What's Going On With BioAffinity Shares Tuesday?

BioAffinity Technologies, Inc. (NASDAQ:BIAF) shares are moving higher on Tuesday after the company reported 2024 fiscal-year earnings, showing multiple year-over-year increases.

What To Know: The company reported $9.4 million in revenue, up 270% from $2.5 million in the 2023 fiscal-year. It also reported a loss of 75 cents per share, up from a loss of 91 cents per share for the prior year.

Demand for its CyPath Lung product surged over 1,400% year-over-year, while the number of physician offices signed increased by over 300% in 2024.

BioAffinity ended the year with $1.1 million in cash and cash equivalents. Additionally, the company raised $1.4 million in total gross proceeds through warrant exercises following the close of the 2024 fiscal-year.

“We are proud of the tremendous strides bioAffinity Technologies made in 2024, achieving record revenue and laying the groundwork for continued growth,” bioAffinity President and CEO Maria Zannes said.

“The full-year integration of our pathology lab, Precision Pathology, and the growing adoption of CyPath Lung reflect the success of our strategy to build a scalable, high-impact business focused on early lung cancer detection.”

For the 2025 fiscal-year, the company expects revenue between $6 million and $8 million, down from the $9.4 million reported for 2024, due to the discontinuation of certain unprofitable pathology services, which is expected to be offset by cost reductions.

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BIAF Price Action: At the time of writing, BioAffinity stock is trading 214.9% higher at 78 cents, according to data from Benzinga Pro.

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