bioAffinity Technologies Reports Record $9.4 Million Revenue for 2024
bioAffinity Technologies (BIAF) reported significant financial results for 2024, with revenue surging 270% to $9.4 million from $2.5 million in 2023. The company's flagship product, CyPath® Lung, saw orders grow by approximately 1,400% over 2023, driven by increased physician adoption and expanded insurance coverage including Medicare reimbursement.
Key achievements include the addition of CyPath® Lung to the U.S. Federal Supply Schedule, providing access to 1,380 government healthcare facilities. The company expanded its physician network by over 300% in 2024. However, for 2025, BIAF projects lower revenue of $6-8 million due to discontinuing unprofitable pathology services.
Financial results show operating expenses of $18.3 million and a net loss of $9.0 million ($0.75 per share) for 2024. Cash position stood at $1.1 million as of December 31, 2024, with an additional $1.4 million raised through warrant exercises in February 2025.
bioAffinity Technologies (BIAF) ha riportato risultati finanziari significativi per il 2024, con un aumento del fatturato del 270% a $9,4 milioni rispetto ai $2,5 milioni del 2023. Il prodotto di punta dell'azienda, CyPath® Lung, ha visto crescere gli ordini di circa il 1.400% rispetto al 2023, grazie all'aumento dell'adozione da parte dei medici e all'espansione della copertura assicurativa, inclusi i rimborsi Medicare.
I risultati chiave includono l'aggiunta di CyPath® Lung al Federal Supply Schedule degli Stati Uniti, fornendo accesso a 1.380 strutture sanitarie governative. L'azienda ha ampliato la sua rete di medici di oltre il 300% nel 2024. Tuttavia, per il 2025, BIAF prevede un fatturato inferiore di $6-8 milioni a causa della cessazione dei servizi patologici non redditizi.
I risultati finanziari mostrano spese operative di $18,3 milioni e una perdita netta di $9,0 milioni ($0,75 per azione) per il 2024. La posizione di cassa era di $1,1 milioni al 31 dicembre 2024, con ulteriori $1,4 milioni raccolti attraverso esercizi di warrant a febbraio 2025.
bioAffinity Technologies (BIAF) reportó resultados financieros significativos para 2024, con un aumento de ingresos del 270% a $9.4 millones desde $2.5 millones en 2023. El producto insignia de la compañía, CyPath® Lung, vio crecer los pedidos en aproximadamente un 1,400% respecto a 2023, impulsado por una mayor adopción por parte de los médicos y la expansión de la cobertura de seguros, incluyendo el reembolso de Medicare.
Los logros clave incluyen la adición de CyPath® Lung al Federal Supply Schedule de EE. UU., proporcionando acceso a 1,380 instalaciones de salud gubernamentales. La compañía amplió su red de médicos en más del 300% en 2024. Sin embargo, para 2025, BIAF proyecta ingresos más bajos de $6-8 millones debido a la interrupción de servicios patológicos no rentables.
Los resultados financieros muestran gastos operativos de $18.3 millones y una pérdida neta de $9.0 millones ($0.75 por acción) para 2024. La posición de efectivo se situó en $1.1 millones al 31 de diciembre de 2024, con otros $1.4 millones recaudados a través de ejercicios de warrants en febrero de 2025.
bioAffinity Technologies (BIAF)는 2024년 재무 결과를 보고하며 수익이 270% 증가하여 $9.4 백만에 달했다고 발표했습니다. 이는 2023년의 $2.5 백만에서 증가한 수치입니다. 회사의 주력 제품인 CyPath® Lung는 2023년에 비해 약 1,400% 증가한 주문량을 기록했으며, 이는 의사들의 채택 증가와 Medicare 환급을 포함한 보험 보장 확대에 힘입은 결과입니다.
주요 성과로는 CyPath® Lung이 미국 연방 조달 일정에 추가되어 1,380개의 정부 의료 시설에 접근할 수 있게 되었다는 점이 있습니다. 회사는 2024년에 의사 네트워크를 300% 이상 확장했습니다. 그러나 BIAF는 2025년에는 비수익성 병리 서비스 중단으로 인해 수익이 $6-8 백만으로 줄어들 것으로 예상하고 있습니다.
재무 결과는 2024년 운영 비용이 $18.3 백만, 순손실이 $9.0 백만 ($0.75 주당)으로 나타났습니다. 2024년 12월 31일 기준 현금 보유액은 $1.1 백만이며, 2025년 2월에 워런트 행사로 추가로 $1.4 백만을 조달했습니다.
bioAffinity Technologies (BIAF) a rapporté des résultats financiers significatifs pour 2024, avec un chiffre d'affaires en hausse de 270% à $9,4 millions par rapport à $2,5 millions en 2023. Le produit phare de l'entreprise, CyPath® Lung, a vu ses commandes augmenter d'environ 1.400% par rapport à 2023, grâce à une adoption accrue par les médecins et une couverture d'assurance élargie, y compris le remboursement Medicare.
