Biocept Reports Unaudited 2021 Revenue and Year-End Cash Balance
31 Março 2022 - 7:15PM
Business Wire
Biocept, Inc. (Nasdaq: BIOC), a leading provider of molecular
diagnostic assays, products and services, reports unaudited net
revenue for 2021 of $61.2 million and cash and cash equivalents as
of December 31, 2021 of approximately $28 million.
“Revenue reached a record high in 2021, up 123% over the prior
year driven primarily by RT-PCR COVID-19 testing. As anticipated,
we are currently experiencing a decline in COVID-19 testing demand
as the unpredictable pandemic begins shifting to an endemic stage.
Also, in the fourth quarter of 2021 we once again achieved
sequential-quarter volume growth for CNSide™, our proprietary
cerebrospinal fluid assay for the detection and monitoring of
cancer involving the central nervous system,” said Samuel D.
Riccitelli, Biocept’s Chairman, and interim President and CEO. “We
anticipate reporting positive cash flow from operations for 2021
and ended the year with a cash balance of approximately $28
million.”
As a result of the restatement of financial results for the
quarter ended September 30, 2021, the implementation of additional
accounting review and control procedures, and resource constraints,
the accounting review of Biocept’s financial statements as of and
for the year ended December 31, 2021 is ongoing. Biocept is filing
a notification of late filing on Form 12b-25 with the Securities
and Exchange Commission, which provides an automatic 15-day
extension of the filing deadline for its Annual Report on Form 10-K
for the year ended December 31, 2021, to April 15, 2022. The net
revenue and cash and cash equivalent data presented in this news
release should be considered preliminary and could be subject to
change as the company's independent registered public accounting
firm has not completed its audit. Biocept anticipates filing its
Form 10-K for the year ended December 31, 2021 by April 15, 2022 or
as soon as practicable.
About Biocept
Biocept, Inc. develops and commercializes molecular diagnostic
assays that provide physicians with clinically actionable
information for treating and monitoring patients diagnosed with a
variety of cancers. In addition to its broad portfolio of
blood-based liquid biopsy assays, Biocept has developed the CNSide™
cerebrospinal fluid assay that detects cancer that has metastasized
to the central nervous system. Biocept’s patented Target Selector™
technology captures and quantitatively analyzes CSF tumor cells for
tumor-associated molecular markers, using technology first
developed for use in blood. Biocept also is leveraging its
molecular diagnostic capabilities to offer nationwide COVID-19
RT-PCR testing to support public health efforts during this
unprecedented pandemic. For more information, visit
www.biocept.com. Follow Biocept on Facebook, LinkedIn and
Twitter.
Forward-Looking Statements Disclaimer Statement
This news release contains forward-looking statements that are
based upon current expectations or beliefs, as well as a number of
assumptions about future events. Although we believe that the
expectations reflected in the forward-looking statements and the
assumptions upon which they are based are reasonable, we can give
no assurance that such expectations and assumptions will prove to
be correct. Forward-looking statements are generally identifiable
by the use of words like "may," "will," "should," "could,"
"expect," "anticipate," "estimate," "believe," "intend" or
"project," or the negative of these words or other variations on
these words or comparable terminology. To the extent that
statements in this news release are not strictly historical,
including, without limitation, statements regarding the
capabilities and performance of our CNSide assay and Target
Selector technology, such statements are forward-looking, and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The reader is cautioned
not to put undue reliance on these forward-looking statements, as
these statements are subject to numerous risks and uncertainties,
including risks and uncertainties associated with the continually
evolving COVID-19 pandemic and the risk that our products and
services may not perform as expected. These and other factors are
described in greater detail under the " Risk Factors" heading of
our Quarterly Report on Form 10-Q/A for the quarter ended September
30, 2021, as filed with the Securities and Exchange Commission
(SEC) on February 15, 2022. The effects of such risks and
uncertainties could cause actual results to differ materially from
the forward-looking statements contained in this news release. We
do not plan to update any such forward-looking statements and
expressly disclaim any duty to update the information contained in
this press release except as required by law. Readers are advised
to review our filings with the SEC at http://www.sec.gov/.
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version on businesswire.com: https://www.businesswire.com/news/home/20220331006054/en/
Investor Contact: LHA
Investor Relations Jody Cain Jcain@lhai.com (310) 691-7100
Media Contact: Sampson PR
Group Andrea Sampson asampson@sampsonprgroup.com (562)
304-0301
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