Precipio Shares Growth Catalysts For HemeScreen
May 17 2023 - 4:00PM
Specialty cancer diagnostics company Precipio,
Inc. (NASDAQ: PRPO), will be discussing on today’s
shareholders call several growth catalysts that management has been
tracking. The Company believes that these catalysts could serve as
positive indicators of future growth for HemeScreen revenues.
- Distributor rep engagement
increased from 16% to 37%One of the many benefits of partnering
with world-class distributors is that they manage large sales
forces of hundreds of sales representatives that have access to
almost every target customer for our products. However, these same
reps are also responsible for selling hundreds, if not thousands of
other products.The Company's task of engaging, educating and
motivating these reps is ongoing. Our goal is to reach 100% rep
engagement; we expect to see continued movement towards that goal
as we continue to demonstrate success by serving happy customers,
which in turn helps the sales reps gain more confidence in the
products and services Precipio provides.
- Qualified leads in sales funnel grew from 30 to 78 potential
customersThe task of matching the customer’s needs to the product
attributes requires ongoing training and focused messaging.
Precipio has established a very clear set of criteria and
guidelines for the distributor reps, and as these sales reps gain a
stronger understanding of our product, they are able to better
identify and bring into the sales funnel qualified leads.This
creates a more efficient process where the teams are spending time
on accurately qualified customers that are a right fit for our
products, which will increase the likelihood of winning a customer,
and decrease the timeline to signing the customer.
- Pipeline revenue potential increased from $3.3M to $6.2MThe
results from the increased rep engagement and a more focused
process for generating qualified leads is an increased pipeline of
revenue potential. Perhaps the strongest indicator of a successful
sales process and future growth is a growing pipeline of qualified
customers.
As the Company has demonstrated in recent press
releases, the velocity of new business is accelerating. Since the
beginning of the year, the Company has announced new business
totaling (at full capacity) close to $4M in annualized recurring
revenue. This is four times the product revenue from 2022, and
represents close to 50% of the breakeven goal for 2023.
"Mobilizing a large sales force of a distributor
is not an overnight task. With hundreds, and often thousands of
other products in their bag, obtaining share-of-mind within the
sales reps is an ongoing challenge," said Ilan Danieli CEO. "The
good news is that we continue to see increased engagement of our
distributors and their sales team, which is translating into
qualified leads and pipeline revenue."
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.
Please follow us on LinkedIn, 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, 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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