Specialty diagnostics Company Precipio, Inc. (NASDAQ: PRPO),
announced its audited results for 2020. The Company posted revenues
of $6.1 million, an increase of $3.0 million from 2019,
representing a 95% year-over-year increase. Additionally, Q4-2020
revenues of $1.9 million represent a 180% increase from revenues of
$0.7 million in Q4-2019 and, if continued, would represent an
annualized revenue run rate of approximately $8.0 million entering
2021.
The main driver of 2020 growth was the pathology
services, with a year over year increase of 26% in our customer
base, 27% increase in the number of ordering physicians, and 117%
increase in the number of cases received.
HemeScreen a key growth driver in
2021
In 2021, revenues from our products, which were
less than 3% of Company revenues in 2020, are expected to reach
approximately 50% of our pathology revenue by the fourth quarter of
2021. This growth will be primarily driven by HemeScreen sales to
Physician Office Laboratories (POLs) which are embracing this
technology and our reagent-rental offering. We have over 10 signed
customers, some of them already generating revenue, and an active
pipeline of >30 target customers introduced via our partnership
with ION Solutions. We are optimistic about the opportunity to add
substantial revenue from HemeScreen this year.
In addition, we continue to make progress with
our trial customers for IV-Cell. Despite COVID slowing down the
onboarding process for these laboratories, we remain confident in
the benefits IV-cell offers customers and its ability to add to
sales growth.
Review of 2020 results
Gross profit for Q4-20 was $0.5 million, an
increase of 27% from the prior quarter, reflecting the Company’s
ability to leverage laboratory production costs as case volume
increases.
For 2020, gross profit was $1.2 million, an
increase of $0.9 million from 2019. 2020 operating expenses of $9.8
million increased less than $0.2 million (or less than 2%) when
compared to 2019, while revenue during the same period almost
doubled. During 2020, the company focused on reducing general and
administrative expenses while reinvesting in selling and R&D
initiatives.
“The efforts of our team throughout the 2020
Covid shutdown were incredible, and the results speak for
themselves”, said Ilan Danieli, the Company’s CEO. “We began to
prepare in mid-March 2020 for the unknown; the individual efforts
of our lab, R&D and sales personnel define the word
“perseverance” and the phrase “commitment to excellence”. We now
have the opportunity to leverage a powerful growth engine which has
been put through the challenges of 2020 and is ready for takeoff in
2021.”
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 such as the Yale School of Medicine, Harvard’s
Dana-Farber Cancer Institute, and the University of Pennsylvania,
Precipio offers a new standard of diagnostic accuracy enabling the
highest level of patient care. For more information, please visit
www.precipiodx.com.
Please follow us on Twitter @PrecipioDx and on
Facebook.
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, 2020, 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
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Precipio (NASDAQ:PRPO)
Historical Stock Chart
From Sep 2023 to Sep 2024