AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company focused on early cancer screening and detection with operations in the United States and China, is reporting its financial results for the first quarter of fiscal year 2022, or the period ended March 31, 2022. The numbers are unaudited and have not yet been reviewed by the company’s independent registered accountant. Financial highlights for Q1 2022 include total revenue of $309,000, which is 9.9% less than the same period last year; gross profit margin was 55.4% for the first quarter of 2022, representing a decrease of 3.0% from 58.4% for the same period of 2021; and an average selling price (“ASP”) of CDA-based tests of $36.8 for the quarter, which is down 41.9% from the same period of 2021. The company also reported net loss of an estimated $2.4 million for Q1 2022, mainly attributable to selling and marketing expenses, R&D expenses and general and administrative expenses. Business highlights for the company included receiving validation about the efficacy of CDA testing through clinical study follow-ups with 27,254 individuals; the company also filed 260 patent applications globally, with 155 of those patents having been granted so far. “We are pleased with our overall performance in the first quarter of 2022,” said AnPac Bio CEO Dr. Chris Yu in the press release. “Our financial performance was improved in a number of important areas. We have significantly reduced our net loss by 49.1%, and our short debt was reduced by 66.1% in Q1 2022, compared with the same period last year. In product development and commercialization area, following successfully passing class III medical device tests at our National Medical Product Administration-designated testing laboratory in December 2021, we have begun developing plans for our class III medical device clinical trials and selecting suited hospitals for the trials. While we are still experiencing negative effects of COVID-19, we intend to work very hard to make progress in a number of critical areas, including fundraising, cost cutting [and] product commercialization, including class III medical device certification, and market penetration.”
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About AnPac Bio-Medical Science Co. Ltd.
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2022. With two certified clinical laboratories in China and one CLIA- and CAP-accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer-screening and detection tests, including Cancer Differentiation Analysis (“CDA”), biochemical, immunological and genomics tests. According to a report by Frost & Sullivan, AnPac Bio ranked first globally in multicancer screening and detection-test sample volume, accumulative to January 2021. AnPac Bio’s CDA technology platform has been shown in retrospective validation studies to detect the risk of more than 20 different cancer types with high sensitivity and specificity. For more information about the company, visit www.AnPacBio.com
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