By Shares Surge 11% After Accelerating Sales Growth
Shares of BioAffinity Technologies surged on Tuesday following the company’s announcement of accelerating sales growth in its test designed to detect early-stage lung cancer. The stock rose by 11% to $2.62 during midday trading, reaching its highest intraday level in over a year. With shares up approximately 83% since the beginning of the year, investors are taking notice of the company’s promising performance.
Significant Increase in CyPath Lung Tests
Based in San Antonio, the biotechnology firm revealed that orders for its CyPath Lung tests surged by 375% over the past three months, reflecting a notable increase on a sequential basis. BioAffinity Technologies stated that it remains on track to meet its sales forecast for the limited launch of the test in Texas.
Non-Invasive Test Gaining Traction Among Physicians
Chief Executive Maria Zannes emphasized that the CyPath Lung test, which is non-invasive and aids in identifying cell populations in the lungs indicative of malignancies, has been increasingly embraced by physicians. This heightened adoption is attributed to the seamless integration and efficiency of the company’s commercial laboratory. Furthermore, Zannes highlighted that the test’s new reimbursement code, enhanced branding efforts, and an expanded sales team have all contributed to its growing adoption rate.
Upcoming Full Results Announcement
Investors and stakeholders can anticipate the full results for the fourth quarter to be disclosed by BioAffinity Technologies on April 1st. With a strong performance thus far and promising growth prospects in the field of early-stage lung cancer detection, the company remains focused on expanding its market presence and solidifying its position as a leading biotechnology provider.
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