NEW YORK (GenomeWeb) – Biocept reported after the close of the market on Tuesday that its second quarter revenues dropped 37 percent year over year.
For the three months ended June 30, the San Diego-based liquid biopsy firm saw $822,238 in revenues compared to $1.3 million a year ago.
According to the company, the drop resulted in part from a change in commercial revenue recognition to a method based on accruals from one based on cash. Based on accruals only, the firm’s revenues for Q2 2017 would have been only $1.1 million, Biocept said.
Biocept’s earnings during the recently completed quarter included $761,000 in commercial test revenues, $52,000 in development services test revenues, and $9,000 from sales of the company’s research-use-only CEE-Sure blood collection tubes through a previously announced international distribution agreement with VWR.
Biocept President and CEO Michael Nall highlighted the shipping of the first blood collection tubes as a milestone in the company’s transition from a reference laboratory to a diagnostic kit manufacturer. The firm plans to launch its research-use-only liquid biopsy kits in early 2019.
Biocept accessioned 1,029 test samples in Q2 2018 compared with 1,405 in the year-ago quarter. Of those, 996 were billable samples, down