Biocept, Inc. (BIOC) saw its loss widen to $4.74 million, or $0.57 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $4.50 million, or $0.72 a share.
Revenue during the quarter surged 535.27 percent to $1.05 million from $0.16 million in the previous year period.
Operating loss for the quarter was $4.63 million, compared with an operating loss of $4.36 million in the previous year period.
"In the third quarter, we continued to increase our test volume growth while improving collections on our billing activities, resulting in record quarterly revenues of more than $1 million," said Michael Nall, president and chief executive officer of Biocept. "Our menu of actionable cancer biomarkers, including our blood-based assays for PD-L1 and EGFR-T790M, are enabling an increasing number of patients to benefit from rapid, non-invasive molecular profiling and cancer monitoring solutions." "We look forward to closing the year on a strong note by continuing to execute on our corporate goals and objectives, which include clinical data presentations at two prominent cancer symposia in December," concluded Mr. Nall.
Working capital turns negative
Working capital of Biocept, Inc. has turned negative to $3.28 million on Sep. 30, 2016 from positive $9.95 million on Sep. 30, 2015. Current ratio was at 0.35 as on Sep. 30, 2016, down from 3.93 on Sep. 30, 2015.
Days sales outstanding went down to 5 days for the quarter compared with 20 days for the same period last year.
Days inventory outstanding has decreased to 12 days for the quarter compared with 22 days for the previous 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
