bioAffinity Technologies, Inc. ( (BIAF) ) has released its Q3 earnings. Here is a breakdown of the information bioAffinity Technologies, Inc. presented to its investors.
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bioAffinity Technologies, Inc. is a biotechnology company dedicated to providing noninvasive diagnostic tests for early-stage lung cancer and other lung diseases, with a focus on innovative solutions in the healthcare sector.
In its latest earnings report for the third quarter of 2024, bioAffinity Technologies announced a revenue of $2.4 million, showcasing significant growth in its CyPath® Lung test sales and expansion into new markets.
The company reported a remarkable increase in physician offices signing up to offer the CyPath® Lung test, with a 75% rise compared to the previous quarter. This expansion reflects the growing recognition of the test’s value in early lung cancer detection. Additionally, the inclusion of CyPath® Lung in the U.S. Federal Supply Schedule has broadened access for Veterans at high risk for lung cancer. The company also highlighted its collaborative efforts with the Brooke Army Medical Center and advancements in new product development. Financially, the net loss for the quarter was reduced to $2.0 million from $2.3 million in the same period last year.
Despite ongoing losses, bioAffinity Technologies has achieved substantial progress in expanding its market reach and product offerings. The company’s strategic focus on strengthening its operations in Texas and increasing its sales force positions it well for future growth.
Looking ahead, bioAffinity Technologies remains committed to enhancing patient outcomes through its pioneering diagnostic tools and is optimistic about accelerating sales growth and expanding its operations nationwide.
