NEW YORK (GenomeWeb) – Biocept reported after the close of the market Thursday that its third quarter 2017 revenues rose around 10 percent year over year.
The liquid biopsy assay developer reported total revenues of $1.1 million for the three months ended Sept. 30, up from $1 million in the same period last year.
Of the $1.1 million of revenues recognized during Q3 2017, $900,000 was revenues recognized on an accrual basis and $102,000 reflected the receipt of cash. Biocept converted from cash-based to accrual-based reporting in Q1 of this year.
Overall revenue included $67,000 from development services and $1.0 million in commercial test revenues from the accession of 1,343 samples — 7 percent more than the 1,179 samples the company saw in Q3 2016. Among these, 1,203 samples were billable samples, a 2 increase over 1,183 billable samples accessioned during the third quarter of 2016.
“This has been a productive period in developing new distribution channels, launching key biomarker tests, and initiating an important clinical study all aimed at supporting further physician adoption of our Target Selector liquid biopsy platform,” Biocept President and CEO Michael Nall said in a statement.
Nall highlighted Biocept’s recent distribution agreement with VWR and