Precipio Announces Q2-2020 Unaudited Pathology Services Revenue Increased Approximately 50% over Q1’20
July 22 2020 - 10:15AM
Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced its preliminary unaudited revenues for its pathology
services increased from $0.8M in Q1’20, to an estimated (unaudited)
$1.3M in Q2’20, an increase of approximately 50%
quarter-over-quarter. Final numbers are subject to the completion
of the company’s quarterly review and will be released in the
company’s upcoming 10-Q filing.
A detailed analysis on the metrics driving
growth in pathology services will be shared following the release
of the company’s second quarter financials. Early indications point
to sustained volume increases from the company’s existing customer
base, coupled with our successful March transition of all the
Oncometrix accounts. For reference, in May 2020 Precipio reported a
27% increase in pathology services in Q1’20 over Q4’19.
In addition to our growth of pathology revenues,
we are very encouraged by the reception of our HemeScreen Reagent
Rental (“HSRR”) offering by office-based oncology practices. As
announced in May 2020, we launched the HSRR program to create a new
revenue opportunity for oncology practices to run molecular tests
of various hematologic malignancies in their office laboratory.
As first reported in 2019, HemeScreen is a
proprietary technology developed by Precipio that substantially
reduces the costs for running molecular tests for hematologic
malignancies. The first assay for MPN malignancies tests for JAK2,
MPL and CALR genes. In addition to the significant cost reduction,
HemeScreen also lowers the volume threshold enabling the
office-based oncologist laboratory to generate results in a 2-day
turn-around on most cases vs the current 14-28 day turn-around time
for most labs.
With HSRR, Precipio has harnessed the intrinsic
values of its proprietary HemeScreen technology (reduced costs and
diagnostic speed) creating a compelling economic model for
oncologist practices. As the states are gradually opening up for
business, we are very pleased by the enthusiastic reception of
HSRR.
“While many companies and businesses have been
ravaged by the COVID-19 pandemic, we are grateful for our customers
who continue to place their trust in our services,” said Ilan
Danieli, Precipio’s CEO. “The ability to grow our business during
what is likely the greatest economic downturn in world history, is
a testament to the value of what we do, and the resilience of our
business.”
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. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics
and treatment such as the Yale School of Medicine and Harvard’s
Dana-Farber Cancer Institute, Precipio offers a new standard of
diagnostic accuracy enabling the highest level of patient care. For
more information, please visit www.precipiodx.com.
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, include the uncertainties relating to the impact
of COVID-19 on the company’s business, operations and employees and
the other 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, 2019, 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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