NEW HAVEN, Conn., July 25, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that its unaudited non-GAAP Cash Burn/Generated from Operations (CBFO) for Q2-2024 was $0.3M of cash generated for the quarter. It is important to note that a small contributing factor to the cash increase was the incoming cash collections that were expected in Q1, but were delayed and received in Q2 due to the impact of the Change Healthcare hack, as previously described.
With cash reserves of approximately $1.3M at the end of Q2-2024, and its current pipeline of business, company management remains optimistic about the prospects of reaching breakeven by year end.
“It’s great to see the fruits of our work translate into cash flow. I am hopeful that gone are the days where the company needs to conduct structured deals that harm shareholders and place the company’s equity in the hands of investors that don't have the company’s long-term interests in mind. Our team has worked hard to effectively and efficiently grow the business, while conserving every dollar to ensure that there should be no need for additional dilutive transactions in the foreseeable future,” said Ilan Danieli, CEO. “It’s time our company stands on its own two feet financially, and builds a strong base of individual & institutional healthcare shareholders, ones that have a long-term perspective, with the company’s success, growth and shareholder value appreciation in mind.”
About Precipio
Precipio is a healthcare biotechnology company focused on cancer diagnostics. Our mission is to address the pervasive problem of cancer misdiagnoses by developing solutions in the form of diagnostic products and services. Our products and services deliver higher accuracy, improved laboratory workflow, and ultimately better patient outcomes, which reduce healthcare expenses. Precipio develops innovative technologies in our laboratory where we design, test, validate, and use these products clinically, improving diagnostic outcomes. Precipio then commercializes these technologies as proprietary products that serve the global laboratory community and further scales Precipio’s reach to eradicate misdiagnosis. 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. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the targets set herein and related timing.
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