Business
bioAffinity Technologies Reports $2.4 Million Revenue for Q2 Driven by Growing CyPath® Lung Sales
Q2 CyPath® Lung test sales up 217% over Q1 2024 Expanded CyPath® Lung test sales to physicians in California and Ohio; now receiving orders from physicians
About this update from Bioaffinity Technologies, Inc.
[{"type":"text","content":"\nQ2 CyPath® Lung test sales up 217% over Q1 2024\n\n\nExpanded CyPath® Lung test sales to physicians in California and Ohio; now receiving orders from physicians in eight states outside of Texas\n\n\nRaised full-year CyPath® Lung sales forecast for test marketing program by 85% during the second quarter\n\n\n SAN ANTONIO, Texas--(BUSINESS WIRE)--\nbioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company focused on the need for noninvasive, accurate tests for the detection of early-stage lung cancer and other lung diseases, today reported financial results for the three months ended June 30, 2024.\n\n\nKey Highlights\n\n\n\nGenerated quarterly revenue of $2.4 million in the second quarter of 2024.\n\n\n\nLimited market launch in Texas has realized more than 963% annualized growth rate for CyPath® Lung orders in first six months of 2024 over full-year 2023, with second quarter 2024 sales up 217% over first quarter 2024 sales.\n\n\n\nForecasting upwards of $9.6 million in 2024 revenues for wholly owned subsidiary Precision Pathology Laboratory Services (PPLS), up 23% over 2023.\n\n\n\nIncreased 2024 CyPath® Lung sales forecast 85% from the original forecast reported in the 2023 Annual Report, which would result in a 2,429% year-over-year full-year growth.\n\n\n\nNumber of physician offices ordering CyPath® Lung is up 144% since Jan. 1, 2024.\n\n\n\nReferrals and word-of-mouth from physicians, including key opinion leaders (KOLs), continue to drive strong uptake of CyPath® Lung in states beyond Texas; now receiving CyPath® Lung orders from physicians in eight states, up from six in the first quarter of 2024. In addition to previously reported orders from Pennsylvania, New Jersey, North Carolina, Arizona, and Michigan, physicians in California and Ohio have also begun ordering CyPath® Lung tests.\n\n\n\nContinued to advance new product development initiatives in collaboration with the U.S Department of Defense’s largest military health organization, focusing on tests that use our artificial intelligence and flow cytometry platform for diagnosing COPD and companion test with bronchoscopy.\n\n\n\nSuccessfully closed a $1.75 million registered direct offering and concurrent private placement to fund continued growth.\n\n\n\nManagement Commentary\n\n\n“We are encouraged by the momentum we've achieved in the second q...