Biocept Inc. (BIOC) stock rallied in the after-market session on Monday, March 29, 2021, after the company announced its financial results for the three and 12 months ended December 31, 2020. The BIOC stock gained 33.79% in the extended trading session on Monday.
Let’s have a brief look at its financial results.
Fourth Quarter Financial Results
- Biocept Inc earned a revenue of $18.5 million for the fourth quarter of 2020compared with $1.8 million for the fourth quarter of 2019.
- For the reported quarter the cost of revenue was $10.0 million, compared with $2.9 million for the same period in 2019
- BIOC spent $1.2 million in research and development (R&D) expenses for the fourth quarter which were the same in Q4 of 2019.
- General and administrative expenses for the fourth quarter of 2020 were $3.1 million, compared with $1.9 million for the fourth quarter of 2019.
- for the fourth quarter of 2020, the net income to common shareholders was $1.9 million, or $0.14 per diluted share compared with a net loss of $5.7 million, or $1.97 per share to common shareholders for the fourth quarter of 2019.
Full Year Financial Results
- Revenues for 2020 were $27.5 million, compared with $5.5 million for 2019.
- The company spent $42.9 million in operating expenses in the 2020 full year, compared with $28.6 million in 2019.
- cost of revenue was $21.3 million for full-year 2020, compared with the cost of revenues of $11.0 million in the prior year.
- BIOC R&D expenses were $5.2 million for the reported year compared with R&D expenses of $4.7 million in 2019.
- For the full year 2020, G&A expenses were10.0 million, compared with $7.0 million in 2019.
- Sales and marketing expenses were $6.4 million for the reported year compared with $5.9 million in 2019.
- BIOC suffered a net loss of $17.8 million for full-year 2020 or $1.50 per share compared with a net loss of $25.3 million, or $12.23 per share in the prior year.
- As of December 31, 2020, Biocept had cash and cash equivalents of $14.4 million,
Biocept participation in three investors conferences
The company participated virtually in three investor conferences held in March 2020.
- Maxim 2021 Emerging Growth Virtual Conference being held March 17-19, 2021.
- 33rd Annual Roth Conference being held March 15-17, 2021.
- H.C. Wainwright Global Life Sciences Virtual Conference which held on March 9-10, 2021.
The company was presented by President and CEO Michael Nall at all three above-mentioned investment conferences.
Conclusion: The stock price went up because of strong financial results announcement from the prior periods and show significant financial improvements. Investors may be looking to invest more in BIOC stock which can take its price further up.