SAN ANTONIO - bioAffinity Technologies, Inc. (NASDAQ:BIAF; BIAFW), a company specializing in noninvasive diagnostics for early-stage cancer, has reported a 21% increase in April sales of its CyPath Lung test over the previous month. The product, developed for the early detection of lung cancer, is gaining traction outside of its initial Texas market, with orders now coming from physicians in New Jersey, Pennsylvania, Michigan, and North Carolina.
The company's expansion is further bolstered by the hiring of Jackie Kennedy as the Pulmonary Sales Executive for the San Antonio/Austin region. Kennedy, who has a background with Pulmonx Corporation and other healthcare companies, is expected to leverage her two decades of experience to foster customer relationships and drive sales growth for CyPath Lung.
In addition to sales team expansion, bioAffinity has added Jessica Alarcon as a Patient Coach to assist patients with the sputum sample collection process for the diagnostic test. Alarcon's role is designed to provide a personalized experience and support for high-risk lung cancer patients.
bioAffinity is also set to present at the American Thoracic Society's Annual Conference in San Diego this month. Staff Scientist Lydia Bederka, Ph.D., will present research on the use of sputum versus bronchoalveolar lavage fluid on a flow cytometric platform, contributing to the development of lung cancer diagnostics.
CyPath Lung, marketed by the company's subsidiary, Precision Pathology Laboratory Services, has demonstrated high sensitivity and specificity in detecting early-stage lung cancer and is marketed as a Laboratory Developed Test (LDT).
The information in this article is based on a press release statement from bioAffinity Technologies, Inc.
InvestingPro Insights
As bioAffinity Technologies (NASDAQ:BIAF) continues to expand its market reach and bolster its sales force, the latest metrics from InvestingPro offer a snapshot of the company's financial health and stock performance. With a market capitalization of 28.21 million USD, bioAffinity is positioned as a small-cap company in the biotechnology sector. The company's Price / Book ratio, standing at 5.81 as of the last twelve months ending Q4 2023, indicates that the stock is trading at a premium relative to the company's book value. This metric is particularly relevant for investors assessing the company's valuation.
Despite not having turned a profit over the last twelve months, bioAffinity Technologies has seen a remarkable increase in revenue, with growth figures exceeding 52,000% for the same period. This surge is a testament to the company's expanding footprint and the market's reception of its CyPath Lung test. Additionally, the company's stock has experienced a strong return over the last three months, with a 55.06% price total return, reflecting investor optimism and the stock's high price volatility—an InvestingPro Tip that traders should be mindful of.
Investors interested in a deeper analysis of bioAffinity Technologies will find an array of InvestingPro Tips, including insights on the company's cash burn rate and debt levels. With 9 additional tips available on InvestingPro, savvy investors can better gauge the company's future prospects. To access these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. The next earnings date is set for May 13, 2024, which will provide further clarity on the company's financial trajectory and operational performance.
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