Biocept Inc (NASDAQ:BIOC) (FRA:B003) revealed to investors that it has received more than 420,000 samples for coronavirus testing since launching the service in June 2020.
The samples are processed using Biocept’s RT-PCR-based technology at its CLIA-certified, CAP-accredited, high-complexity molecular laboratory in San Diego.
"COVID-19 testing has driven Biocept’s positive financial performance over the past several quarters, which in turn has supported further investment in our core oncology business for our long-term success," COO Tim Kennedy said in a statement. "In addition to dramatic increases in revenue, we have reduced expenses related to COVID-19 testing. When we began offering this service a year ago, the components for assembling COVID-19 sample collection kits were in high demand and premium-priced ... we are now able to procure kits and tubes at a price that’s below the cost of producing them ourselves."
READ: Biocept starts 2021 on a high with a profitable 1Q on revenue of $17.8M, driven by its coronavirus tests
Moving forward, Biocept said there will be more need for coronavirus tests, but the company also plans to move into influenza testing, in time for the flu season.
"We are very proud of our work to help reduce viral spread by providing our community with COVID-19 testing services, as well as our consistent record for quick turnaround times and high-quality customer service," CEO Michael Nall said in a statement. "We plan to further support our customers by offering a combination COVID-19 and seasonal influenza testing beginning in the third quarter of this year. As COVID-19 restrictions are lifted, some experts project a resurgence in influenza cases in the coming flu season.”
With regard to coronavirus testing, Nall pointed to college campuses in particular.
"We also anticipate an increase in COVID-19 testing volume received from students and staff this fall when colleges return to in-person classes, following Biocept’s selection as one of four labs to serve the COVID-19 testing needs at all 116 California community colleges," Nall said. "We believe our recently announced partnership with CLEARED4 to develop a system for tracking and managing COVID-19 testing requirements and test results will be especially helpful for our clients."
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