Biocept, Inc. (BIOC) saw its loss narrow to $4.43 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.88 million, or $0.74 a share.
Revenue during the quarter surged 660.30 percent to $1.68 million from $0.22 million in the previous year period.
Operating loss for the quarter was $4.39 million, compared with an operating loss of $4.77 million in the previous year period.
"The first quarter of 2017 was productive, with billable samples up 38% over the same period last year, and revenue of $1.68 million," said Michael Nall, president and chief executive officer of Biocept. "Our reported revenue includes our successful conversion to accrual-based revenue recognition, with a positive impact of $726,000, which is net of $420,000 associated with reserves taken for third-party health plan and patient payments, as well as other reserves for contractual and payer-specific adjustments. We are continuing to execute on our 2017 strategic initiatives aimed at driving increased revenues and billable test volumes. Importantly, we recently strengthened our cash position allowing us to expand our commercial organization in order to execute on our plans intended to accelerate growth throughout the year."
Working capital increases sharply
Biocept, Inc. has recorded an increase in the working capital over the last year. It stood at $10.34 million as at Mar. 31, 2017, up 499.82 percent or $8.61 million from $1.72 million on Mar. 31, 2016. Current ratio was at 2.90 as on Mar. 31, 2017, up from 1.42 on Mar. 31, 2016. Days sales outstanding went up to 23 days for the quarter compared with 16 days for the same period last year.
Days inventory outstanding has decreased to 11 days for the quarter compared with 22 days for the previous year period.
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