Anbio Biotechnology develops and distributes in vitro diagnostic (IVD) products — test kits and instruments used by healthcare providers, labs, and patients to detect diseases from biological samples. Anbio's product portfolio spans point-of-care (POCT) and laboratory solutions across several diagnostic platforms: lateral flow immunoassay (LFIA) rapid tests, fluorescence immunoassay (FIA) analyzers, LAMP molecular diagnostics, dry chemistry analyzers, chemiluminescence immunoassay (ChLIA) lab analyzers, and RT-PCR kits. The most commercially important products are rapid antigen test kits for respiratory diseases, including COVID-19 and flu, though Anbio is actively shifting its revenue mix toward non-respiratory IVD categories. Anbio's business model is asset-light: Anbio designs the underlying assays and manages external R&D partners, but outsources manufacturing entirely to third-party suppliers. Anbio retains IP ownership and handles regulatory approvals — primarily CE marking for the EU, which accounts for roughly 60-70% of revenue. Anbio sells through a direct B2B sales force and regional distribution partners across the EU, Asia Pacific, Latin America, and Africa. The business carries significant concentration risk: two suppliers accounted for 100% of purchases in FY2025, and three customers represented approximately 74% of total revenue in FY2024. Anbio's growth strategy focuses on geographic expansion in emerging markets, product diversification away from COVID-19, and maintaining EU regulatory compliance as the transition to the more stringent IVDR framework approaches.