AnPac Bio-Medical Science (NASDAQ: ANPC), a biotechnology company with operations in the United States and China, is reporting its unaudited financial results for the six months ended June 30, 2022. Highlights of the report for the first half of 2022 include total revenue of an estimated $778,000, a decrease of 43.7% compared to the same period of 2021, and gross profit margin for the same period of 64.9%, up from 61.4% for the same period of 2021. The report also noted that the average selling price of CDA-based tests was $36.8) for the six-month period, down 50.9% from the same period in 2021; the company noted that the decrease was primarily due to focusing on more conventional cancer detection tests at lower prices. Net loss for the first half of 2022 was an estimated $7.3 million, a 15.4% decrease from the same period in 2021; the company attributed the change to selling and marketing expenses, R&D expenses, general and administrative expenses, and impairment of intangible assets and good will. The report also noted non-GAAP net loss of approximately $6.6 million, an increase of 18.6% compared with the same period of 2021. Business highlights from the report included continued validation regarding the efficacy of CDA testing through clinical study follow-ups and progress on patent development: As of June 30, 2022, AnPac had filed 260 patent applications globally, with 155 patents being granted, including 22 patents granted in the United States, 68 in greater China (including eight in Taiwan), and 65 in other countries and regions. The company is continuing to build its cancer-risk assessment database, which currently includes some 270,361 samples. AnPac also delivered an aggregate of 8,074,594 shares reserved for convertible debentures in principal balance of approximately $3.5 million by June 30, 2022, at conversion prices ranging from $0.16 to $1 per share. The company also issued 6 million shares as reserve for potential convertible loans conversion in the first quarter of 2022. “The first half year of 2022 was challenging due to COVID-19, especially in Shanghai area between early March to early May 2022, which affected our business and resulted in reduced paid cancer tests and hence revenue,” said AnPac Bio co-CEO Dr. Chris Yu in the press release. “However, we had a very strong June 2022 in paid cancer tests. We have also made significant efforts in reducing our costs including head counts, which has been effective and resulted in our reduced loss. We continue to advance our CDA technology in a number of areas including our multiyear follow-up study in enrolled individuals who had CDA tests. We reported multiyear clinical trial results in our CDA technology for lung cancer treatment prognosis in April’s American Association for Cancer Research conference. . . . In addition, due to our strong cost-reduction efforts in the first half of year, we expect that our costs will continue to reduce and loss will further narrow.”
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About AnPac Bio-Medical Science Co. Ltd.
AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of June 30, 2022. 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 be able 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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