Biocept (BIOC) Stock Climbs On COVID-19 Testing News

Biocept BIOC Stock News

Biocept Inc (NASDAQ: BIOC) is making a run for the top in the premarket hours this morning, and for good reason. The company announced an update with regard to its COVID-19 testing product. Here’s what’s going on:

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BIOC Stock Heads Up On COVID-19 Testing News

In the press release, Biocept said that it has received more than 35,000 COVID-19 specimens to date for process through its RT-PCR technology at its CLIA-certified, CAP-accredited high-complexity molecular lab.

Moreover, BIOC said that it expectes to collect an average reimbursement of approximately $100 per test. Moreover, the company said that it has distributed 83,000 COVID-19 PCR specimen collection kits to date. Moreover, it has another 87,000 additional collection kits in its inventory.

Importantly, the company said that most of the orders for its testing kits have come from California to date. Nonetheless, the company is working to expand its presence in other states.

In a statement, Michael Nall, President and CEO at BIOC, had the following to offer:

In slightly more than two weeks, our lab has received around 14,000 COVID-19 specimens as our COVID-19 testing continued to gain momentum. Even with the increased volume, the vast majority of COVID-19 test results were reported to our healthcare provider customers within 48 hours of receiving a sample. We are increasingly confident that COVID-19 testing will have a significant impact on third quarter revenue and be an important aspect of our business during the pandemic.

We continue to make good progress in developing our own COVID-19 specimen collection kits and remain on track for launch later this year. These specimen collection kits will be validated on a number of platforms used in our lab and for potential sales to other labs.

This News Is Huge

The news released by Biocept this morning proved to be overwhelmingly positive. First and foremost, if the company’s estimates are correct, it will soon receive reimbursement payments in the amount of around $3.5 million.

Moreover, the company has tens of thousands collection kits currently distributed with nearly 100,000 testing kits in inventory. As such, there’s a strong chance that just in what it has sold already and what it has on hand, the company has the ability to bring in well over $10 million from its activity in COVID-19 testing.

Think about it, we’re talking about a company with a $57 million market cap. If all continues to go well, the company will bring in one sixth of what it is worth in COVID-19 testing revenue in the near term alone. That’s huge news and there’s plenty of reason for investors to be excited about BIOC.

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