BioAffinity reports 217% revenue growth for CyPath Lung in Q2

bioAffinity Technologies raised its full-year forecast for sales of CyPath Lung in the company’s test marketing program by 85% and reported 217% growth in second-quarter sales over first quarter 2024, outpacing the forecast previously reported in May by 75%. CyPath Lung fulfills the need for a noninvasive test for the early detection of lung cancer and is especially useful for patients whose lung cancer screening or other scan reveals a pulmonary nodule. The lung cancer diagnostics market is projected to reach $4.7 billion by 2030, according to ReportLinker’s industry analysis. The accelerating growth of CyPath Lung sales builds on the foundation laid in 2023 when bioAffinity launched a strategic beta marketing program in Texas after obtaining a CPT code and Medicare reimbursement for CyPath Lung. This initiative included hiring seasoned sales executives to educate physicians on the benefits of CyPath Lung for patients at risk for lung cancer. Additionally, private insurers have begun reimbursing for the test, which is billed at $1,900 by Precision Pathology Laboratory Services or PPLS, a wholly owned subsidiary of bioAffinity. PPLS is projected to generate between $9.2 and $9.6 million revenue in 2024, including sales of CyPath Lung. “We strategically focused our marketing efforts on our home state of Texas as we launched CyPath Lung, a noninvasive test that has shown 92% sensitivity and 87% specificity in detecting cancer in the lung for people who have pulmonary nodules 20 millimeters or less,” bioAffinity Technologies President and CEO Maria Zannes said. “The strategic decision to begin our commercial launch in Texas allows us to hone our message, improve operations and prepare for a broader market launch now scheduled for the fourth quarter of 2024.”