bioAffinity Technologies Reports Growth Of 375% In CyPath Lung Tests Ordered And Processed Over The Past Three Months As Compared To The Previous Three Months
Portfolio Pulse from Benzinga Newsdesk
bioAffinity Technologies, Inc. (NASDAQ:BIAF) reported a 375% growth in orders and processing of its CyPath Lung tests over the past three months compared to the previous period. This growth is attributed to increasing physician interest, a newly approved reimbursement code, and strategic initiatives including branding and sales force expansion. The company is on track to meet its sales forecast for the limited test market launch in Texas, with plans to expand nationally. CyPath Lung, a noninvasive test for early-stage lung cancer detection, uses advanced flow cytometry and AI for diagnosis. The company anticipates capitalizing on the lung cancer diagnostics market, projected to reach $4.7 billion by 2030.
March 05, 2024 | 1:15 pm
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bioAffinity Technologies reported significant growth in its CyPath Lung test orders, attributing to strategic initiatives and market positioning. The company is poised for further expansion and capitalization on the lung cancer diagnostics market.
The reported 375% growth in orders and processing of CyPath Lung tests over the past three months compared to the previous period indicates strong market adoption and physician interest. The introduction of a reimbursement code and strategic initiatives such as branding and sales force expansion have significantly contributed to this growth. Given the company's on-track performance to meet its sales forecast and plans for national expansion, this positive momentum is likely to continue, potentially leading to an increase in stock price in the short term.
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