SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF; BIAFW), a company specializing in noninvasive early-stage cancer and lung disease tests, has reported a significant increase in orders and processing of its CyPath® Lung tests. In the past three months, there has been a 375% growth compared to the previous quarter. This test is designed to detect early-stage lung cancer through a noninvasive method.
The company has stated that it is on track to meet its sales forecast for the CyPath® Lung test, which was initially launched in a limited Texas market. This strategic move was intended to refine the product's positioning and gather insights ahead of a planned national rollout.
Maria Zannes, President and CEO of bioAffinity Technologies, attributed the growth in physician interest and adoption to the introduction of a reimbursement code, the completion of their branding efforts, and the expansion of their sales force. She highlighted that the company's sales growth aligns with their expectations and reinforces their confidence in capturing a share of the lung cancer diagnostics market, which is projected to reach $4.7 billion by 2030.
CyPath® Lung employs advanced flow cytometry and artificial intelligence to analyze cell populations in patient sputum samples, using a fluorescent porphyrin that targets cancerous cells. The test has demonstrated 92% sensitivity, 87% specificity, and 88% accuracy in detecting lung cancer in high-risk patients with small lung nodules.
The company is set to release its financial results for the fourth quarter and full year ended December 31, 2023, on April 1, 2024.
This announcement is based on a press release statement.
InvestingPro Insights
As bioAffinity Technologies (NASDAQ:BIAF; BIAFW) continues to make strides in the early detection of lung cancer through its CyPath® Lung tests, the company's financial and operational metrics provide a clearer picture of its market position and potential. According to InvestingPro data, bioAffinity Technologies holds a market cap of $22.33 million USD, underscoring its status as a small-cap company with room for growth, especially in a market projected to expand significantly by 2030.
The company's revenue growth is particularly notable, with an extraordinary increase of 12,984.62% in the last twelve months as of Q3 2023. This meteoric rise is further accentuated by quarterly revenue growth of 25,855.13% in Q3 2023. The InvestingPro Tips highlight that bioAffinity Technologies is currently trading at a high revenue valuation multiple, which may suggest investor optimism about the company's growth trajectory.
However, the company is not without its challenges. The InvestingPro Tips reveal that bioAffinity Technologies has been quickly burning through cash and has not been profitable over the last twelve months. This financial situation is common among growth-stage companies investing heavily in product development and market expansion. The company's strategic focus on the CyPath® Lung test, along with the significant return over the last week of 14.08%, indicates that investors may be responding positively to the company's recent announcements and sales forecasts.
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