According to a news release, AnPac Bio has seen a massive increase in demand for its early cancer screening tests. The company notes that this set a record for it in terms of cancer screening test volume during the quarter.
To go along with this good news, AnPac Bio also notes that its fourth quarter of the year is off to a great start. The company continues to see strong demand for its early cancer screening tests and expects this momentum to continue into 2021.
AnPac Bio is also providing some strong guidance for the full year of 2020 with this news. The company says that it’s expecting revenue for the year to 20 million yuan to 22 million yuan. That would have it easily beating out Wall Street’s guidance of 13.09 million yuan for the year.
Dr. Chris Yu, co-founder and CEO of AnPac Bio, had this to say about the news.
“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.”
ANPC stock was up 109.7% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.