bioAffinity Technologies reported Q3 2024 revenue of 2.35 million, a gross profit of 0.910 million and a gross margin of 38.7%. The company posted an operating loss of 1.97 million and a net loss of 2.00 million, with an EPS of -0.16. While year-over-year revenue appeared to surge by approximately 687%, the quarter declined 2% sequentially, underscoring a nascent commercialization phase with ongoing investment in R&D and go-to-market activities. EBITDA was negative at 1.83 million, and the EBITDARatio stood at -0.78, reflecting a persistently high burn relative to revenue as the company builds its CyPath Lung diagnostics platform.
From a liquidity and balance sheet perspective, operating cash flow was negative (-1.71 million) and free cash flow was also negative (-1.72 million). The company ended the quarter with cash and equivalents of about 0.76 million. Total assets were 6.56 million and total liabilities 3.43 million, with stockholders’ equity of 3.12 million. The company carries roughly 1.72 million of debt and a net debt position of about 0.96 million. Notably, accumulated deficit remains a material feature, with retained earnings deeply negative (-50.68 million), while goodwill and intangible assets total roughly 2.19 million, indicating a sizable intangible asset base accompanying limited near-term profitability.
With limited near-term revenue visibility and a tight liquidity runway, the company’s path to sustained profitability hinges on accelerated CyPath Lung adoption, potential product line expansion, strategic partnerships, and, importantly, access to additional external financing. Absent management-provided forward guidance in the data, investors should monitor cash runway, balance sheet flexibility, and progress toward commercialization milestones that could unlock revenue scale.