Biocept Stock Drops Despite Clocking Q2 Sales Of $12M

Biocept Inc BIOC reported its second-quarter revenues of $12 million, compared to a mere $917,471 a year ago, but sharply missing the consensus of $17.76 million.
The revenue growth is attributable to RT-PCR COVID-19 testing, as only $926,000 in revenue came from oncology testing.
Related: Medicare Issues Coverage Determination For Biocept's Target Selector Assay For Breast Cancer.
The company also brought in about $33,000 from development services and $34,000 from distributed products, including its Target Selector RUO kits, CEE-Sure blood collection tubes, and payments from Aegea for services associated with the development of a COVID-19 assay.
Biocept accessioned 102,172 commercial samples during Q2 compared to 1,306 during Q2 2020.
Of these, 101,982 were billable samples, up from 985 in the same period last year.
CEO Michael Nall said in a statement that the quarterly revenues reflect an anticipated slow-down in COVID-19 testing volumes during Q2 as vaccination rates increased. However, the new increase of cases due to the Delta variant has led to an uptick in Q3.
Biocept's Q2 net loss was $1.8 million, or $0.14 per share, compared to $6.5 million, or $0.51 per share year.
Biocept finished the quarter with $14.4 million in cash and cash equivalents.
Price Action: BIOC shares are down 8.61% at $3.46 during the market session on the last check Tuesday.