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Biocept Q4 Revenues Jump on Higher Test Volume

NEW YORK (GenomeWeb) - Biocept today after the close of the market reported a 300 percent increase year over year in its fourth quarter revenues.

For the three months ended Dec. 31, 2014, Biocept's total revenues increased to $76,000 from $19,000 in the prior-year fourth quarter, primarily related to higher commercial test volume, the firm said in a statement.

"Over the past year, we have aggressively expanded our business as we work to validate additional applications of our technology platform and enhance our revenue stream," Biocept CEO Michael Nall said in a statement. "Importantly, we recently launched our Selector platform providing ctDNA analysis using a blood sample for non-small lung cancer patients which significantly enhances our existing test menu." 

The firm's average price collected per commercial test was $1,023 for the three months ended December 31, 2014.

Biocept's net loss for the quarter was up to $3.9 million, or $.87 per share, compared to a loss of $2.5 million, or $13.57 per share, in Q4 2013. The loss was primarily attributable to hiring a sales and marketing team, additional expenses associated with becoming a publicly traded company in February 2014, and increased research and development costs to bring new tests and biomarkers to market, the firm said.

Its R&D spending rose 57 percent year over year to $1.1 million from $710,845, primarily attributable to increased validation activities, the firm said. Its SG&A costs increased 166 percent to $2.1 million from $796,169 owing primarily to the 11-person sales and marketing team hired during 2014.

Revenues for full-year 2014 dipped 1 percent year over year to $133,415 from $134,245. The firm's net loss for the year was $15.9 million, or $3.97 per share, compared to a net loss of $9.2 million, or $50.80 per share, in 2013.

Its R&D costs were up 29 percent to $4.5 million from $3.1 million, while its SG&A spending rose to $7.3 million, up 170 percent from $2.7 million.

Biocept ended the year with $5.4 million in cash and cash equivalents.

In January, the firm announced its liquid biopsies would be available to more than 19 million members of the America's Choice Provider Network.