AnPac Bio Completed 1st Half Year with Increased ASP and Revenue

SAN JOSE, Calif., July 13, 2020 (GLOBE NEWSWIRE) -- 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, pre-announced certain results from the quarter ending 6/30/20. The Company performed 6,500 paid tests in June 2020, which was almost 50% higher than the average monthly paid tests in 2019.  Based on unaudited numbers for the first half of the year in 2020 through 6/30/20, revenue was slightly higher compared to the same period in 2019, while the average selling price (ASP) increased as well over 2019.  AnPac Bio plans to file the 1^st half year results on August 28, 2020.  

Highlights during the period of the 1^st half of 2020:

• The Company successfully listed on the NASDAQ stock exchange on January 30, 2020.
• The volume of paid CDA tests picked up significantly starting in late May through the end of June, with June alone recording approximately 6,500 paid tests (50% higher than the monthly average in 2019).
• The ASP has increased due to higher pricing for new contracts and more favorable distributor mix.
• Two new products were launched, including a novel immunology test product named ADME (AnPac Defense Medical Examination) and a new cancer test package named APCS (AnPac Pan Cancer Screening) combining CDA technology with ct-DNA method.
• The San Jose, US lab received CAP certification.
• The Philadelphia, US lab completed renovation and 1^st phase equipment was moved-in.
• More patents were issued, reaching 128 issued patents in total at the end of June, 2020.
• Additional hospitals entered into collaborations with the Company in clinical studies, including a study with a leading hospital around coronavirus risks.
• Continued work on obtaining Class III medical device certification in China and laboratory developed test (LDT) in the US.

AnPac Bio’s CEO, Dr. Chris Yu, commented, “With COVID-19 under control in China, our business has picked up significantly in the second half of May through June.  As businesses have returned to work with a new increased awareness about the importance of health and relevant tests for disease prevention, our paid tests have increased.  In addition, our increased ASP for CDA tests, and as new products are beginning to contribute to revenues, we expect a strong second half of the year in 2020, and overall strong revenue growth for the full year in 2020.”