OncoCyte Corp ( (OCX) ) has released its Q4 earnings. Here is a breakdown of the information OncoCyte Corp presented to its investors.
Oncocyte Corp is a diagnostics technology company specializing in developing tests for organ transplant rejection monitoring and cancer diagnostics. The company operates in the healthcare sector, focusing on innovative diagnostic solutions that leverage advanced molecular technologies.
In its latest earnings report, Oncocyte Corp highlighted significant progress in 2024, including the launch of its GraftAssure RUO assay and a strategic partnership with Bio-Rad Laboratories. The company reported a Q4 2024 revenue of $1.5 million and a full-year revenue of $1.9 million, primarily from pharma services.
Key financial metrics revealed a gross profit of $595,000 for Q4 2024, with a 40% gross margin. Operating expenses were $34.2 million, including significant non-cash impairment losses. The company raised over $50 million in equity to fund its clinical kitted product development and achieved Medicare claims expansion for its transplant rejection monitoring assay.
Looking ahead, Oncocyte Corp plans to advance its clinical trial for the organ transplant rejection test kit and expects to announce further strategic partnerships. The company aims to achieve FDA authorization by 2026, positioning itself for significant growth in the transplant diagnostics market.
Overall, Oncocyte Corp’s management remains optimistic about the future, focusing on executing its strategy to lead the transition to decentralized, in-lab diagnostics and capitalize on the growing demand for localized organ transplant monitoring solutions.