Fresh2 Group Limited (NASDAQ: ANPC), formerly AnPac Bio-Medical Science Co., a company with operations in the United States and China focused on early cancer screening and detection and plans to enter into the operation of a business-to-business e-commerce food platform focused on the sale of Asian sourced food products, is releasing financial results for first quarter 2023 as well as fiscal year 2022; the company also announced that it filed its annual report on for the fiscal year ended December 31, 2022 , with the U.S. Securities and Exchange Commission. The unaudited results include notable numbers, including total revenue for Q1 2023 came in at approximately RMB593,000 ($87,000), down 69.9% from the same period of 2022; gross profit margin was 25% for the first quarter of 2023; and the average selling price (“ASP”) of CDA-based tests was RMB330 ($48.1), an increase of RMB97.0 , or 41.6% from  same period of 2022. FY 2022 reported numbers included total revenues of RMB12.0 million ($1.7 million ), down 33% from the previous year, gross margin was 69.2%, a slight increase from 2021, and the ASP of CDA-based tests was RMB266 ($39) in the year ended December 31, 2022. The company noted key business highlights in the reports, including continued validation regarding the efficacy of CDA testing through clinical study follow-ups, the filing of 260 patent applications globally, and the continued progress on building a cancer risk assessment database, which currently includes an estimated 286,472 samples.

“We have been actively exploring new business opportunities to diversify our revenue stream, despite the unfavorable macro environment for our existing biotech business,” said Fresh2 Group co-CEO Haohan Xu in the press release. “Currently, we are striving to build a leading e-commerce platform in the U.S. that offers online wholesale food supplies for restaurants and supermarkets. We are committed to helping restaurants and supermarkets reduce procurement costs and increase efficiency by utilizing an intelligent supply chain management system. We will allow our customers to directly connect with reliable suppliers, ensuring that the food purchased is consistent in quality with competitive prices, and the source of the food can be determined. We have opened our platform to multiple categories of suppliers, while also providing a comprehensive supply chain service. By leveraging digital technology and innovative business models, we intend to drive the online transformation of the food supply industry. We believe our growth strategy positions us well to develop a customer base, generate a steady revenue stream and improve our profitability in the long run. Looking forward, we will continue to focus on implementing our growth strategies and invest in our business to capture the massive opportunities we see in the U.S. market.”

To view the full press releases, visit https://ibn.fm/n1AFn, https://ibn.fm/7HysR and https://ibn.fm/zLo9m

About Fresh2 Group Limited

Fresh2 Group Limited is a biotechnology company focused on early cancer screening and detection, with 155 issued patents as of March 31, 2023. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, Fresh2 performs a suite of cancer screening and detection tests, including Cancer Differentiation Analysis (“CDA”), biochemical, immunological and genomics tests. The Company is entering the business-to-business e-commerce food business with the formation of its wholly owned subsidiary Fresh2 Technology Inc and the acquisition of Fresh2 Ecommerce Inc. For more information about the company, visit www.Fresh2.co

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