NEW HAVEN, Conn., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces its Pathology Division has in August exceeded the monthly breakeven revenue goal which, if continued, causes this division to contribute cash to the Company’s operations.
As previously announced, the revenue target for pathology division breakeven is an annualized run rate of $14M, which is equivalent to approximately $1.16M per month, and was targeted to be reached by year-end. In August, Precipio’s unaudited revenues exceeded $1.2M, surpassing this goal. Management is confident that the August momentum will enable September to also exceed the breakeven level.
“As a sales executive, nothing is more exciting than seeing my team exceed their goals. We are on a track to contribute significantly to the Company’s revenues and financial performance,” said Bill Breit, VP of Pathology Sales. “This is, however, more than an increase in revenue. It tells me that Precipio’s team and technology are impacting more patient lives by reducing the misdiagnosis of hematologic malignancies.”
Management continues its efforts on all fronts to bring the Company to financial independence, and is optimistic that this trend will continue. The Products division revenues continue to grow, with an increased pipeline and expanding demand for our products, in particular the recently launched Quantitative BCR-ABL1 assay. As expenses are closely managed and cost initiatives continue to garner impact, cash burn is rapidly dropping as the company heads towards breakeven.
“Its great to finally see the fruits of our work translating info a material financial impact to the company,” said Ilan Danieli, CEO. “With our current growth trajectory, we are turning the corner and headed towards financial independence, building a company that will own significant market share and run a profitable operation, and creating value for our shareholders.”
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, including other financial projections and potential market opportunity, plans and prospects. 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.We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties 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.
