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Biocept rises after reporting 7% sequential 4Q growth in billable test volume

The supplier of liquid biopsy tests said it raised more than $18 million in equity capital since the beginning of 2019 and has the financial resources to apply its business strategy throughout the year

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A key driver of growth, according to Biocept, was the relaunch of its EmpowerTC service

Biocept Inc (NASDAQ:BIOC) climbed in Thursday’s extended trading after reporting 7% growth in billable test volume during the fourth quarter compared with the prior period.

The supplier of liquid biopsy tests said it raised more than $18 million in equity capital since the beginning of 2019 and has the financial resources to apply its business strategy throughout the year.

Shares of Biocept advanced 4.2% to $1.23 in Thursday’s after-hours trading.

READ: Biocept prices $8.2M registered direct offering to institutional investors

A key driver of growth, according to Biocept, was the relaunch of its EmpowerTC service, which allows pathologists to access its Target Selector circulating-tumor-cell platform and integrate it into their practices.

“Revenues and billable samples for the fourth quarter reached their highest levels in 2018, as we benefited from our refocused commercial strategy," President and CEO Michael Nall said in a statement. "Our efforts to enhance our growth in test volumes has continued into 2019.”

Cash and cash equivalents were $3.4 million as of December 31, compared with $2.1 million a year earlier.

For the fourth-quarter, the San Diego company reported a net loss of $1.43 per share on revenue of $860,000. The average forecast of analysts was for a loss of $1.58 per share on revenue of $930,000.

Contact Dennis Fitzgerald at [email protected]

Quick facts: Biocept Inc

Price: 0.771 USD

NASDAQ:BIOC
Market: NASDAQ
Market Cap: $17.75 m
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