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 annual financial results for the year ended December 31, 2021. Highlights of the report include total revenues of $2.8 million, down 12.3% from $3.1 million in fiscal year 2020, along with an increase of 5.3% in gross margin with the company reporting 68.1% in fiscal year 2021, up from 62.8% in fiscal year 2020. The company also reported the average selling price of its CDA-based tests at $61 in the year, a 13.2% decrease from FY 2020, attributed to a focus on more conventional cancer detection tests at lower prices. Business highlights for the year included news that the company’s Class III medical device for lung cancer auxiliary diagnosis utility successfully passed initial tests at a testing laboratory designated by National Medical Product Administration (“NMPA”) in China, with clinical trials expected to start later this year; the filing with NMPA of a second class III medical device license application covering 11 types of cancer auxiliary diagnosis; and the acquisition of a 60% equity interest in Anpai (Shanghai) Health Management Consulting Co. Ltd., a provider of medical screening and detection services in China. In addition, the company was ranked global number one in multicancer screening and detection volume by Frost-Sullivan, a leading U.S. market analysis and research firm. “In 2021, we continue to lay a strong foundation in innovation, product development, clinical trial validations and medical device certifications for growth in the next few years,” said AnPac Bio Co-CEO and cochair Dr. Chris Yu in the press release. “We built up a strong global lead in multicancer screening and detection sample size and data, with the global number-one ranking in multicancer test volume by U.S. market firm Frost-Sullivan. Our ongoing cancer test follow-up study, whose enrollment at 26,372 individuals at the end of 2021, is one of the largest studies in the world for multicancer test studies and continues to generate strong clinical validations for our CDA technology at medical institutions and hospitals for confirmed cancer and precancer cases for individuals who had tested initially using our CDA tests during general population cancer screening and risk assessment. Moving forward, we will continue efforts to reduce our costs, including general and administrative costs, and make strong efforts in our marketing and sales.”
To view the full press release, visit https://ibn.fm/6NSLd
About AnPac Bio-Medical Science Co. Ltd.
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 150 issued patents as of Sept. 30, 2021. 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
NOTE TO INVESTORS: The latest news and updates relating to ANPC are available in the company’s newsroom at https://ibn.fm/ANPC
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