From GlobeNewswire: 2024-04-12 06:00:00

Oncocyte Corporation (Nasdaq: OCX) reported financial results for 2023, highlighted by a commercial partnership with Bio-Rad Laboratories and a private placement offering of $15.8 million. The company achieved $1.5 million in net revenue for the year. Oncocyte remains focused on cost controls and the development of its transplant monitoring IP, including the upcoming launch of the GraftAssure transplant product in the second quarter of 2024.
For the fourth quarter of 2023, Oncocyte saw a 15% increase in net revenue compared to the previous year, driven by revenue from Pharma Services. R&D expenses increased by 85%, while sales and marketing expenses rose by 74%. Loss from operations increased by 39% for the quarter and 40% for the full year. Oncocyte will host a conference call on April 12, 2024, to discuss its financial results for 2023.
Oncocyte, a precision diagnostics company, offers tests like VitaGraft™ for solid organ transplantation monitoring and DetermaIO™ to predict response to immunotherapies. The company aims to provide clarity and confidence to physicians and patients. Oncocyte’s complete financial results for 2023 will be filed with the Securities and Exchange Commission on April 15, 2024.



Read more at GlobeNewswire:: Oncocyte Reports Full Year 2023 Financial Results