bioAffinity Technologies Reports Significant Revenue Growth, Net Loss in Latest Quarter

bioAffinity Technologies, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on noninvasive diagnostics for early-stage cancer and lung diseases, experienced a substantial increase in net revenue, which reached $2.35 million for the three months ended September 30, 2024, compared to $298,484 for the same period in 2023. For the nine months ended September 30, 2024, total net revenue was $7.15 million, a dramatic rise from $319,143 in the prior year. This growth was primarily driven by increased patient service fees, which amounted to $6.26 million for the nine-month period, up from $248,654 in 2023.

Despite the revenue surge, the company reported a net loss of $2.00 million for the three months ended September 30, 2024, slightly improved from a loss of $2.29 million in the same period of 2023. For the nine months, the net loss was $6.07 million, compared to $5.56 million in the previous year. Operating expenses also rose significantly, totaling $4.32 million for the three months ended September 30, 2024, compared to $2.59 million in 2023, reflecting increased costs associated with the company's growth initiatives.

The company’s total assets decreased to $6.55 million as of September 30, 2024, down from $8.22 million at the end of 2023. Cash and cash equivalents also saw a decline, falling to $756,580 from $2.82 million. Total stockholders’ equity decreased to $3.12 million, down from $4.86 million at the end of the previous fiscal year, largely due to the accumulated deficit, which reached approximately $50.7 million.

In terms of strategic developments, bioAffinity Technologies formed a new subsidiary, Precision Pathology Laboratory Services, LLC, in August 2023, to acquire assets from Village Oaks Pathology Services for $3.5 million. This acquisition included a clinical pathology laboratory, enhancing the company’s capabilities in processing its key product, CyPath® Lung. The company also raised $2.3 million through a registered direct offering and private placement in October 2024, indicating ongoing efforts to secure funding for future operations.

Additionally, the company announced that CyPath® Lung would be added to the U.S. Federal Supply Schedule, potentially expanding its market access to the Veterans Health Administration. This move is expected to create a new revenue stream, as the VA promotes annual lung cancer screenings for high-risk individuals. The company also received a patent for the CyPath® Lung diagnostic method from the Japan Patent Office, further strengthening its intellectual property portfolio.