Les réalisations clés incluent l'ajout de CyPath® Lung au Federal Supply Schedule des États-Unis, permettant l'accès à 1.380 établissements de santé gouvernementaux. L'entreprise a élargi son réseau de médecins de plus de 300% en 2024. Cependant, pour 2025, BIAF prévoit un chiffre d'affaires inférieur de $6-8 millions en raison de l'arrêt des services pathologiques non rentables.
Les résultats financiers montrent des dépenses d'exploitation de $18,3 millions et une perte nette de $9,0 millions ($0,75 par action) pour 2024. La position de trésorerie s'élevait à $1,1 million au 31 décembre 2024, avec un montant supplémentaire de $1,4 million levé grâce à des exercices de warrants en février 2025.
bioAffinity Technologies (BIAF) berichtete über signifikante finanzielle Ergebnisse für 2024, mit einem Umsatzanstieg von 270% auf $9,4 Millionen im Vergleich zu $2,5 Millionen im Jahr 2023. Das Flaggschiffprodukt des Unternehmens, CyPath® Lung, verzeichnete einen Anstieg der Bestellungen um etwa 1.400% im Vergleich zu 2023, was durch die zunehmende Akzeptanz bei Ärzten und die erweiterte Versicherungsdeckung, einschließlich Medicare-Erstattungen, vorangetrieben wurde.
Zu den wichtigsten Erfolgen gehört die Aufnahme von CyPath® Lung in den Federal Supply Schedule der USA, was den Zugang zu 1.380 staatlichen Gesundheitseinrichtungen ermöglicht. Das Unternehmen hat sein Ärztenetzwerk im Jahr 2024 um über 300% erweitert. Für 2025 prognostiziert BIAF jedoch einen niedrigeren Umsatz von $6-8 Millionen aufgrund der Einstellung unrentabler pathologischer Dienstleistungen.
Die finanziellen Ergebnisse zeigen Betriebskosten von $18,3 Millionen und einen Nettoverlust von $9,0 Millionen ($0,75 pro Aktie) für 2024. Die Liquiditätsposition betrug zum 31. Dezember 2024 $1,1 Millionen, mit weiteren $1,4 Millionen, die im Februar 2025 durch die Ausübung von Warrants erzielt wurden.
- Record revenue growth of 270% to $9.4 million in 2024
- CyPath® Lung orders increased by 1,400% year-over-year
- Medicare and private insurance reimbursement secured
- Physician network expanded by over 300%
- Addition to Federal Supply Schedule granting access to 1,380 government healthcare facilities
- Significant cost-saving potential demonstrated through economic validation study
- Projected revenue decline for 2025 ($6-8 million vs $9.4 million in 2024)
- Operating expenses increased to $18.3 million from $10.5 million
- Net loss of $9.0 million in 2024
- Cash position decreased to $1.1 million from $2.8 million
Insights
bioAffinity's 270% revenue growth to
The 1,400% increase in CyPath Lung orders demonstrates exceptional product adoption, supported by critical reimbursement achievements with both Medicare and private insurers. This establishes a sustainable revenue pathway after securing a dedicated CPT code. The FSS listing opening access to 1,380 government healthcare facilities creates a substantial new market opportunity with minimal additional customer acquisition costs.
The economic validation study showing
bioAffinity's CyPath Lung has demonstrated remarkable market penetration with a 1,400% increase in test orders and 300% expansion in physician network adoption. The test's addition to Medicare's clinical laboratory schedule with a unique CPT code represents a critical validation milestone, as reimbursement coverage typically accelerates clinical adoption by removing financial barriers for patients.
The Federal Supply Schedule listing is particularly significant, as it grants access to a large population of veterans who face elevated lung cancer risk due to higher smoking rates and military-specific exposures. The economic study showing substantial per-patient savings (
The company's expansion beyond CyPath Lung into COPD and asthma diagnostics leverages their established flow cytometry expertise and existing sputum collection infrastructure. Their approach of developing companion diagnostics to identify patients suitable for specific treatments aligns with precision medicine trends. The recently submitted protocol for a 3,500-patient pivotal FDA trial signals progression toward regulatory approval, though this will require significant resources and attention in 2025. The case studies demonstrating earlier cancer detection and avoidance of risky procedures in elderly patients highlight the test's real-world clinical utility.
