Revenue momentum has stalled with a 27.1% year-over-year decline in 2026Q1, while gross margins remain compressed at 22.8%, significantly trailing industry standards.
| Sales/Revenue | 5.66M | 6.16M | 9.36M | 2.53M | 4.8K | 0 | 0 | 0 |
| Revenue Growth % | -35.75% | -34.18% | 269.75% | 52617.05% | - | - | - | - |
| Cost of Goods Sold | 4.41M | 4.73M | 5.98M | 1.74M | 467 | 4.82K | 22.24K | 40.28K |
| COGS % of Revenue | - | 76.79% | 63.91% | 68.76% | 9.72% | - | - | - |
| Gross Profit | 1.25M | 1.43M | 3.38M | 791.62K | 4.34K | -4.82K | -22.24K | -40.28K |
| Gross Margin % | 22.14% | 23.21% | 36.09% | 31.26% | 90.28% | - | - | - |
| Gross Profit Growth % | - | -57.67% | 326.85% | 18156.8% | 190.01% | 78.34% | 44.78% | - |
| Operating Expenses | 12.82M | 12M | 12.33M | 8.77M | 4.02M | 2.2M | 2.58M | 3.05M |
| OpEx % of Revenue | - | 194.79% | 131.72% | 346.17% | 83601.79% | - | - | - |
| Selling, General & Admin | 10.7M | 9.91M | 9.94M | 6.79M | 2.48M | 1.07M | 972.1K | 1.2M |
| SG&A % of Revenue | - | 160.89% | 106.21% | 268.21% | 51656.09% | - | - | - |
| Research & Development | 1.93M | 2.09M | 1.78M | 1.73M | 1.52M | 1.14M | 1.61M | 1.85M |
| R&D % of Revenue | - | 33.9% | 19.05% | 68.13% | 31733.71% | - | - | - |
| Other Operating Expenses | 179.45K | 0 | 606K | 249.59K | 10.18K | 0 | 0 | 0 |
| Operating Income | -11.56M | -10.57M | -8.95M | -7.97M | -4.01M | -2.21M | -2.6M | -3.09M |
| Operating Margin % | -204.29% | -171.58% | -95.63% | -314.89% | -83511.51% | - | - | - |
| Operating Income Growth % | - | -18.09% | -12.29% | -98.78% | -81.76% | 15.27% | 15.78% | - |
| EBITDA | -11.1M | -10.07M | -8.35M | -7.72M | -4M | -2.2M | -2.58M | -3.05M |
| EBITDA Margin % | -196.07% | -163.38% | -89.16% | -305.03% | -83299.52% | - | - | - |
| EBITDA Growth % | -22.97% | -20.61% | -8.08% | -93.04% | -81.69% | 14.72% | 15.39% | - |
| D&A (Non-Cash Add-back) | 464.77K | 504.83K | 605.64K | 249.59K | 10.18K | 4.82K | 22.24K | 40.28K |
| EBIT | -15.82M | -10.57M | -8.94M | -7.88M | -5.62M | -5.32M | -6.88M | -3.09M |
| Net Interest Income | -10.74K | -20.99K | -74.86K | 85.01K | -2.49M | -1M | -381K | -212K |
| Interest Income | 32.87K | 23.39K | 17.61K | 122.13K | 46.71K | 424 | 0 | 2.78K |
| Interest Expense | 43.61K | 44.37K | 92.47K | 37.13K | 2.53M | 1M | 382.17K | 214.83K |
| Other Income/Expense | -4.28M | -4.29M | -75.35K | 57.21K | -4.14M | -4.12M | -4.66M | -212.06K |
| Pretax Income | -15.84M | -14.87M | -9.03M | -7.92M | -8.15M | -6.32M | -7.27M | -3.3M |
| Pretax Margin % | -279.95% | -241.25% | -96.44% | -312.64% | -169720.05% | - | - | - |
| Income Tax | 35.35K | 44.04K | 11.65K | 20.99K | 2.46K | 1.95K | 2.75K | 3.2K |
| Effective Tax Rate % | -0.22% | -0.3% | -0.13% | -0.27% | -0.03% | -0.03% | -0.04% | -0.1% |
| Net Income | -15.88M | -14.91M | -9.04M | -7.94M | -8.15M | -6.33M | -7.27M | -3.31M |
| Net Margin % | -280.57% | -241.96% | -96.56% | -313.47% | -169771.25% | - | - | - |
| Net Income Growth % | -63.06% | -64.93% | -13.9% | 2.66% | -28.89% | 12.96% | -119.77% | - |
| Net Income (Continuing) | -15.88M | -14.91M | -9.04M | -7.94M | -8.15M | -6.33M | -7.27M | -3.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.53 | -8.66 | -22.50 | -27.30 | -54.30 | -69.57 | -29.70 | -13.50 |
| EPS Growth % | 41.6% | 61.51% | 17.58% | 49.72% | 21.95% | -134.24% | -120% | - |
| EPS (Basic) | - | -8.66 | -22.50 | -27.30 | -54.30 | -70.86 | -29.70 | -13.50 |
| Diluted Shares Outstanding | 4.49M | 1.72M | 404.33K | 291.6K | 149.97K | 90.93K | 245.93K | 245.93K |
| Basic Shares Outstanding | 4.49M | 1.72M | 404.33K | 291.6K | 149.97K | 89.28K | 245.93K | 245.93K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and commercial adoption
