AnPac Bio Pre-announces that During First Half 2021, Total Commercial Testing Volume Increased Approximately 110% Over the Same Period 2020 and Q2 Paid Cancer Tests Increased Approximately 270% Over Q1

Rhea-AI Summary

AnPac Bio-Medical Science Co. reported strong growth in test volume during the first half of 2021, with a nearly 110% increase in paid customers compared to the same period in 2020. Q2 data revealed a 280% rise in total paid tests and a 270% increase in paid cancer tests quarter-over-quarter. The Company anticipates continued growth, bolstered by market acceptance and the launch of new test products. CEO Dr. Chris Yu expressed optimism about the Company's multi-cancer test packages and plans to pursue commercialization in China and LDT approval in the U.S. for enhanced revenue growth.

Positive

• Test volume growth of nearly 110% year-over-year.
• Q2 total paid tests up 280% quarter-over-quarter.
• Q2 paid cancer tests increased by 270% quarter-over-quarter.
• Launch of new test products contributing to revenue growth.
• Strong market acceptance expected to continue.

Negative

• None.

PHILADELPHIA, July 20, 2021 (GLOBE NEWSWIRE) -- AnPac Bio-Medical Science Co., Ltd. (“AnPac Bio,” the “Company” or “we”) (NASDAQ: ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection as well as cancer treatment, pre-announced today that it has experienced strong growth in test volume in the first half year of 2021, with total number of paid customers and testing volume increasing almost 110% compared with the same period in 2020. In addition, in Q2 of this year, the Company’s total paid tests and paid cancer tests increased approximately 280% and approximately 270%, respectively (quarter over quarter). In addition to paid cancer tests, other tests including new test products launched in 2020 have also grown.

Given the significant market opportunities, increased customer and market acceptance, and that historically AnPac Bio has seen stronger test volume in the second half of the year over that in the first half of the year, the Company expects that the strong test volume growth will continue throughout this year.

AnPac Bio’s CEO, Dr. Chris Yu commented, “We are incredibly pleased with our strong test volume growth in the first half of 2021. We believe that our cost effective, multi-cancer, high performance cancer test packages are gaining increased customer and market acceptance. We will work hard to continue commercialization in China and to achieve LDT approval in the US, allowing us to further accelerate our revenue growth.”

About AnPac Bio

AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 142 issued patents as of March 31, 2021. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory and one CLIA registered clinical laboratory in the United States, AnPac Bio performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. According to Frost & Sullivan, AnPac Bio ranked third worldwide among companies offering next-generation early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection, based on approximately 41,700 clinical samples as of December 31, 2019. AnPac Bio’s CDA technology platform has been shown in retrospective validation studies to be able to detect the risk of over 20 different cancer types with high sensitivity and specificity.

For more information, please visit: https://www.Anpacbio.com.

For investor and media inquiries, please contact:

Company:
Phil Case, Marketing and Investor Relations
Phone: +1-267-810-6776 (US)
Email: phil_case@AnPacbio.com

Investor Relations:
Ascent Investor Relations LLC
Tina Xiao, President
Phone: +1-917-609-0333 (US)
Email: tina.xiao@ascent-ir.com

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. The Company has attempted to identify forward-looking statements by terminologies including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “target,” “aim,” “predict,” “outlook,” “seek,” “goal,” “objective,” “assume,” “contemplate,” “continue,” “positioned,” “forecast,” “likely,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, the implementation of our business model and growth strategies; trends and competition in the cancer screening and detection market; our expectations regarding demand for and market acceptance of our cancer screening and detection tests and our ability to expand our customer base; our ability to obtain and maintain intellectual property protections for our CDA technology and our continued research and development to keep pace with technology developments; our ability to obtain and maintain regulatory approvals from the NMPA, the FDA and the relevant U.S. states and have our laboratories certified or accredited by authorities including the CLIA; our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; general economic and business conditions in China and elsewhere; our ability to hire and maintain key personnel; our relationship with our major business partners and customers; and the duration of the coronavirus outbreaks and their potential adverse impact on the economic conditions and financial markets and our business and financial performance, such as resulting from reduced commercial activities due to quarantines and travel restrictions instituted by China, the U.S. and many other countries around the world to contain the spread of the virus. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s most recent Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

FAQ

What led to AnPac Bio's growth in test volume in 2021?

AnPac Bio experienced nearly 110% growth in test volume due to increased customer acceptance and the launch of new test products.

How much did AnPac Bio's paid cancer tests increase in Q2 2021?

Paid cancer tests increased by approximately 270% quarter-over-quarter in Q2 2021.

What are the future growth expectations for AnPac Bio?

AnPac Bio expects test volume growth to continue throughout 2021, aided by market opportunities and historical trends.

What is AnPac Bio's strategy for revenue growth?

AnPac Bio aims to commercialize its products in China and achieve LDT approval in the U.S. to accelerate revenue growth.

What technology does AnPac Bio use for cancer detection?

AnPac Bio uses its CDA technology platform, which can detect the risk of over 20 types of cancer with high sensitivity.