Biocept Reports Third Quarter 2022 Financial Results
- CNSide™ study data featured in three poster presentations at leading neuro-oncology annual meeting
- Participates in UCSF investigator-initiated study to better understand the development and progression of metastatic breast cancer to the central nervous system
- CNSide orders increased 8% over 2Q 2022 and 176% versus 3Q 2021
Conference Call to be held
“Our third quarter financial results reflect solid increases in CNSide orders, up 8% sequentially and 176% year-over-year,” said
Third Quarter Financial Results
Net revenues for the third quarter of 2022 were
Cost of revenues for the third quarter of 2022 was
Research and development (R&D) expenses for the third quarter of 2022 were
Net loss attributable to common stockholders for the third quarter of 2022 was
Nine Month Financial Results
Net revenues for the first nine months of 2022 were
Operating expenses for the first nine months of 2022 were
Net loss attributable to common stockholders for the first nine months of 2022 was
Conference Call and Webcast
The conference call can be accessed at the time of the live call by dialing (855) 656-0927 for domestic callers, (855) 669-9657 for Canadian callers or (412) 902-4109 for international callers. A live webcast of the conference call will be available here.
A replay of the call will be available for 48 hours following its conclusion and can be accessed by dialing (877) 344-7529 for domestic callers, (855) 669-9658 for Canadian callers or (412) 317-0088 for international callers. Please use event passcode 9945142. A replay of the webcast will be available for 90 days.
About
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 "will," "expect," “goal,” “objective,” "believe" or "intend" 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 regarding our strategy to generate evidence of CNSide’s clinical utility in support of higher reimbursement and adoption into clinical care guidelines, and our expectation of at least one additional site to be cleared for enrollment in the FORESEE trial in the coming months, 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 risks and uncertainties, including risks and uncertainties associated with the continually evolving COVID-19 pandemic; the results of clinical utility studies may not demonstrate that an assay provides clinically meaningful information and value or have the other benefits that we expect; Medicare and private payors may not provide coverage and reimbursement or may breach, rescind or modify their contracts or reimbursement policies or delay payments; risks related to our need for additional capital; and the risk that our products and services may not perform as expected. These and other factors are described in greater detail under the "Risk Factors" heading of our Quarterly Report on Form 10-Q for the quarter ended
|
|
|
|||||||
|
Condensed Balance Sheets |
|
|||||||
|
(In thousands, except share and per share data) |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
2021 |
|
|
2022 |
|
||
|
Assets |
|
|
|
|
|
(unaudited) |
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
28,864 |
|
|
$ |
18,021 |
|
|
Accounts receivable |
|
|
13,786 |
|
|
|
15,768 |
|
|
Inventories, net |
|
|
2,651 |
|
|
|
1,897 |
|
|
Prepaid expenses and other current assets |
|
|
391 |
|
|
|
949 |
|
|
Total current assets |
|
|
45,692 |
|
|
|
36,635 |
|
|
Fixed assets, net |
|
|
2,401 |
|
|
|
2,853 |
|
|
Lease right-of-use assets - operating |
|
|
9,026 |
|
|
|
8,624 |
|
|
Lease right-of-use assets - finance |
|
|
2,842 |
|
|
|
2,598 |
|
|
Other non-current assets |
|
|
456 |
|
|
|
392 |
|
|
Total assets |
|
$ |
60,417 |
|
|
$ |
51,102 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,246 |
|
|
$ |
3,040 |
|
|
Accrued liabilities |
|
|
3,018 |
|
|
|
2,177 |
|
|
Current portion of lease liabilities - operating |
|
|
426 |
|
|
|
494 |
|
|
Current portion of lease liabilities - finance |
|
|
1,083 |
|
|
|
1,053 |
|
|
Supplier financing |
|
|
- |
|
|
|
384 |
|
|
Total current liabilities |
|
|
11,773 |
|
|
|
7,148 |
|
|
Non-current portion of lease liabilities - operating |
|
|
9,736 |
|
|
|
9,322 |
|
|
Non-current portion of lease liabilities - finance |
|
|
1,428 |
|
|
|
1,009 |
|
|
Payor liability |
|
|
- |
|
|
|
6,105 |
|
|
Total liabilities |
|
|
22,937 |
|
|
|
23,584 |
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
|
Common stock, |
|
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
|
303,829 |
|
|
|
307,432 |
|
|
Accumulated deficit |
|
|
(266,351 |
) |
|
|
(279,916 |
) |
|
Total shareholders’ equity |
|
|
37,480 |
|
|
|
27,518 |
|
|
Total liabilities and shareholders’ equity |
|
$ |
60,417 |
|
|
$ |
51,102 |
|
|
|
|
|||||||||||||||
|
Condensed Statements of Operations |
|
|||||||||||||||
|
(In thousands, except shares and per share data) |
|
|||||||||||||||
|
(Unaudited) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
||||||||||
|
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
||||
|
Net revenues |
|
$ |
17,470 |
|
|
$ |
5,587 |
|
|
$ |
47,273 |
|
|
$ |
36,143 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
11,265 |
|
|
|
5,776 |
|
|
|
27,733 |
|
|
|
24,133 |
|
|
Research and development expenses |
|
|
1,303 |
|
|
|
1,366 |
|
|
|
3,483 |
|
|
|
4,945 |
|
|
General and administrative expenses |
|
|
3,514 |
|
|
|
3,047 |
|
|
|
9,884 |
|
|
|
14,153 |
|
|
Sales and marketing expenses |
|
|
1,938 |
|
|
|
975 |
|
|
|
5,806 |
|
|
|
6,292 |
|
|
Total costs and expenses |
|
|
18,020 |
|
|
|
11,164 |
|
|
|
46,906 |
|
|
|
49,523 |
|
|
(Loss) income from operations |
|
|
(550 |
) |
|
|
(5,577 |
) |
|
|
367 |
|
|
|
(13,380 |
) |
|
Other (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(75 |
) |
|
|
(52 |
) |
|
|
(220 |
) |
|
|
(269 |
) |
|
Other income, net |
|
|
- |
|
|
|
84 |
|
|
|
- |
|
|
|
84 |
|
|
Total other (expense): |
|
|
(75 |
) |
|
|
32 |
|
|
|
(220 |
) |
|
|
(185 |
) |
|
(Loss) income before income taxes |
|
|
(625 |
) |
|
|
(5,545 |
) |
|
|
147 |
|
|
|
(13,565 |
) |
|
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net (loss) income and comprehensive (loss) income |
|
|
(625 |
) |
|
|
(5,545 |
) |
|
|
147 |
|
|
|
(13,565 |
) |
|
Net (loss) income attributable to common shareholders |
|
$ |
(625 |
) |
|
$ |
(5,545 |
) |
|
$ |
147 |
|
|
$ |
(13,565 |
) |
|
Weighted-average shares outstanding used in computing net (loss) income per share attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,384,469 |
|
|
|
16,998,031 |
|
|
|
14,089,537 |
|
|
|
16,917,412 |
|
|
Diluted |
|
|
15,384,469 |
|
|
|
16,998,031 |
|
|
|
14,330,477 |
|
|
|
16,917,412 |
|
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.01 |
|
|
$ |
(0.80 |
) |
|
Diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.33 |
) |
|
$ |
0.01 |
|
|
$ |
(0.80 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221121005819/en/
Investor & Media Contact:
LHA Investor Relations
Jcain@lhai.com, (310) 691-7100
Source: