Executive Summary

No standalone Q2 2015 earnings press release (8‑K 2.02) or earnings call transcript was found; analysis is based on the Q2 2015 10‑Q and related filings. The company also furnished an investor presentation on Sept 21, 2015 without quantitative results .
Revenue rose 92% year over year to $0.458M, driven by more patients treated and broader program distribution, but the quarter posted a $(3.77)M net loss due to a $3.64M write‑off from terminating a prior licensing agreement and replacing it with IP acquisition, plus a $0.12M sub‑license settlement loss .
Sequentially, revenue increased 66% vs Q1 2015, but one‑time charges swung results to loss; derivative fair‑value gains partly offset expenses .
Liquidity remains strained: current assets $0.41M vs current liabilities $3.69M (working capital deficit ≈$3.28M) and going‑concern risk persists; the company relied on $0.40M lender advances and a $0.075M convertible note in H1 2015 .

What Went Well and What Went Wrong

What Went Well
- Strong top‑line growth: Q2 revenue up 92% YoY to $457,780 as more patients were treated at licensed clinics and distribution expanded .
- Positive non‑cash market effects: $199,824 gain on change in derivative liabilities, and $81,866 gain on warrant liability this quarter provided partial offsets to expenses .
- Strategic IP control: Acquired complete rights to the Naltrexone implant formulation for $1.132M (cash/installments plus equity), positioning for longer‑term control of core technology .
What Went Wrong
- One‑time charges pressured earnings: $3.64M write‑off on termination of the prior license and $118,027 loss on sub‑license settlement drove a $(3.77)M net loss in Q2 .
- Liquidity and leverage: Current liabilities far exceeded current assets ($3.69M vs $0.41M), with advances from lenders and multiple notes outstanding, heightening going‑concern risk .
- Customer/supplier concentration: Three customers comprised 56% of Q2 revenue and Trinity Rx remained the sole supplier for the implant, increasing operational risk .

Financial Results

Metric	Q2 2014	Q1 2015	Q2 2015
Revenue ($)	$238,008	$275,465	$457,780
Total Operating Expenses ($)	$685,813	$283,134	$4,365,519
Net Income (Loss) ($)	$339,582	$(203,174)	$(3,770,720)
Net Income Margin %	142.7% (calc from rev/NI)	(73.8%) (calc)	(824.0%) (calc)
Basic EPS ($)	$0.00	$(0.00)	$(0.02)
Interest Expense, net ($)	$(128,845)	$(99,849)	$(62,805)
Gain (Loss) on Derivative Liability ($)	$916,232	$(95,656)	$199,824

Balance sheet and cash KPIs (period-end balances):

Metric	Jun 30, 2014	Dec 31, 2014	Jun 30, 2015
Cash and Equivalents ($)	$320,942	$53,120	$127,852
Accounts Receivable, net ($)	$348,113	$78,500	$129,539
Current Assets ($)	$783,804	$213,365	$405,545
Current Liabilities ($)	$1,755,881	$1,938,001	$3,690,207
Deferred Revenue – ST ($)	$732,598	$729,860	$504,439
Deferred Revenue – LT ($)	$1,554,657	$1,187,166	$180,684
Total Deferred Revenue ($)	$2,287,255	$1,917,026	$685,123
Warrant Liability ($)	$232,541	$98,702	$39,488
Derivative Liability ($)	$400,753	$— (reclassified/settled)	$116,366

Notes:

Net income margin computed from reported revenue and net income (citations in the same row).
Working capital deficit at 6/30/15 implied by current assets vs current liabilities (≈$3.28M) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company guidance	FY/Q2 2015	None	None	No formal guidance provided in filings

Earnings Call Themes & Trends

No Q2 2015 earnings call transcript was available. Themes below reflect MD&A commentary across prior filings.

Topic	Previous Mentions (Q2 2014 and Q1 2015)	Current Period (Q2 2015)	Trend
Distribution/clinic footprint	Expansion via licensing; four new locations in 2013; focus on broader US reach	Continued focus on wider US distribution of Start Fresh Program	Steady expansion focus
Revenue drivers	Revenue mix benefited from licensing/distribution model; YoY declines in 2014 due to model transition	92% YoY revenue increase tied to more patients treated and distribution	Improving top-line trajectory
IP/licensing strategy	Operated under exclusive implant license (Trinity); discussed potential acquisitions	Terminated prior licensing agreement; acquired implant IP for $1.132M; took $3.64M write-off	Strategic pivot to IP ownership
Capital/financing	Convertible notes and warrants; liability reclassification; operating via borrowings	$400k advances; $75k convertible note; derivative/warrant mark‑to‑market gains	Continued reliance on external financing
Legal/settlements	Litigation settlement obligations (Florida)	Sub‑license separation with settlement; $118k loss	Ongoing cleanup of legacy agreements
Concentration risks	Customer concentration; sole supplier Trinity Rx	Customer concentration (56% of Q2 revenue); Trinity Rx still sole supplier	Persistent risk concentration
Liquidity/going concern	Working capital deficits and going‑concern language	Larger deficit; continued going‑concern warnings	Elevated liquidity risk

Management Commentary

“Sales for the three months ended June 30, 2015 were $457,780 compared with $238,008 for the three months ended June 30, 2014, reflecting an increase of 92%. The increase in sales revenue is directly related to the increase of patients treated at licensed clinics and Start Fresh Program distribution.”
“Total operating expenses… increased… due [to] the termination of our Naltrexone implant licensing agreement and replacing the rights with an acquisition agreement and… a loss on settlement of sub‑licensing agreements, for charges of $3,639,694 and $118,027, respectively.”
“On June 30, 2015, the Company acquired the complete rights, title and interest in the Naltrexone Implant Formulation… for an aggregate purchase price of $1,132,000.”
“The Company’s… financial statements… raise substantial doubt about the Company’s ability to continue as a going concern.”

Q&A Highlights

No Q2 2015 earnings call transcript was available; therefore, there are no Q&A highlights to report [Search yielded none; filings do not include a transcript] .

Estimates Context

We attempted to retrieve S&P Global (Capital IQ) consensus EPS and revenue for Q2 2015 and Q1 2015 but could not obtain the data at this time; as a result, no estimate comparisons are included. Where possible, we default to company‑reported actuals from SEC filings .

Key Takeaways for Investors

Top-line momentum is improving (Q2 revenue up 92% YoY; +66% QoQ), suggesting broader clinical adoption of the Start Fresh Program across licensed clinics .
The strategic pivot to own core implant IP (and terminate the prior license) is a long‑term positive but created a significant non‑cash charge this quarter; investors should adjust for the $3.64M write‑off when assessing underlying trends .
Liquidity remains the principal risk: sizeable working capital deficit, reliance on advances/convertible debt, and explicit going‑concern language warrant caution until sustainable financing or cash flow improvements materialize .
Concentration risks persist (customer concentration and sole‑source supplier), which could create volatility in collections and supply; monitoring diversification progress is key .
Non‑cash fair‑value gains (derivative/warrant liabilities) can materially swing reported earnings; focus on revenue growth, cash from operations, and operating expense run‑rate excluding one‑time items for core performance assessment .
Deferred revenue has declined sharply as legacy licensing fees amortize/settlements occur (from ~$2.29M at 6/30/14 to ~$0.69M at 6/30/15), reducing a historical cushion to cash flows; rebuilding contracted backlog would help visibility .

Additional context

No 8‑K 2.02 earnings press release or Q2 2015 call transcript was found; the company furnished an investor presentation on Sept 21, 2015 without quarterly metrics .

BioCorRx Inc. (BICX)·Q2 2015 Earnings Summary