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Biocept Reports Second Quarter 2018 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: PR Newswire Association LLC. - 14 Aug 2018 | Back to overview list |
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SAN DIEGO, Aug. 14, 2018 /PRNewswire/ -- Biocept, Inc. (NASDAQ: BIOC), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of cancer patients, reports financial results for the three and six months ended June 30, 2018, and provides an update on its business progress. "We strengthened our financial position by completing a shareholder rights offering yesterday which added over $10 million to the balance sheet and by retiring our long-term debt in July, which reduces annual cash expenditures by more than $2 million," said Michael Nall, President and CEO of Biocept. "We have also undergone refinements to our sales strategy and our commercial team is now focused on the benefits of Target Selector™ for lung cancer profiling and monitoring, where the need for our liquid biopsy tests is high. Our sales team are educating physicians by utilizing case reports that were published in peer-reviewed journals earlier this year, along with the clinical guidelines issued by four prominent industry associations supporting the use of liquid biopsy testing in patients with lung cancer. "We are making progress with our transition from a reference laboratory only to expanding into a diagnostic kit manufacturer with a global brand," he added. "During the quarter we shipped our first proprietary blood collection tubes to our global distributor VWR and expanded our intellection property protection to 28 issued patents globally. These achievements support the planned international launch of our research-use only (RUO) liquid biopsy kits in early 2019. "We expect to complete validation of our liquid biopsy Next Generation Sequencing gene panel under our Thermo Fisher Scientific collaboration in the third quarter, at which time we will be the only company to offer both individual and panel biomarker tests. This collaboration provides for joint marketing of molecular diagnostics and opens opportunities to expand our customer base to pharmaceutical companies," Mr. Nall concluded. Review of Second Quarter and Recent Accomplishments Collaborations
Clinical Data Presentations and Publications
Patents
Corporate
Second Quarter Financial Results Revenues for the second quarter of 2018 were $822,000, compared with $1.3 million for the second quarter of 2017. During the first quarter of 2017, the Company converted from cash-based revenue recognition for its commercial revenues to accrual-based revenue recognition. Of the $1.3 million of revenues recognized during the second quarter of 2017, $1.1 million were related to revenues recognized on an accrual basis, while $159,000 were related to revenues recognized upon the receipt of cash, compared to the second quarter of 2018, when $822,000 of revenues were recognized on an accrual basis and no revenues were recognized upon the receipt of cash. For the second quarter of 2018, revenues included $761,000 in commercial test revenues, $52,000 in development services test revenues and $9,000 in CEE-Sure blood collection tubes. Biocept accessioned 1,029 total samples in the second quarter of 2018, compared with 1,405 total samples in the second quarter of 2017. Total accessions include billable samples and samples from research activities, assay validations and other non-billable sources. The Company accessioned 996 billable samples in the second quarter of 2018, compared with 1,225 billable samples for the second quarter of 2017. Cost of revenues for the second quarter of 2018 was $2.7 million, compared with $2.4 million for the second quarter of 2017, and increase of $331,000, or 14%, due primarily to higher software amortization and other information technology and laboratory equipment costs, as well as direct costs associated with the automation of our laboratory operations including laboratory process improvements. Research and development (R&D) expenses for the second quarter of 2018 were $1.0 million, compared with $842,000 for the second quarter of 2017, an increase of $177,000, or 21%, due primarily to the addition of personnel for the development of new biomarker assays and a higher proportion of allocated laboratory costs in support of increased R&D activities. General and administrative (G&A) expenses for the second quarter of 2018 were $1.7 million, compared with $1.8 million for the second quarter of 2017, a decrease of $89,000, or 5%, driven primarily by the decrease in headcount-related expenses. Sales and marketing expenses for the second quarter of 2018 were $1.4 million, compared with $1.7 million for the second quarter of 2017, a decrease of $314,000, or 18%, primarily driven by lower headcount related expenses and cost reduction efforts initiated in the second quarter of 2018. The net loss for the second quarter of 2018 was $6.2 million, or $2.70 per share on 2.3 million weighted-average shares outstanding. This compares with a net loss for the second quarter of 2017 of $5.7 million, or $6.32 per share on 901,000 weighted-average shares outstanding. Six Month Financial Results Revenues for the first six months of 2018 were $1.6 million, compared with $3.0 million for the first six months of 2017, and included $1.5 million in commercial test revenues, $96,000 in development services test revenues and $9,000 in CEE-Sure blood collection tubes. Of the $3.0 million of revenues recognized during the first six months of 2017, $1.9 million were related to revenues recognized on an accrual basis, while $1.1 million were related to revenues recognized upon the receipt of cash. During the first quarter of 2017, the Company converted from cash-based revenue recognition for its commercial revenues to accrual-based revenue recognition. As a result of this change, the Company recognized total nonrecurring revenue of $1.0 million during the first six months of 2017 for cases delivered on or prior to December 31, 2016, and the incremental revenue as a result of the change to accrual accounting for commercial cases was $917,000. Biocept accessioned 2,080 billable samples during the first six months of 2018, compared with 2,332 billable samples accessioned during the first six months of 2017. Total accessions, which also include samples from research activities, assay validations and other non-billable sources, were 2,199 for the first six months of 2018, compared with 2,651 total samples for the first six months of 2017. Cost of revenues for the first six months of 2018 was $5.1 million, compared with $4.5 million for the first six months of 2017, an increase of $637,000 or 14%, driven primarily by an increase in facility and office expenses with respect to computer equipment, software amortization, depreciation expense, and allocated information technology and facility charges as we invested in upgrading our laboratory equipment and information system and maintain our facility. R&D expenses for the first six months of 2018 were $2.1 million, compared with $1.6 million for the prior-year period, an increase of $500,000 or 31%, with the increase due primarily to higher lab allocation costs and headcount-related expenses as we focused on the development and deployment of next generation sequencing, support and implementation of data-intensive laboratory processes, and new product validations. The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace. G&A expenses for the first six months of 2018 were $3.6 million, compared with $3.7 million for the first six months of 2017, a decrease of $57,000 or 2%, with the decrease driven primarily by the decrease in headcount-related expenses. Sales and marketing expenses for the first six months of 2018 were $3.1 million, versus $3.0 million for the first six months of 2017, an increase of $45,000 or 1%, with the increase driven primarily by the increase in infrastructure related costs. The net loss for the first six months of 2018 was $12.5 million, or $5.97 per share on 2.1 million weighted-average shares outstanding. This compares with a net loss for the first six months of 2017 of $10.1 million, or $12.58 per share on 805,000 weighted-average shares outstanding. Cash and cash equivalents as of June 30, 2018 were $2.6 million, compared with $2.1 million as of December 31, 2017. In January 2018, the Company completed the sale of common stock and warrants raising $13.3 million in net proceeds. In August 2018, the Company completed a shareholder rights offering raising gross proceeds of approximately $11.6 million. Biocept is implementing a cost-reduction program, which is expected to save an estimated $1.0 million to $1.5 million annually, in addition to the more than $2 million reduction in annual cash expenditures from retiring its long-term debt obligation in July of this year. Conference Call and Webcast A replay of the call will be available for 48 hours following the conclusion of the call and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for other international callers. Please use event passcode 10122826. About Biocept Forward-Looking Statements Disclaimer Statement
View original content with multimedia:http://www.prnewswire.com/news-releases/biocept-reports-second-quarter-2018-financial-results-300697008.html SOURCE Biocept, Inc. |
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