NetworkNewsBreaks – AnPac Bio-Medical Science Co
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Posted On: 11/29/2021 4:50:22 PM
NetworkNewsBreaks – AnPac Bio-Medical Science Co. Ltd. (NASDAQ: ANPC) Releases Financial, Operations Report for Latest Period
AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, has reported its unaudited financial results and business highlights for the nine months ended Sept. 30, 2021. Financial highlights include total revenue reaching an estimated $2.1 million, which is a 55.3% over the same period in 2020, and gross profit margin totaling 59.3%, representing an 8.8% increase from the year before. In addition, the average selling price of ANPC’s CDA-based tests was $71.6, an increase of 72.3% from 2020. In addition, the company reported cash and cash equivalents of approximately $0.8 million for the nine-month period. Business highlights included AnPac’s acquisition of 60% equity interest in Anpai (Shanghai) Health Management Consulting Co. Ltd. as well as continued validation regarding the efficacy of its CDA testing obtained through clinical study follow-ups. The company also completed the development and evaluation of a second-generation cancer detection sensor, launched a joint venture designed to focus on a novel cancer-treatment technology and medical-device development, and filed 261 patent applications globally, among which 150 patents have been granted. AnPac is also continuing to build a proprietary cancer-risk assessment database, which totaled some 244,310 samples as of Sept. 30, 2021. “We are very pleased with our progress in research and development, commercialization, and operational performance for the first nine months in 2021,” said AnPac Bio chair and CEO Dr. Chris Yu in the press release. “We grew revenue by 55.3% and gross margin by 8.8 percentage points. At the same time, we reduced non-GAAP loss by 6.0%. Our number of issued patents, and clinical and commercial sample sizes all reached record high in Q3 2021. We are making solid progress in obtaining regulatory approval for our class III medical device for lung cancer assisting in diagnosis and have also submitted application for registration testing of our multi-cancer detection medical device for 11 types of cancer. We are also working very hard to obtain Laboratory Developed Test (‘LDT’) status for our CDA cancer test in the U.S. Based on our current status and progress, we now expect to obtain registration approval for our class III medical device (for lung cancer assisting in diagnosis) in late 2022.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, has reported its unaudited financial results and business highlights for the nine months ended Sept. 30, 2021. Financial highlights include total revenue reaching an estimated $2.1 million, which is a 55.3% over the same period in 2020, and gross profit margin totaling 59.3%, representing an 8.8% increase from the year before. In addition, the average selling price of ANPC’s CDA-based tests was $71.6, an increase of 72.3% from 2020. In addition, the company reported cash and cash equivalents of approximately $0.8 million for the nine-month period. Business highlights included AnPac’s acquisition of 60% equity interest in Anpai (Shanghai) Health Management Consulting Co. Ltd. as well as continued validation regarding the efficacy of its CDA testing obtained through clinical study follow-ups. The company also completed the development and evaluation of a second-generation cancer detection sensor, launched a joint venture designed to focus on a novel cancer-treatment technology and medical-device development, and filed 261 patent applications globally, among which 150 patents have been granted. AnPac is also continuing to build a proprietary cancer-risk assessment database, which totaled some 244,310 samples as of Sept. 30, 2021. “We are very pleased with our progress in research and development, commercialization, and operational performance for the first nine months in 2021,” said AnPac Bio chair and CEO Dr. Chris Yu in the press release. “We grew revenue by 55.3% and gross margin by 8.8 percentage points. At the same time, we reduced non-GAAP loss by 6.0%. Our number of issued patents, and clinical and commercial sample sizes all reached record high in Q3 2021. We are making solid progress in obtaining regulatory approval for our class III medical device for lung cancer assisting in diagnosis and have also submitted application for registration testing of our multi-cancer detection medical device for 11 types of cancer. We are also working very hard to obtain Laboratory Developed Test (‘LDT’) status for our CDA cancer test in the U.S. Based on our current status and progress, we now expect to obtain registration approval for our class III medical device (for lung cancer assisting in diagnosis) in late 2022.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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