bioAffinity Technologies, Inc. ( (BIAF) ) has released its Q4 earnings. Here is a breakdown of the information bioAffinity Technologies, Inc. presented to its investors.
bioAffinity Technologies, Inc. is a biotechnology company specializing in noninvasive diagnostic tests for early-stage lung cancer and other lung diseases, with a focus on utilizing flow cytometry for accurate detection.
In its latest earnings report, bioAffinity Technologies announced a record revenue of $9.4 million for 2024, driven by increased demand for its CyPath® Lung test and expanded insurance coverage. The company also highlighted significant growth in physician adoption and strategic advancements.
Key financial metrics revealed a 270% increase in revenue compared to 2023, primarily due to the full-year integration of Precision Pathology Laboratory Services. The CyPath® Lung test saw a 1,400% increase in orders, and the company expanded its physician network by over 300%. Additionally, the test was added to the U.S. Federal Supply Schedule, enhancing access for veterans and military personnel.
Despite the impressive revenue growth, the company reported a net loss of $9.0 million, attributed to increased operating expenses related to scaling operations. Looking ahead, bioAffinity anticipates revenue between $6 million and $8 million for 2025, with a focus on cost reductions from discontinuing unprofitable services.
Looking forward, bioAffinity Technologies plans to continue expanding the commercial adoption of CyPath® Lung, initiate an FDA pivotal study, and advance its diagnostic pipeline. The company is poised to shape the future of lung cancer diagnostics while enhancing profitability through streamlined operations.