Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular diagnostic assays, products and services, reports financial results for the three months ended March 31, 2021 and provides a business update.
First Quarter Financial Results
Revenues for the first quarter of 2021 were $17.8 million, compared with $1.4 million for the first quarter of 2020, with the increase attributable to RT-PCR COVID-19 testing. Revenues for the first quarter of 2021 included $17.7 million in commercial test revenue, which is comprised of $16.8 million attributable to RT-PCR COVID-19 testing, $39,000 in development services test revenue and $62,000 in revenue from distributed products, Target Selector RUO kits, CEE-Sure ® blood collection tubes and payments from Aegea Biotechnologies for services associated with the development of a COVID-19 assay. Revenues for the first quarter of 2020 included $1.3 million in commercial test revenue, $60,000 in development services test revenue and $69,000 in revenue for Target Selector RUO kits and CEE-Sure blood collection tubes.
Biocept accessioned 145,110 total samples during the first quarter of 2021, compared with 1,306 total samples during the first quarter of 2020. The Company accessioned 144,932 commercial billable samples during the first quarter of 2021, compared with 985 commercial billable samples during the first quarter of 2020. The increase in total and commercial billable samples was primarily attributable to COVID-19 testing.
Cost of revenues for the first quarter of 2021 was $9.0 million, compared with $2.9 million for the first quarter of 2020, with the increase primarily due to COVID-19-related collection kits and consumable expenses. Research and development (R&D) expenses for the first quarter of 2021 were $1.0 million, compared with $1.3 million for the first quarter of 2020, with the decrease primarily attributable to lower facilities costs and cost of revenue allocations to R&D. General and administrative (G&A) expenses for the first quarter of 2021 were $3.1 million, compared with $1.9 million for the first quarter of 2020, with the increase primarily due to headcount additions and other expenses related to COVID-19 testing. Sales and marketing expenses for the first quarter of 2021 were $1.9 million, compared with $1.5 million for the first quarter of 2020, with the increase resulting from higher sales commissions due to higher revenues.
Operating income for the first quarter of 2021 was $2.7 million, versus an operating loss of $6.2 million for the first quarter of 2020.
Other expense, net for the first quarter of 2021 was $65,000, compared with other expense, net for the first quarter of 2020 of $2.2 million, with the decrease mainly due to $2.1 million in warrant inducement expense in the first quarter of 2020.
Net income attributable to common shareholders for the first quarter of 2021 was $2.6 million, or $0.19 per diluted share on 13.7 million weighted-average shares outstanding. This compares with a net loss attributable to common shareholders for the first quarter of 2020 of $8.3 million, or $1.06 per diluted share on 7.9 million weighted-average shares outstanding. The change in outstanding share count reflects the 1-for-10 reverse split of common stock effected in September 2020.
Biocept reported cash and cash equivalents as of March 31, 2021 of $14.2 million, compared with $14.4 million as of December 31, 2020.
CWEB Analyst’s have initiated a HOLD Rating for Biocept, Inc. (Nasdaq: BIOC). The pharmaceutical company was not able to make serious money during the pandemic versus competition in some sectors and this will be the leading indicator in Q2. The second quarter will give us complete indication for better or worse financial results.
