The Chinese Bio-Medical is on a rise after a stunning third quarter 2020 performance.
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Shares of AnPac Bio-Medical Science Co., Ltd. (ANPC) is rolling today following the announcement of third quarter 2020 financial and operating results. The stock has surged up to 140% with a massive volume of 28 million.
The investors have rushed in huge numbers potentially on the record set by AnPac in paid test volume during Q3. The company has observed a high demand for its cancer screening tests.
AnPac stock escalated in the premarket before it kicked off the session at $8.09 compared to the previous close of $3.50. The day’s range is between $6.35 – $8.48. As we write this at 11:40 A.M. EST, ANPC was trading at $7.18 soaring by 105.15%.
As the COVID-19 pandemic is being tackled and businesses are back to normal once again. The biotechnology whose operations are mainly based in China and the U.S. has gained significantly during the third quarter.
The third quarter stats are being followed in the fourth quarter already. The company expects the quarter to end on a high. The increasing demand for its cancer screening tests will help the revenue growth of the company.
With a strong beginning to this quarter, AnPac presented the forecast for the full-year 2020. The projected revenue growth for 2020 is almost 100% YoY. The biotech expects the year to end with a revenue range of $3 million, which was $1.6 million in 2019.
The increase in revenue is based on the bullish momentum in the market demand. The customers are acknowledging AnPac Bio’s novel cancer screening technology. The company is keen to improve and keep on providing high cancer testing services to patients in 2021.
Moreover, AnPac Bio-Medical expects its average selling price to increase compared to the last year. This will also help in revenue growth and support the forecast for 2020.
In a year where COVID-19 has been the highlight, AnPac launched two new tests including an immunology test in China and the coronavirus antibody test in the U.S.
The company is focused to grow in different areas. The CEO of AnPac, Dr. Chris Yu stated:
“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.”
After successfully becoming a volume leader in cancer screening, the company looks ahead with exploring new segments. The increase in ASP, and two new tests in China and the U.S. have helped AnPac to record a swift growth.
AnPac Bio-Medical Science Co., Ltd. (ANPC) expects to release the full-year 2020 audited report in early March 2021.