Biocept Reports 2016 First Quarter Financial Results
"We are reporting a record 810 billable samples for the first quarter of 2016 and substantial progress on each of the priorities we set forth earlier this year to drive continued growth in commercial volume," said
"We are taking steps to build additional clinical validation for our tests with studies such as one with
"To improve reimbursement of our testing and the timeliness of payments, we expanded our provider network by securing additional agreements,"
First Quarter Financial Results
We accessioned 810 billable samples in the first quarter of 2016, a nearly three-fold increase from the 289 billable samples accessioned during the first quarter of 2015. Total samples reached 902 during the first quarter of 2016, up from 341 total samples for the first quarter of 2015.
Revenues for the first quarter of 2016 increased 47% to
Cost of revenues of
Research and development expenses for the first quarter of 2016 were
General and administrative expenses for the first quarter of 2016 increased to
Sales and marketing expenses for the first quarter of 2016 increased to
Net loss for the first quarter of 2016 was
We reported cash and cash equivalents of
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Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend" or "project," or the negative of these words or other variations on these words or comparable terminology. To the extent that statements in this news release are not strictly historical, including, without limitation, statements as to our ability improve the diagnosis and treatment of cancer, our ability to drive test volume
and adoption, our ability to build additional clinical validation of our tests, our ability to expand the detection of biomarkers beyond blood, our ability to improve reimbursement of our testing and the timeliness of payments, and our ability to build on our commercial leadership position in the liquid biopsy field, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous risk factors as set forth in our
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2015 |
2016 | ||||||
(unaudited) | |||||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
8,821,329 |
$ |
4,572,750 |
|||
Accounts receivable |
34,200 |
43,421 | |||||
Inventories, net |
349,271 |
366,957 |
|||||
Prepaid expenses and other current assets |
435,938 |
877,903 | |||||
TOTAL CURRENT ASSETS |
9,640,738 |
5,861,031 | |||||
FIXED ASSETS, NET |
946,180 |
919,799 | |||||
TOTAL ASSETS |
$ |
10,586,918 |
$ |
6,780,830 |
|||
LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
|||||||
CURRENT LIABILITIES |
$ |
3,340,788 |
$ |
4,137,689 |
|||
NON-CURRENT LIABILITIES, NET |
3,553,395 |
3,132,372 | |||||
TOTAL LIABILITIES |
6,894,183 |
7,270,061 | |||||
SHAREHOLDERS' EQUITY/(DEFICIT) |
3,692,735 |
(489,231) | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY/(DEFICIT) |
$ |
10,586,918 |
$ |
6,780,830 |
|||
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For the three months ended March 31, |
||||||
2015 (unaudited) |
2016 (unaudited) |
|||||
REVENUES |
$ |
150,002 |
$ |
221,369 |
||
COSTS AND EXPENSES |
||||||
Cost of revenues |
1,147,682 |
1,474,790 |
||||
Research and development |
651,420 |
728,076 |
||||
General and administrative |
1,292,049 |
1,487,224 |
||||
Sales and marketing |
709,456 |
1,304,899 |
||||
Total costs and expenses |
3,800,607 |
4,994,989 |
||||
LOSS FROM OPERATIONS |
(3,650,605) |
(4,773,620) |
||||
INTEREST AND OTHER INCOME/(EXPENSE), NET |
(149,199) |
(100,028) |
||||
LOSS BEFORE INCOME TAXES |
(3,799,804) |
(4,873,648) |
||||
INCOME TAXES |
(924) |
(1,550) |
||||
NET LOSS & COMPREHENSIVE LOSS |
$ |
(3,800,728) |
$ |
(4,875,198) |
||
NET LOSS PER SHARE |
||||||
- Basic |
$ |
(0.37) |
$ |
(0.25) |
||
- Diluted |
$ |
(0.37) |
$ |
(0.25) |
||
WEIGHTED AVG NUMBER OF SHARES OUTSTANDING |
||||||
- Basic |
10,372,667 |
19,700,975 |
||||
- Diluted |
10,372,667 |
19,700,975 |
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