Core Insights - bioAffinity Technologies, Inc. (BIAF) shares have increased by 160.9% since the financial results for the year ended December 31, 2024, contrasting with an 8.9% decline in the S&P 500 Index during the same period [1] - The company reported record revenues of $9.4 million for 2024, a 269.7% increase from $2.5 million in 2023, primarily due to the acquisition of Precision Pathology Laboratory Services [2] - Despite revenue growth, net loss widened to $9 million, or $0.75 per share, compared to a loss of $7.9 million, or $0.91 per share, in the previous year [3] Revenue Growth and Profitability Metrics - The significant revenue increase was largely attributed to a full year of operations from Precision Pathology, acquired in September 2023 [2] - Orders for the flagship test, CyPath Lung, surged by 1,400% over 2023, indicating strong adoption by physicians [2] Operating Expenses - Operating expenses rose by 74.3% to $18.3 million from $10.5 million, reflecting increased commercial activity and the full-year impact of PPLS operations [3] - Selling, general, and administrative expenses increased by 46.4% to $9.9 million, driven by higher personnel costs and commercialization efforts for CyPath Lung [4] - Direct costs and expenses surged by 243.7% to $5.9 million due to the expansion of pathology and lab operations [4] Cash Position and Liquidity - The company ended 2024 with $1.1 million in cash and equivalents, down from $2.8 million at the end of 2023, but raised $1.4 million in February 2025 through warrant exercises [4] Business Expansion - BIAF expanded its physician network by over 300% in 2024, establishing a broader footprint for future growth [5] - The test CyPath Lung has been reimbursed by Medicare and private insurers, and is listed on the U.S. Federal Supply Schedule, allowing access to 1,380 government healthcare facilities [6] Future Guidance - For 2025, bioAffinity anticipates revenues between $6 million and $8 million, including $1 million to $2 million from CyPath Lung sales, reflecting a planned discontinuation of unprofitable pathology services [9] - Management expects reductions in labor and overhead to offset the revenue dip, improving profitability at its subsidiary laboratory [10] Clinical Developments - BIAF submitted the pivotal study protocol to the Sterling Institutional Review Board, with the trial expected to enroll approximately 3,500 patients and launch in Q2 2025 [11] - The company has secured a Japanese patent for its proprietary method using flow cytometry for lung disease detection, enhancing its intellectual property portfolio [12]