Calif.-based provider of molecular diagnostic tests, products and services reported revenue of $19.9 million, compared to $17.8 million dollars in Q1 2021.
During the quarter, Biocept reported earning $18.6 million in RT-PCR COVID-19 testing revenue, $1.3 million in oncology testing revenue, $38,000 in development and nothing for distributed products, Target Selector RUO kits and CEE-Sure blood collection tubes. The company had collected $16.8 million in RT-PCR COVID-19 testing revenue and $2.5 million in oncology testing revenue in Q1 2021.
READ: Biocept Inc says coronavirus testing drove surge in 2021 revenue
Biocept obtained 153,056 commercial samples during the quarter, compared to 141,340 commercial samples during the comparable quarter of the previous year.
Cost of revenue for the quarter was $10.3 million, compared to $9 million for 1Q 2021, with the increase primarily related to RT-PCR testing activity.
Research and development expenses were $1.9 million, compared to $1 million in 1Q 2021, the increase being mainly due to additional costs associated with the preparation of the CNSide clinical trial, now called FORESEE trial , whose recruitment should start in 3Q 2022.
During the quarter, general and administrative expenses increased to $6.8 million from $3.1 million in the same period a year earlier due to severance and employee-based compensation expenses. actions related to separation agreements with former executives.
Sales and marketing expenses for the quarter totaled $3.7 million. Net loss for the quarter was $2.8 million, or $0.16 per share on 16.8 million weighted average shares outstanding.
Biocept had cash and cash equivalents as of March 31, 2022 of $27.6 million, compared to $28.9 million as of December 31, 2021.
In a statement accompanying the numbers, Biocept CEO Samuel D. Riccitelli said revenue in the quarter was driven by COVID testing services, but the company also saw growth in other areas.
“We continued to drive strong growth with our CNSide neuro-oncology test, with volume up 70% sequentially and 219% over the prior year period,” added Riccitelli. “We have also expanded our customer base with six leading cancer centers. with a growing number of oncologists placing CNSide orders for the first time, and now has over 40 prescribing physicians across the United States.
The Biocept boss said the company left the quarter with a cash position “sufficient to fund planned operations for at least the next year”, including its planned investments in the CNSide cerebrospinal fluid test which detects cancer that has metastasized to the central nervous system (CNS) .
“Following a comprehensive review of our assets and business opportunities, we are pleased to preview our refocused and streamlined business strategy to create shareholder value,” Riccitelli said. “Our goal is to lead the emerging category of neurological tumor diagnostics with CNSide and become the partner of choice for biopharmaceutical companies developing therapies to treat cancer that has metastasized to the central nervous system.
According to the company’s CEO, the initial diagnostic scenarios Biocept is focusing on represent “a $1.2 billion annual market opportunity” in the United States and a $2 billion opportunity globally.
Biocept said it plans to generate evidence of clinical utility that will support reimbursement and adoption of CNSide through its own and investigator-initiated clinical trials, while forming collaborations with biopharmaceutical companies. who are developing treatments for CNS tumors or who seek to expand the uses of existing targeted therapies.
“We will also support our community with COVID-19 RT-PCR testing for as long as needed, while wisely exiting our blood-based oncology diagnostics business to focus resources on the most promising opportunities involving cerebrospinal fluid. spinal,” concluded Riccitelli.
Biocept will host a conference call on Tuesday, June 7, 2022 at 4:00 p.m. Eastern Time. Participants can pre-register for the conference call here.
The conference call can then be accessed by dialing (855) 656-0927 for domestic callers, (855) 669-9657 for Canadian callers and (412) 902-4109 for other international callers.
Contact author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive