Q1 2024 OncoCyte Corp Earnings Call Transcript
Key Points
- OncoCyte Corp has established a strategic partnership with Bio-Rad Laboratories, enhancing its commercial reach and supporting the development of regulated products like VitaGraft Kidney IVD.
- The company has successfully initiated early commercialization efforts and is poised for unprecedented growth over the next 12 to 18 months, driven by multiple milestones.
- OncoCyte Corp's technology has demonstrated the ability to detect transplant rejection earlier than standard methods, which could improve patient outcomes significantly.
- The company has secured a $15.8 million private placement in April, strengthening its financial position and endorsing its strategic partnership.
- OncoCyte Corp is actively engaging with the research community, aiming to become the research tool of choice for transplant monitoring, which could lead to increased adoption and revenue.
- Despite the positive developments, OncoCyte Corp reported a 41% decrease in net revenue for Q1 2024 compared to the same period in 2023.
- The company experienced a net loss from continuing operations of $9.1 million in Q1 2024, a significant decrease from a net income of $6 million in Q1 2023.
- Sales and marketing expenses have increased by 22%, indicating higher costs associated with ramping up commercialization efforts.
- There is uncertainty regarding the new FDA rule for the regulation of lab-developed tests, which could impact the company's operations and product launches.
- OncoCyte Corp's cash reserves declined by $3.9 million in the quarter, although this represents a 60% improvement year-over-year.
Good afternoon. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the OncoCyte first-quarter 2024 earnings conference call. Please note that this call is being recorded. (Operator Instructions)
I will now turn today's call over to Jeff Hanson, CEO of PCG Advisory. Please go ahead.
Thank you, Brianna, and thank you to everyone for joining us for today's conference call to discuss OncoCyte first-quarter 2024 financial results and recent operating highlights. If you've not seen today's financial results press release, please visit the company's website on the Investors page.
Before turning the call over to Josh Riggs, OncoCyteâs President and CEO, Iâd like to remind you that during this conference call, the company will make projections, and forward-looking statements regarding future events.
Any statements that are not historical facts are forward-looking statements. We encourage you to review the companyâs SEC
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