NEW HAVEN, Conn., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that Q2-2023 revenues have increased to $3.5M in Q2-2023 from $2.8M in Q1-2023, an increase of 25% QoQ.
The following factors contribute to the Company’s path to breakeven:
- Growth rates of each division: The Company's revenues derived from the products division grew 15%, and the revenues from the pathology services division grew 30% during this period. We are starting to see the fruits of the seeds planted in the past as both commercial teams continue to focus on new business.
- Current customer pipeline. As the relationships with our distributors continue to build alongside our internal organic efforts, the customer pipeline continues to grow. According to Precipio’s CRM, the pipeline of new business expected to be added in the second half of 2023 is anticipated to continue at the same growth trajectory.
- As expected, customers who were set up in the first half of 2023 are beginning to ramp up their HemeScreen operation, iron out the system issues such as correct test ordering and the prevention of testing leakage out of their labs. Subsequently they are starting to run consistent and increasing volumes in their lab, generating increased usage and growing orders. This means a continued acceleration of new customers and customer add-on panels are both contributing to the pipeline growth.
“While we still have a way to go, I am encouraged by the tailwind we are seeing in terms of the Company’s operations. Sales continue to grow at double-digit quarterly rates; and we continue to reduce operational expenses,” said Ilan Danieli, CEO. “I have full confidence in our value proposition, and in the team we have in place to execute on our business and financial goals, all leading to shareholder value appreciation.”
About Precipio
Precipio has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide, as well as proprietary products that serve laboratories worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
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Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and the company, on our business, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. Except for historical information, statements about future volumes, sales, growth, costs, cost savings, margins, earnings, earnings per share, diluted earnings per share, cash flows, plans, objectives, expectations, growth or profitability are forward-looking statements based on management’s estimates, beliefs, assumptions and projections. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations, or could affect the company’s ability to achieve its strategic goals, includes factors that are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis” in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as updated from time to time in the company’s Securities and Exchange Commission filings.
The company’s forward-looking statements in this press release are based on management’s current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws.
