Biocept Inc (NASDAQ: BIOC) posted another record quarter as the commercial provider of liquid biopsy kits for cancer saw an increase in test volume.
The San Diego-based biotech firm delivered revenue of $1.8 million during 4Q 2019, an increase of 108% over the same period last year.
The gain was largely driven by commercial revenue, up 94% compared to 4Q 2018 and 11% over the previous quarter in 2019.
READ: Biocept says published clinical data further validates Target Selector to identify cancer-related mutations
It is the company’s sixth consecutive quarter of growth, CEO Michael Nall told shareholders in a statement Wednesday.
"Our growth for the quarter was driven by year-over-year increases of 46% in commercial test volume and 34% in average reimbursement per patient, predominantly due to reporting on more tests per accession ordered by referring doctors,” Nall said.
Fourth-quarter cost of revenues per accession declined 12% versus the fourth quarter of 2018, the company said.
“While growing revenues, we also benefitted from operating efficiencies, including automation initiatives in our CLIA-certified laboratory,” Nall said. “These efficiencies combined with higher sample volume moved us significantly closer to positive gross margin.”
For its fiscal 2019, Biocept delivered $5.5 million in revenue, a 70% increase from the $3.3 million it posted in 2018.
During the year, the firm launched the first-and-only liquid biopsy test to evaluate cerebrospinal fluid as well as test panels for lung and breast cancer. It also added a new revenue stream via sales of its Target Selector research-use only kits and expanded its intellectual property portfolio with new patents.
In 2019 the firm raised net proceeds of $17.5 million from two equity offerings and warrant exercises.
Its net loss for 4Q 2019 was $5.7 million, or $0.20 per share, down from $6 million, or $1.43 per share during the year-ago period.
Biocept’s shares jumped around 9% in aftermarket trading Wednesday to sit around $0.38.
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