The San Diego-based molecular diagnostics firm reported total 3Q revenue of $1.5 million, a 101% increase over 2018 figures and up 28% from the previous quarter.
Revenues for the quarter included $1.4 million in commercial test revenue, $40,000 in development services test revenue and $60,000 in revenue for Target Selector RUO kits, which were commercially launched in early 2019, and CEE-Sure blood collection tubes.
The higher revenue figures were largely thanks to a 66% increase in the number of billable commercial samples, the company told investors.
Biocept CEO Michael Nall hailed the strong results, telling investors that its focus on continued growth in commercial volume and improvement in gross margin percent through operational efficiencies is paying off.
"Testing for lung cancer continued to be among the largest contributors to commercial volume due to the difficulties in securing lung tissue samples from this patient population," Nall said in a statement.
The CEO told shareholders that the firm is gaining traction in the uro-oncology market where its blood-based testing is used by urologists to monitor patients with rising prostate-specific antigen (PSA) levels, as well as in the post-surgery setting to identify patients at risk for cancer recurrence.
“We are seeing increasing reorders from the physicians and practices who began using our Target Selector products earlier this year, while establishing relationships with additional urologists and urology practice groups during the third quarter,” Nall said.
Target Selector testing for breast cancer was also a key contributor to commercial volume growth during the quarter, according to Nall:
“Clinicians treating patients with breast cancer are utilizing our blood-based assays for initial profiling of biomarkers to ensure that critical biomarkers are not missed with the original tissue biopsy as well as to re-profile patients who have cancer recurrence in order to determine the most appropriate treatment plan for each patient.”
Research and development expenses for the firm came in at $1.2 million as it continued to develop and validate new assays.
The firm posted a net loss of $5.7 million or $0.25 per share compared to $6.7 million or $2.42 per share over the year-ago period.
Shares of Biocept gained 3.1% after the bell at $0.68.
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