On November 25, 2020 AnPac Bio-Medical Science Co., Ltd. ("AnPac Bio," the "Company" or "we") (NASDAQ: ANPC), a biotechnology company with operations in China and the United States focused on early cancer screening and detection, reported that it experienced strong demand for its cancer screening tests and set a record in paid test volume in the third quarter (Press release, Anpac Bio, NOV 25, 2020, View Source [SID1234571750]). With a strong fourth quarter already underway, the Company forecasts a revenue growth of approximately 100% in 2020 over 2019, with a revenue range of US$3 million (~ RMB20 million) to US$3.3 million (~ RMB22 million). For 2019, the Company had a revenue of US$1.6 million (~ RMB10.9 million) (using a current US$ to RMB exchange ratio of ~ 6.6). We expect the strong momentum of YoY revenue growth due to market demand and customers accepting AnPac Bio’s novel cancer screening technology with multiple advantages (named cancer differentiation analysis (CDA) technology)) to continue into 2021. The Company plans to release its full year 2020 audited financial report in early March 2021.
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With COVID-19 mainly contained in China and most businesses returning to normal operations since May, the demand for the Company’s cancer screening tests has remained strong. Further, its average selling price (ASP) in 2020 is expected to increase compared to 2019, contributing to a higher revenue growth forecast. In 2020, the Company has launched a number of new products including an immunology test in China and the COVID-19 antibody test in the US.
Dr. Chris Yu commented, "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."