Expanded CyPath® Lung test sales to physicians in Illinois, Alabama, and Louisiana; now receiving orders from physicians in 11 states
Number of physician offices signed increased 75% over Q2 2024
Reaffirmed $9.6 million 2024 revenue forecast for wholly owned Precision Pathology subsidiary
bioAffinity 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 September 30, 2024.
Key Highlights
- Generated quarterly revenue of $2.4 million in the third quarter of 2024.
- More than 1,300% growth rate for CyPath® Lung orders in first nine months of 2024 over full-year 2023.
- Number of physician offices signed increased by 75% compared to the second quarter of 2024, setting the stage for acceleration of CyPath® Lung sales in the quarters ahead.
- In October 2024, CyPath® Lung was added to the U.S. Federal Supply Schedule (FSS), a procurement system that provides the Veterans Health Administration and the Military Health System streamlined access to state-of-the-art healthcare products and services. Under the FSS contract, Veterans at high risk for lung cancer will have easy access to CyPath® Lung through 1,380 government health care facilities. Approximately 8,000 Veterans are treated for lung cancer annually, according to the VA.
- Referrals and word-of-mouth from physicians, including key opinion leaders (KOLs), continues to be a key driver for expanding CyPath® Lung in states beyond Texas; now receiving CyPath® Lung orders from physicians in 11 states, up from eight in the second quarter of 2024. In addition to previously reported orders from Pennsylvania, New Jersey, North Carolina, Arizona, Michigan, California, and Ohio, physicians in Alabama, Louisiana and Illinois have also begun ordering CyPath® Lung tests.
- Added new sales representative to target increasing opportunities in Texas.
- Continued to advance new product development initiatives in collaboration with Brooke Army Medical Center, the U.S Department of Defense's largest military health organization, focusing on tests that use the Company's artificial intelligence and flow cytometry platform for diagnosing COPD and a companion test with bronchoscopy.
- Economic study published in Journal of Health Economics and Outcomes Research, a peer-reviewed journal, concludes that adding CyPath® Lung to the standard of care for Medicare patients with a positive lung cancer screening could have saved an average of $2,773 per patient for total cost savings of $379 million in 2022.
- Awarded a Certificate of Grant of Patent from the Japan Patent Office for the Company's unique method using flow cytometry to predict the likelihood of lung disease, including the CyPath® Lung diagnostic test for early-stage lung cancer.
- Appointed William Bauta, Ph.D., as Chief Science Officer following the retirement of Vivienne I. Rebel, M.D., Ph.D. Dr. Bauta joined bioAffinity in 2016 as Senior Vice President. Previously, he was Associate Director of science at Genzyme.
- Successfully closed a $2.7 million registered direct offering and concurrent private placement to fund continued growth.
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