AnPac Bio-Medical Science Co Ltd – ADR (NASDAQ: ANPC) is rocketing in the market this morning, and for good reason. The company announced that it is experiencing strong demand for its cancer screening test, leading to record test volumes. Here’s what’s going on:
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ANPC Stock Is Flying On Strong Test Demand
In the press release, AnPac Bio-Medical Science said that it has set a record for paid cancer screening test volume in the third quarter, and that a strong fourth quarter is underway.
As a result of the strong volume, the company is expecting 100% growth year over year in 2020, with revenue ranging from $3 million to $3.3 million. Moreover, the company said that it expects for monumental growth to continue in 2021.
In the release, ANPC said that part of the increase in demand has to do with the fact that COVID-19 is mainly contained in China, leading to further demand in cancer screening tests.
Moreover, with the strong demand, margins will likely improve. In fact, the company said that it is expecting to increase its average selling price in 2020, helping to contribute to the strong growth forecast.
Throughout the year, the company has launched several screening tests in the field of immunology as well as oncology. Moreover, the company made it on investor radar with the launch of the COVID-19 antibody test in the United States. All of this will likely contribute to strong 2020 and 2021 years.
In a statement, Dr. Chris Yu, Co-Founder and CEO at ANPC, had the following to offer:
Our strong paid test volume in the third quarter demonstrated our novel, biophysics based CDA technology and its advantages in cost effectiveness, the ability to detect early a wide range of cancer types (over 20 cancer types), and relatively high sensitivity and specificity are increasingly being accepted and recognized by the market and customers. With our successful IPO on the NASDAQ earlier this year, we are now focusing on three areas: new product development, product commercialization including in the US, and revenue growth through sales, with an emphasis on execution and speed. Having successfully executed our phase one goal to become a volume leader in cancer screening among new generation cancer screening technologies, we are now turning our attention to enhance our ASP and gross margin. We have recorded an increase in ASP and launched two new products, which paved the way for further business growth. We are optimistic about our Company including commercialization in the US and growth in 2021.
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The Bottom Line
The bottom line here is that these are exciting times for AnPac Bio-Medical Science. The comapny’s diagnostic testing solutions are taking off, both on the oncology and immunology and the infectious diseases sides of the coin.
As a result, the company is guiding for tremendous growth this year and in the year ahead, which is overwhelmingly exciting news for investors. All in all, ANPC stock is one to watch.
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