Executive Summary

No standalone Q4 2022 press release was issued; Biocept reported full-year 2022 results on April 17, 2023, alongside amended interim financials, and did not host a Q4 earnings call (a separate “business update” call was planned later) .
2022 revenue fell sharply to $25.9M, down from $61.1M in 2021, primarily on the collapse of COVID-19 testing volumes and changes in implicit price concessions; net loss widened to $32.1M ($1.89/share) vs $2.8M ($0.19/share) in 2021 .
Management announced aggressive cost actions (headcount down >40% from pre-COVID testing level) and a focus on CNSide with new lab service agreements and in-network payer contracts to improve reimbursement; the company also restated 2022 interim results and disclosed material weaknesses in internal controls .
Liquidity is tight: cash was $12.9M at 12/31/22; management disclosed substantial doubt about going concern, expecting resources to fund operations only into Q3 2023 absent financing or major uptake of CNSide .

What Went Well and What Went Wrong

What Went Well

CNSide strategic focus: Management emphasized conviction in CNSide’s potential and the decision to further develop and commercialize the asset, including opening enrollment in the FORESEE clinical trial to build clinical utility evidence supportive of guideline inclusion .
Commercial groundwork: Announced requirement for lab service agreements for most academic/hospital customers to maintain access to CNSide, plus execution of new regional in-network payer agreements aimed at improved reimbursement .
Cost discipline: Implemented cost-efficiency measures, enhancing lab operations, reducing vendor services, and cutting headcount by more than 40% from pre-COVID testing level .

What Went Wrong

Revenue collapse and widened losses: 2022 revenue dropped to $25.9M (from $61.1M) on falling COVID testing and payor concession changes; net loss expanded to $32.1M vs $2.8M in 2021 .
Internal control failures and restatements: Filed a 10-Q/A restating interim 2022 quarters due to errors in stock-based compensation and revenue/accounts receivable processes (payor class changes and implicit price concessions), and concluded multiple material weaknesses remained unremediated .
Going concern and liquidity pressure: Cash fell to $12.9M at year-end; management disclosed substantial doubt about ability to continue as a going concern, with runway into Q3 2023 absent additional capital or accelerated commercial traction .

Financial Results

Note: Biocept provided full-year 2022 results; Q4 2022 standalone quarterly figures were not disclosed in the 8-K. Interim 2022 quarters were restated on April 17, 2023; comparability is affected .

Quarterly trend (restated where applicable):

Metric	Q2 2022 (restated)	Q3 2022 (restated)
Revenue ($USD Millions)	$5.819	$1.007
Net Loss ($USD Millions)	$(10.044)	$(10.125)
EPS (Basic/Diluted) ($)	$(0.59)	$(0.60)
Cost of Revenues ($USD Millions)	$8.023	$5.776

Annual comparison:

Metric	FY 2021	FY 2022
Net Revenues ($USD Millions)	$61.249	$25.858
Cost of Revenues ($USD Millions)	$37.764	$28.440
R&D Expense ($USD Millions)	$4.960	$6.161
G&A Expense ($USD Millions)	$12.614	$16.113
Sales & Marketing ($USD Millions)	$8.320	$7.127
Loss from Operations ($USD Millions)	$(2.409)	$(31.983)
Net Loss ($USD Millions)	$(2.824)	$(32.087)
EPS (Basic/Diluted) ($)	$(0.19)	$(1.89)
Cash & Equivalents ($USD Millions, period-end)	$28.864 (12/31/21)	$12.897 (12/31/22)

KPIs:

KPI	Q2 2022	Q3 2022	FY 2021	FY 2022
Commercial Accessions Delivered (#)	77,779	49,874	532,520	294,182
Avg Value per Commercial Accession ($)	$135	$19 (restated net revenue per accession)	—	—
Development Services Cases Delivered (#)	—	106	—	—
Avg Value per Development Accession ($)	—	$340	—	—

Notes: Q3 2022 net revenue per commercial accession was restated to $19; earlier pre-restatement press materials cited higher averages .

