BioAffinity accelerates CyPath Lung amid $4M in annual cost savings at PPLS

bioAffinity Technologies (BIAF), announced targeted strategic actions to improve financial performance and accelerate the commercial growth of CyPath Lung, the Company’s noninvasive test for early-stage lung cancer. The Company expects these measures to deliver approximately $4M in annual cost savings at its subsidiary Precision Pathology Laboratory Services PPLS , while increasing resources to expand CyPath Lung sales in high-potential national markets. “Following our acquisition of PPLS, we embarked on a deliberate and strategic review as part of our commitment to optimizing operations and accelerating CyPath Lung sales. Specifically, bioAffinity Technologies expects to achieve the majority of the $4M in cost savings on an annual run rate through:Labor cost reductions, including an approximately 38% workforce reduction at PPLS; Operational efficiency enhancements, such as reduced direct costs for purchased services and supplies; and, A focus on high-margin services by discontinuing certain pathology services with suboptimal profit margins…”Our strategic adjustments today enhance our readiness to serve the market for noninvasive lung cancer detection in both civilian and military healthcare systems, and we continue to see increasing sales as more and more physicians incorporate CyPath Lung into their protocol for patients at high risk for lung cancer,” Maria Zannes, President and Chief Executive Officer, said. “With CyPath Lung now available for purchase through the Federal Supply Schedule, we intend to launch a focused government marketing program next quarter to introduce the test to Veterans Administration and Department of Defense medical centers.”