AnPac Bio-Medical Science Co. (NASDAQ: ANPC), a Chinese and U.S.-based biotechnology firm focusing on early cancer screening and diagnosis, reported high demand for its cancer screening tests and set a milestone in the third quarter for the number of paying tests. The Business expects sales growth of nearly 100 percent in 2020 over 2019 with a good fourth quarter already underway, with a revenue estimate of US$3 million to US$3.3 million. It expects the high momentum of YoY sales growth to continue into 2021 due to consumer demand and consumers embracing the latest cancer screening technologies from AnPac Bio with several advantages. The Company expects to issue its audited financial statements for the full year 2020 in early March 2021.
The demand for the company’s cancer screening tests has remained high, with COVID-19 mostly contained in China and most companies back to regular operations after May. In addition, it is projected to raise its average selling price (ASP) in 2020 compared to 2019, leading to a higher outlook for sales growth. The Firm has released a range of new drugs in 2020, including the immunology test in China and the antibody test COVID-19 in the US.
Dr. Chris Yu said in a statement that the good paying test volume in the third quarter shows the latest, biophysics-based CDA technology and its cost-effectiveness benefits, the potential to diagnose a wide variety of cancer types early, and the industry and consumers are rapidly embracing and understanding relatively high sensitivity and precision. With our popular NASDAQ IPO earlier this year we are now focused on three areas: production of new products, promotion of products, including in the US and sales revenue growth, with an emphasis on execution and speed. Having successfully executed our step one target of becoming a volume leader in cancer screening among cancer screening technologies of the modern century, the company is now focused on improving our ASP and gross margin. We have reported a rise in ASP and two new products have been introduced, paving the way for more market expansion. With commercialization in the US and growth in 2021, we are positive about the business.