AnPac Bio-Medical Science Co Ltd – ADR ANPC shares were advancing strongly Wednesday after the company reported strong third-quarter testing volume and issued a strong full-year outlook.
What Happened: AnPac said it experienced strong demand for its cancer screening tests, with paid test volume setting a record.
"With COVID-19 mainly contained in China and most businesses returning to normal operations since May, the demand for the company's cancer screening tests has remained strong," the company said.
The company also said ASPs will likely increase in 2020.
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What's Next: Given the third-quarter strength in testing volume and the strong fourth-quarter trends seen so far, AnPac said it expects revenue growth of about 100% to $3 million-$3.3 million.
"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," CEO Chris Yu said in a statement.
"We are optimistic about our company including commercialization in the U.S. and growth in 2021."
ANPC Price Action: At last check, AnPac shares were surging 102.29% to $7.08.
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