Increased Demand, Expanded Insurance Coverage Drive Record Growth
2024 Highlights
-
Record Revenue: Revenue grew approximately
270% to in 2024, a significant increase from$9.4 million in 2023.$2.5 million -
Increased Demand: CyPath® Lung orders grew by approximately 1,
400% over full-year 2023, reflecting increasing physician adoption. - CyPath® Lung Reimbursed by Medicare and Private Insurance: The unique CPT code for CyPath® Lung was added to the Centers for Medicare and Medicaid Services (CMS) 2024 clinical laboratory schedule effective January 1, leading to reimbursement of the test by both Medicare and private insurers.
-
Expanded Physician Network: Number of physician offices signed increased by over
300% in 2024, positioning the Company for continued growth in 2025. -
Federal Supply Schedule (FSS) Listing: In October 2024, CyPath® Lung was added to the
U.S. Federal Supply Schedule, granting Veterans Health Administration and Military Health System facilities streamlined access to the test. Through 1,380 government healthcare facilities, Veterans at high risk for developing lung cancer can now benefit from CyPath® Lung. -
Economic Validation: A study published in the Journal of Health Economics and Outcomes Research concluded that adding CyPath® Lung to the standard of care for Medicare patients with a positive lung cancer screening could have saved an average of
per patient, amounting to$2,773 in total cost savings in 2022. The savings for private insurance patients would have been even greater, an average of$379 million per patient, an estimated total savings of$6,460 if all individuals screened in 2022 were covered by private insurance.$895 million - Leadership Appointments: Appointed J. Michael Edwards, CPA, MBA, as Chief Financial Officer. He previously served bioAffinity Technologies as consulting Chief Financial Officer until 2023 and rejoined the management team to help oversee the long-term financial and strategic direction of the Company, including the ongoing commercialization of CyPath® Lung. Appointed William Bauta, PhD, as Chief Science Officer. Bauta joined bioAffinity Technologies as Senior Vice President in 2016. He previously served as Associate Director of Science at Genzyme.
- Innovation Pipeline Progress: Company scientists are developing diagnostic tests for Chronic Obstructive Pulmonary Disease (COPD) and asthma that build on our expertise in using sputum as a sample for flow cytometric analysis, including research to detect the presence of specific therapeutic targets to identify patients who can benefit from specific treatments.
- International Patent Recognition: Received a Certificate of Grant of Patent from the Japan Patent Office for the Company’s unique method using flow cytometry to predict the likelihood of lung disease, including CyPath® Lung’s application for early-stage lung cancer detection.
2025 Financial Outlook
The Company anticipates generating between
Recent Events
-
Case Studies: Released a series of patient case studies in collaboration with Gordon Downie, MD, PhD, Director of the Pulmonary Nodule Clinic at
Titus Regional Medical Center inTexas . The studies illustrate the benefit of CyPath® Lung to both patients and clinicians, including earlier diagnosis of recurrent cancer and new primary lung cancer and avoiding unnecessary invasive procedures that carry risks for elderly patients with comorbidities. - FDA Pivotal Study: Submitted protocol for a pivotal clinical trial to the Sterling Institutional Review Board (IRB). Academic, private, military, and VA medical centers have been qualified as collection sites for an estimated 3,500-patient clinical trial expected to open in the second quarter of 2025.
Management Commentary
“We are proud of the tremendous strides bioAffinity Technologies made in 2024, achieving record revenue and laying the groundwork for continued growth,” bioAffinity President and Chief Executive Officer Maria Zannes said. “The full-year integration of our pathology lab, Precision Pathology, and the growing adoption of CyPath® Lung reflect the success of our strategy to build a scalable, high-impact business focused on early lung cancer detection.
“Our inclusion on the
“As we look to 2025, our focus remains on expanding commercial adoption of CyPath® Lung, strengthening our relationships with key opinion leaders, starting our FDA pivotal study, and advancing our pipeline of diagnostics powered by artificial intelligence and flow cytometry,” Zannes added. “With the recent streamlining of operations that will increase profitability at our laboratory, we are building a company with the science, strategy and leadership to shape the future of lung cancer diagnostics — and with every test ordered, we’re unlocking value for both patients and shareholders.”
