TrovaGene IncTROV reported adjusted loss of 36 cents per share in the first quarter of 2016, wider than the year-ago loss of 33 cents and Zacks Consensus Estimate of 32 cents.
The wider year-over-year loss is a result of higher operating expenses, which escalated 112.6% to $10.6 million. Meanwhile, revenues were $120K as compared with $127K in the year-ago quarter.
However, following the release, shares of TrovaGene surged 16.7% in after-hours trading, based on the bullish outlook and growth prospects in the lung cancer market.
Clinical Development Programs/Collaborations
TrovaGene continued to present and publish clinical data and study results in 2016. The company presented data at the 2016 European Molecular Diagnostics Conference and the Molecular Med-Tri Conference as well as the AACR annual meeting.
The clinical study results demonstrated effectiveness of the company's precision cancer monitoring platform as an important disease management tool in lung, colorectal and pancreatic cancer patients.
TrovaGene plans to publish nine papers this year in the oncology journal Cancer Discovery, which has a large following among oncologists. The first paper highlighted the Precision Cancer Monitoring (PCM) platform's ability to confirm BRAF V600E mutational status and to quantitatively assess changes in urinary circulating tumor DNA.
The paper concluded that PCM can be used to determine response to novel therapy combining both a BRAF inhibitor and a MEK inhibitor to treat colorectal neuroendocrine tumors.
Of the remaining eight papers, TrovaGene has already submitted three and is in the process to submit another two in the near term.
TrovaGene expects to present data at the AACR special pancreatic cancer meeting and also an oral presentation at ASCO in June.
Commercial Strategy & Reimbursement
TrovaGene stated that lung cancer currently accounts for approximately 58% of its total test volume. Meanwhile, pancreatic cancer and colorectal cancer constitute 24% of the tests ordered.
TrovaGene expanded its team from four field based representatives in 2015 to eight in the first quarter of 2016. The company also expanded its medical affairs team to a total of four professionals with the addition of one medical science liaison and two clinical nurse educators.
Currently, 550 physicians have agreed to use TrovaGene's PCM in their practices. In the first quarter, test volumes increased 13% sequentially. Billable samples grew more than 50% from the previous quarter.
Zacks Rank & Stocks to Consider
Currently, TrovaGene has a Zacks Rank #3 (Hold).