Biocept (BIOC) Tops Q1 EPS by 19c

Biocept (NASDAQ: BIOC) reported Q1 EPS of $0.19, $0.19 better than the analyst estimate of $0.00. Revenue for the quarter came in at $17.8 million versus the consensus estimate of $13.67 million.

“We are reporting profitability for the second consecutive quarter on revenues of $17.8 million, as our dedicated Biocept team continued to serve our community with COVID-19 RT-PCR testing featuring exceptional customer service and rapid turnaround times,” said Michael Nall, Biocept’s President and CEO. “These outstanding financial results support further advancements with our core oncology business and more specifically our focus on neuro-oncology as we build for a strong long-term future.

“The full commercial launch of CNSide, our cerebrospinal fluid assay detecting tumor cells and molecular biomarkers, is transformational for Biocept,” he added. “We developed CNSide to address a high unmet medical need by providing diagnostic testing that we believe exceeds the capabilities of the current standard of care, CSF cytology. In early studies, CNSide has shown better sensitivity than CSF cytology in detecting patients with metastatic cancer involving the central nervous system. CNSide has the added advantage of providing quantitative results, which is showing promise in assessing patient response to therapy and monitoring patients for minimal residual disease.

“We are pursuing a clinical strategy to support CNSide as the new standard-of-care diagnostic for cancer that has metastasized to the central nervous system. We also are expanding our reach to neuro-oncologists, medical oncologists and other physicians to build upon the positive reception our assay has received from early adopters. Following our soft launch in early 2020, we have seen CNSide orders increase quarterly with many physicians ordering repeatedly. We recently hosted a highly informative webinar in which three neuro-oncology leaders using our CNSide assay in their practices cited multiple case studies with favorable patient outcomes,” he added. “This is an exciting opportunity for Biocept to help patients with breast and lung cancers that have metastasized to the central nervous system—a U.S. market we estimate at more than $1 billion annually.

“I’m exceptionally proud of the Biocept team for stepping up to address the pressing public health need for COVID-19 testing,” said Mr. Nall. “Since we began offering this service in 2020, we have received approximately 390,000 samples, including about 140,000 samples during the first quarter. We recently announced a partnership to make our service available to all 116 California community colleges including their 2.1 million students, as well as faculty and staff. We expect COVID-19 testing will continue to be an important component of our business and provide meaningful revenues throughout 2021, noting our expectations might change as the pandemic evolves.”

For earnings history and earnings-related data on Biocept (BIOC) click here.

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