2024 Financial Results
Revenue for the year ended December 31, 2024, was
Operating expenses for 2024 totaled
Direct costs and expenses were
Selling, general and administrative expenses were
Net loss for the year ended December 31, 2024, was
Cash and cash equivalents as of December 31, 2024, were
About bioAffinity Technologies, Inc.
bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and diseases of the lung and broad-spectrum cancer treatments. The Company’s first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity, specificity and accuracy for the detection of early-stage lung cancer. CyPath® is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies. For more information, visit www.bioaffinitytech.com.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the increase in the number of physician offices signed positioning the Company for continued growth in 2025; healthcare cost savings from adding CyPath® Lung to the standard of care for Medicare and private insurance patients with a positive lung cancer screening; generating between
bioAffinity Technologies, Inc.
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December 31, |
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|||||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,105,291 |
|
|
$ |
2,821,570 |
|
Accounts and other receivables, net |
|
|
1,139,204 |
|
|
|
811,674 |
|
Inventory |
|
|
27,608 |
|
|
|
18,484 |
|
Prepaid expenses and other current assets |
|
|
422,995 |
|
|
|
321,017 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
2,695,098 |
|
|
|
3,972,745 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
375,385 |
|
|
|
458,633 |
|
Operating lease right-of-use asset, net |
|
|
463,011 |
|
|
|
370,312 |
|
Finance lease right-of-use asset, net |
|
|
780,872 |
|
|
|
1,165,844 |
|
Goodwill |
|
|
1,404,486 |
|
|
|
1,404,486 |
|
Intangible assets, net |
|
|
775,139 |
|
|
|
833,472 |
|
Other assets |
|
|
19,676 |
|
|
|
16,060 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
6,513,667 |
|
|
$ |
8,221,552 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
987,311 |
|
|
$ |
604,789 |
|
Accrued expenses |
|
|
1,398,722 |
|
|
|
1,149,811 |
|
Unearned revenue |
|
|
24,404 |
|
|
|
33,058 |
|
Operating lease liability, current portion |
|
|
127,498 |
|
|
|
94,708 |
|
Finance lease liability, current portion |
|
|
395,301 |
|
|
|
365,463 |
|
Notes payable, current portion |
|
|
171,669 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
3,104,905 |
|
|
|
2,247,829 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Operating lease liability, net of current portion |
|
|
342,098 |
|
|
|
283,001 |
|
Finance lease liability, net of current portion |
|
|
444,448 |
|
|
|
835,467 |
|
Notes payable, net of current portion |
|
|
20,180 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,911,631 |
|
|
|
3,366,297 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, no shares issued or outstanding at December 31, 2024 and 2023, respectively |
|
|
— |
|
|
|
— |
|
Common stock, par value |
|
|
106,593 |
|
|
|
65,762 |
|
Additional paid-in capital |
|
|
56,139,753 |
|
|
|
49,393,972 |
|
Accumulated deficit |
|
|
(53,644,310 |
) |
|
|
(44,604,479 |
) |
Total stockholders’ equity |
|
|
2,602,036 |
|
|
|
4,855,255 |
|
|
|
|
|
|
|
|
|
|
Total liabilities, and stockholders’ equity |
|
$ |
6,513,667 |
|
|
$ |
8,221,552 |
|
bioAffinity Technologies, Inc.
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|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
||
Net Revenue |
|
$ |
9,362,022 |
|
|
$ |
2,532,499 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Direct costs and expenses |
|
|
5,983,475 |
|
|
|
1,740,884 |
|
Research and development |
|
|
1,461,227 |
|
|
|
1,467,936 |
|
Clinical development |
|
|
321,655 |
|
|
|
256,661 |
|
Selling, general and administrative |
|
|
9,943,473 |
|
|
|
6,790,654 |
|
Depreciation and amortization |
|
|
605,637 |
|
|
|
249,592 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
18,315,467 |
|
|
|
10,505,727 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(8,953,445 |
) |
|
|
(7,973,228 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
17,610 |
|
|
|
122,131 |
|
Interest expense |
|
|
(92,475 |
) |
|
|
(37,125 |
) |
Other income |
|
|
10,323 |
|
|
|
3,325 |
|
Other expense |
|
|
(10,194 |
) |
|
|
(31,121 |
) |
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(9,028,181 |
) |
|
|
(7,916,018 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(11,650 |
) |
|
|
(20,993 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,039,831 |
) |
|
$ |
(7,937,011 |
) |
|
|
|
|
|
|
|
|
|
Net loss per common share, basic and diluted |
|
$ |
(0.75 |
) |
|
$ |
(0.91 |
) |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
|
|
12,125,029 |
|
|
|
8,747,509 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331662400/en/
bioAffinity Technologies
Julie Anne Overton
Director of Communications
jao@bioaffinitytech.com
Investor Relations
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
BIAF@redchip.com
Source: bioAffinity Technologies, Inc.