Company: BIAF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024163
Chunk: 42

Company: bioAffinity Technologies, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 42
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 2023, additional revenue streams have been consolidated. PPLS generates
three sources of revenue: (1) patient service fees, (2) histology service fees, and (3) medical director fees. The Company recognizes
as revenue the amount that reflects the consideration to which it expects to be entitled in exchange for goods sold or services rendered
primarily upon completion of the testing process (when results are reported) or when services have been rendered.

    For the Three Months Ended June 30, 

    2025  
    2024 
  
    Patient service fees1 
    $942,067  
    $2,060,906 
  
    Histology service fees 
     308,604  
     292,081 
  
    Medical director fees 
     17,309  
     17,135 
  
    Department of Defense observational studies 
     —  
     4,038 
  
    Other revenues 
     1,503  
     23,492 
  
    Total net revenue 
    $1,269,483  
    $2,397,652 

1
Patient services fees include direct billing for CyPath® Lung diagnostic tests as well as anatomical tests and pathology services unrelated to CyPath®
Lung including services discontinued due to unprofitability.

Consolidated
revenue decreased approximately $1.1 million, or 35%, to $1.3 million for the three months ended June 30, 2025, as compared to $2.4 million
for the three months ended June 30, 2024, primarily as a result of the Company’s targeted strategic actions to discontinue certain
unprofitable pathology services, and drive sales growth for CyPath® Lung. CyPath® Lung testing revenue decreased approximately
$9,000, or 5%, to $153,000 for the three months ended June 30, 2025, compared to $162,000 for the three months ended June 30, 2024, as
a result of a total of 197 test results delivered for the three months ended June 30, 2025, compared to 168 tests for the three months
ended June 30, 2024. During the second quarter of the prior year, the Company was estimating CyPath® Lung revenue using
limited collection data due to the early stages of collections on the test. However, during the current year the Company