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bioAffinity Technologies reports record Q1 revenue

bioAffinity Technologies, Inc. reported financial results for the three months ended March 31, 2024.

Management commentary
“We are entering a period of accelerating growth with orders for CyPath® Lung up 547% on an annualized basis in the first four months of the year compared to all of 2023,” bioAffinity President and Chief Executive Officer Maria Zannes said. “As we continue to advance our commercial strategy, moving beyond the initial test market in Texas, the unique and compelling attributes of CyPath® Lung, including its AI-enhanced data analysis and non-invasive sample collection, have proven to be key differentiators in the market and are resonating with physicians and patients alike. This growing interest is leading to increased adoption by prominent medical practices and double-digit month-over-month growth in test orders.”

“CyPath® Lung is positioned to set a new standard in the early detection of lung cancer – a market projected to reach $4.7 billion by 2030,” Zannes continued. “As we continue to scale our operations and enhance our offerings, our focus remains steadfast on improving patient outcomes and delivering shareholder value. With Medicare and major private insurers now providing coverage, the pathway for increased adoption and accelerated growth in usage is clear, setting the stage for substantial market penetration and revenue generation in the upcoming quarters.”

First quarter financial results
Revenue for the first quarter of 2024 was $2.4 million, compared with $921 revenue for the prior-year period. The majority of the year-over-year increase is through the acquisition of Precision Pathology Laboratory Services. Revenue is primarily generated from patient service fees, including billing for CyPath® Lung tests, with additional revenues generated from histology service fees and medical director fees.

Research and development expenses were $394,000 for the first quarter of 2024, compared with $370,000 for the comparable period in 2023. The increase was primarily due to higher compensation costs for additional research personnel and higher R&D laboratory supply costs.

Clinical development expenses were $49,000 for the first quarter of 2024, compared with $20,000 for the first quarter of 2023. The increase was primarily due to an increase in compensation costs and benefits from the addition of new clinical development personnel.

Selling, general and administrative expenses were $2.2 million for the first quarter of 2024, compared with $1.1 million for the comparable period in 2023. The increase was primarily due to acquired general and administrative costs from PPLS and an increase in personnel and services to support the launch of CyPath® Lung.

Net loss for the first quarter of 2024 was $2.1 million, or $0.21 per share, compared with a net loss of $1.5 million, or $0.18 per share, for the comparable period in 2023.

Cash and cash equivalents as of March 31, 2024, were $2.5 million, compared with $2.8 million as of December 31, 2023.
MB Bureau

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