Guidance Changes

No formal numerical guidance was provided for Q4 or FY 2023 in the April 17 press release. Management provided directional updates:

Metric/Topic	Period	Previous Guidance	Current Update	Change
COVID-19 testing revenue outlook	Through Dec 2022	“Diminishing but cash-flow positive” and no COVID revenue anticipated beyond Dec 2022 (stated in Q2 PR)	Reiterated revenue decline driver; no explicit update beyond stating 2022 decline and mix shift; focus shifts away from COVID testing	Maintained directionally
CNSide access (Lab service agreements)	2023 rollout	—	Majority of academic/hospital customers to enter lab service agreements to maintain CNSide access (implementation over months)	New policy
Reimbursement	2023	—	Executed new regional in-network payer agreements for improved reimbursement on certain CNSide testing	New contracts
Cash runway / going concern	12 months from filing	—	Substantial doubt re: going concern; resources expected to fund operations into Q3 2023 without additional capital	New disclosure

Earnings Call Themes & Trends

No Q4 2022 earnings call transcript was available; management planned a later “business update” call . Theme evolution across Q2–Q3 2022 and the FY 2022 release:

Topic	Previous Mentions (Q2 2022 and Q3 2022)	Current Period (FY 2022 release)	Trend
CNSide adoption & evidence	First biopharma revenue using CNSide ($58k); FORESEE trial opened; expansion to metastatic melanoma; CNSide orders +14% q/q (Q2) . CNSide orders +8% q/q and +176% y/y; SNO posters; UCSF study participation (Q3) .	Continue CNSide focus; FORESEE enrollment opened; push for guideline inclusion .	Positive execution focus, building clinical utility evidence
Reimbursement	—	New regional in-network payer agreements for CNSide to improve reimbursement .	Improving payor positioning
Customer access model	—	Requiring lab service agreements for most academic/hospital customers to maintain CNSide access .	Tightening access framework
COVID-19 testing	Expect no revenue beyond Dec 2022 (Q2) . Lower volumes drove Q3 declines .	2022 decline driven by lower RT-PCR volume and implicit price concessions .	Structural wind-down
Internal controls / restatement	—	Restated interim 2022 quarters; material weaknesses in ICFR .	Negative; remediation required
Liquidity	Cash $22.9M (6/30/22), $18.0M (9/30/22) .	Cash $12.9M (12/31/22); going concern; runway into Q3 2023 .	Deteriorating liquidity

Management Commentary

“We are more convinced than ever that our proprietary CNSide assay will improve the lives of patients… we have completed our evaluation of strategic alternatives and determined that the best course of action is for Biocept to further develop and commercialize this important asset while pursuing various options to extend our cash runway.” — Samuel D. Riccitelli, Interim President & CEO .
“We’ve implemented cost-efficiency measures… lowering headcount by more than 40% from our pre-COVID-19 testing level… [and] executed a few new regional in-network payor agreements that will allow for improved reimbursement for certain CNSide testing.” .
Q3 color: “Our third quarter financial results reflect solid increases in CNSide orders, up 8% sequentially and 176% year-over-year… the first site in our FORESEE clinical trial is now open for patient enrollment…” .

Q&A Highlights

No Q4 2022 earnings call transcript was available in filings or our document catalog; the company indicated it would announce a separate business update call later in the quarter .

Estimates Context

We attempted to retrieve S&P Global consensus for Q4 2022 and FY 2022 (EPS, revenue, EBITDA), but a data mapping for BIOCQ was unavailable in the SPGI system at this time. As such, Wall Street consensus estimates could not be retrieved, and we cannot provide a versus-consensus comparison for the period. Values retrieved from S&P Global: unavailable due to missing mapping [GetEstimates error].

Key Takeaways for Investors

The quarter (reported as full-year) reflects the structural exit of COVID testing and an early-stage pivot to CNSide; near-term revenue headwinds are significant while the CNSide adoption curve and reimbursement traction are still developing .
Control environment issues (restatements, material weaknesses) and going-concern disclosure are overhangs; successful remediation and clearer revenue visibility are likely prerequisites for multiple expansion or renewed investor confidence .
Cost actions and a tighter customer access model (lab service agreements) plus new in-network payer agreements aim to stabilize economics of CNSide testing; watch for incremental contracts and guideline progress from the FORESEE trial as catalysts .
Liquidity runway into Q3 2023 underscores urgency for capital or improved cash conversion; any financing terms and potential dilution are key risk factors near term .
KPI monitoring: CNSide order growth, reimbursement wins, and clinical evidence milestones (FORESEE enrollment/updates) will drive the mid-term thesis more than legacy COVID revenues .
Given the absence of Q4-specific quarterly data and consensus estimates, investors should focus on 2023 operating updates and the timing/magnitude of CNSide commercialization milestones as the primary stock drivers .

Sources: Biocept 8-K with FY 2022 press release (Apr 17, 2023) ; 10-Q/A restatement and MD&A (filed Apr 17, 2023) ; Q3 2022 8-K press release and financials (Nov 21, 2022) ; Q2 2022 8-K press release and financials (Nov 14, 2022) ; Business Wire press release publication (Apr 17, 2023) .

BIOCEPT INC (BIOCQ)·Q4 2022 Earnings Summary