bioAffinity Q1 revenue $2.4M record; raises CyPath Lung forecast 35%

bioAffinity Technologies, Inc.

2024-Q1 EPS reported -$0.20 revenue$2,406,391

Q1 2024 revenue $2.4M vs $921 prior-year; net loss $2.1M ($0.21 per share) vs $1.5M ($0.18).
CyPath Lung orders annualized growth 547% in first 4 months vs full-year 2023; April up 21% MoM.
Raised 2024 CyPath Lung sales forecast 35%; PPLS subsidiary revenue forecast $9.2-9.6M (up 23%).
Medicare reimbursement for CyPath Lung effective Jan 1, 2024; adoption expanding beyond Texas.
Closed $2.5M registered direct offering; cash $2.5M at March 31, 2024 vs $2.8M Dec 31, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

bioAffinity Technologies, Inc. reported the three months ended March 31, 2024 results: revenue $2.4 million, net income $2.1 million, EPS $0.21 per share. Guidance raised.

Period: the three months ended March 31, 2024
Revenue: $2.4 million
Net income: $2.1 million
EPS: $0.21 per share
Guidance: raised
Result: reported results

Exact text from the filing

First Quarter Financial Results Revenue for the first quarter of 2024 was $2.4 million, compared with $921 revenue for the prior-year period. The majority of the year-over-year increase is through the acquisition of Precision Pathology Laboratory Services. Revenue is primarily generated from patient service fees, including billing for CyPath ® Lung tests, with additional revenues generated from histology service fees and medical director fees. Research and development expenses were $394,000 for the first quarter of 2024, compared with $370,000 for the comparable period in 2023. The increase was primarily due to higher compensation costs for additional research personnel and higher R&D laboratory supply costs. Clinical development expenses were $49,000 for the first quarter of 2024, compared with $20,000 for the first quarter of 2023. The increase was primarily due to an increase in compensation costs and benefits from the addition of new clinical development personnel. Selling, general

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Source: SEC EDGAR

accession 0001493152-24-020059

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