AnPac Bio-Medical Science Co. Ltd. (ANPC), a biotechnology company, has gained a slight increase of 0.84% in aftermarket trading session. Consequently, the stock is trading at $1.2 at the time of the writing. The increase could be attributed to the positive development regarding the company’s Class III medical device. On Tuesday, ANPC declined 1.65% in regular trading hours and closed the day at $1.19.
Why ANPC Rising?
On Tuesday, ANPC announced that on 30th December, the Class III medical device of the company for lung cancer auxiliary diagnosis has passed some hard registration tests at the testing laboratory designed by National Medical Products Administration (NMPA). The registration test includes the device performance tests related to its accuracy, stability, precision, repeatability etc. Afterwards the completion of tests, the major step would be a clinical trial, which would initiate in Q1 2022.
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9MFY2021 Operational Results
On 26th November, ANPC released the operational results for nine months of the fiscal year 2021. The period ended on 30th September. The company generated total revenue of $2.11 million during the period. The gross profit for the nine months was $1.25 million. The company suffered a loss of $12.38 million from the operations during the period. The net loss suffered by the company during the nine-month was $13.77 million (or $1.01 per basic and diluted share).
Dr. Chris Yu, Chairman, and CEO of ANPC, while commenting on the results said that the company is pleased with the progress it has shown during the quarter. The number of issued patents by the company, as well as clinical and commercial sample, size all, reached a record high in Q3 2021. The company is making solid progress in obtaining regulatory approval for its class III medical device for lung cancer assisting in diagnosis.
Future Outlook for ANPC
The last three months have seen ANPC stock decline by more than 60%, primarily owing to the uncertainty associated with the products of the company. Looking ahead, the analysts are optimistic that the stock is in a good shape to attract potential investors. Hence, investors should keep a close eye on the performance of ANPC stock.