Biocept Inc (NASDAQ:BIOC) has reported unaudited net revenue of $61.2 million for the financial year ending December 31, 2021.
The company also said that it had cash and cash equivalents of about $28 million as of December 31, 2021 as it develops and commercializes molecular diagnostic assays that provide physicians with clinically actionable information for treating and monitoring patients diagnosed with a variety of cancers.
Samuel Riccitelli, Biocept's interim president and CEO, said 2021 revenue reached a record high -- up 123% year-over-year driven primarily by RT-PCR COVID-19 testing.
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“As anticipated, we are currently experiencing a decline in COVID-19 testing demand as the unpredictable pandemic begins shifting to an endemic stage,” he said. “Also, in the fourth quarter of 2021 we once again achieved sequential-quarter volume growth for CNSide, our proprietary cerebrospinal fluid assay for the detection and monitoring of cancer involving the central nervous system."
He added: "We anticipate reporting positive cash flow from operations for 2021 and ended the year with a cash balance of approximately $28 million."
The company noted that it restated its financial results for the quarter ended September 30, 2021, resulting in the implementation of additional accounting review and control procedures, and resource constraints. Thus the accounting review of Biocept's financial statements as of and for the year ended December 31, 2021, is ongoing.
Biocept said it is filing a notification of late filing on Form 12b-25 with the Securities and Exchange Commission, which provides an automatic 15-day extension of the filing deadline for its Annual Report on Form 10-K for the year ended December 31, 2021, to April 15, 2022.
The company said the net revenue and cash and cash equivalent figures should be considered preliminary and could be subject to change as the company's independent registered public accounting firm has not completed its audit.
Biocept anticipates filing its Form 10-K for the year ended December 31, 2021, by April 15, 2022, or as soon as practicable.
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