A letter sent by the Michael Nall, the chief executive officer of Biocept Inc (NASDAQ:BIOC), to shareholders has sought to underscore the strong position the pharmaceutical company is currently in, in the area of liquid biopsy. The letter also served to list the firm’s accomplishments in 2016.
Among last year’s notable achievements included the signing of provider deals with some of the biggest health plans in the country as well as the launching of biomarker assays. This had a positive effect on the firm’s financial results as there was strong growth recorded. The firm also registered the first million dollars in revenue in 2016’s third quarter.
This year so far
Other than achievements of the previous year, the CEO’s letter also highlighted the company’s achievements for this year. This included signing an agreement with Texas’ biggest health plan. With Texas being one of Biocept’s biggest markets, Nall added that this was a significant achievement.
Additionally, Nall also revealed that Biocept had also signed a deal with an association of national health plans which would allow the pharmaceutical company to get more network deals. The chief executive officer added that Biocept’s liquid biopsy had been selected after a competitive process.
Biocept also began the year aiming to improve the collections and billing system with a view to making it more efficient and effective. Nall announced that to spearhead the improvements would be Tim Kennedy, the company’s operations vice president and chief financial officer, who joined the company a little over six months ago.
On the goals for 2017, the chief executive officer of Biocepts said the company would be moving away from a cash-based reporting of revenues and instead adopting accrual accounting. According to Nall, this would allow the pharmaceutical firm to record sales while tests were being performed. This would not only provide an improved alignment of expenses and revenues but the revenue reflection would also be timelier.
In closing remarks, Nall said that he and his team remained committed to delivering value to all stakeholders this year.
On Friday shares of Biocept Inc fell by 4.69% to close the day at $2.03.