As reported in recent financial filings, BIAF experienced a 34.18% year-over-year revenue decline, signaling a potential stall in the commercial rollout of the CyPath Lung diagnostic test and raising concerns regarding the sustainability of current physician adoption rates within the competitive lung cancer screening market.
The consistent quarter-over-quarter revenue contraction suggests that the company is struggling to gain traction with its fee-for-service model. Investors should monitor whether this decline reflects a fundamental lack of market penetration or temporary disruptions in the reimbursement cycle.
Based on the company's latest income statement, gross margins have compressed to 23.21%, a figure that appears significantly below the typical 60-80% threshold observed in the broader medical diagnostics industry, indicating that variable costs are currently consuming a disproportionate share of every diagnostic service dollar.
This low margin profile suggests that the current cost of processing sputum samples is not yet optimized for high-volume commercialization. Without a transition to automated processing or improved reimbursement rates, the company may find it difficult to achieve the gross profitability required to support its high fixed-cost base.
According to historical income statements, BIAF maintains an operating margin of -171.58%, demonstrating that the company's foundational sales and research expenses are currently scaling far faster than its gross profit, which warrants further investigation into the efficiency of its commercial and administrative overhead spending.
The inability to leverage operating expenses against revenue suggests that the company is in a heavy investment phase with no clear path to operational break-even. The persistent gap between revenue generation and administrative costs implies that the business model is not yet self-sustaining.
As indicated by the provided financial data, the company's cost structure is dominated by substantial R&D and administrative overhead, which, when combined with a declining revenue base, creates a challenging environment for achieving expense discipline in the near term.
The reliance on high fixed costs to maintain clinical laboratory standards creates a significant hurdle for profitability. Management's ability to control these expenses will be critical, as the current burn rate appears to be outpacing the company's ability to generate cash from its diagnostic services.
Based on the reported figures, the combination of a -171.58% operating margin and a limited $6.4M cash position suggests that the company may face imminent liquidity risks, potentially necessitating further dilutive capital raises to fund ongoing operations over the next twelve months.
Short-sellers would likely focus on the disconnect between the company's proprietary technology claims and the reality of its declining revenue and negative margins. The lack of a clear path to positive cash flow makes the company highly sensitive to any further delays in clinical adoption or reimbursement challenges.
Quick answers to the most common questions about buying BIAF stock.
For fiscal year 2025, bioAffinity Technologies, Inc. (BIAF) reported total revenue of $6.2M.
bioAffinity Technologies, Inc. (BIAF) reported a net loss of $14.9M for the fiscal year ending 2025.
bioAffinity Technologies, Inc. (BIAF) reported an operating income of $-10.6M, resulting in an operating profit margin of -171.6%. This margin reflects the operational efficiency of the business before interest and taxes.
bioAffinity Technologies, Inc. (BIAF) generated $1.4M in gross profit for the year, representing a gross profit margin of 23.2%. This demonstrates the company's core pricing power and production efficiency.