Biocept, Inc (BIOC) saw its loss narrow to $4.19 million, or $0.27 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.62 million, or $0.73 a share. Revenue during the quarter surged 491.70 percent to $1.29 million from $0.22 million in the previous year period.
Operating loss for the quarter was $4.09 million, compared with an operating loss of $4.51 million in the previous year period.
“We made great progress in 2016 and ended the year on a high note, with revenues and new account start-ups reaching the highest levels of any quarter in 2016,” said Michael Nall, President and Chief executive officer of Biocept. “Despite the impact of fourth quarter seasonality, our revenues for the period reached a record $1.3 million, with billable samples up 78% from the prior-year period. We also managed our operating expenses, which declined as a percentage of sales, a trend that we expect to continue in 2017. Given these advancements and our plans to begin reporting sales on an accrual basis later this year, we believe that we remain on track to achieve our goal of becoming gross margin-positive in the second half of 2017.”
Working capital drops significantly
Biocept, Inc has witnessed a decline in the working capital over the last year. It stood at $1.38 million as at Dec. 31, 2016, down 78.12 percent or $4.92 million from $6.30 million on Dec. 31, 2015. Current ratio was at 1.31 as on Dec. 31, 2016, down from 2.89 on Dec. 31, 2015. Days sales outstanding went down to 5 days for the quarter compared with 7 days for the same period last year.
Days inventory outstanding was almost stable at 13 days for the quarter, when compared with the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
