Precipio Unaudited Q2-2023 Revenues Show combined increase of 25% over Q1-2023
August 01 2023 - 9:00AM
Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announces that Q2-2023 revenues have increased to $3.5M in Q2-2023
from $2.8M in Q1-2023, an increase of 25% QoQ.
The following factors
contribute to the Company’s path to breakeven:
- Growth rates of each division: The
Company's revenues derived from the products division grew 15%, and
the revenues from the pathology services division grew 30% during
this period. We are starting to see the fruits of the seeds planted
in the past as both commercial teams continue to focus on new
business.
- Current customer pipeline. As the
relationships with our distributors continue to build alongside our
internal organic efforts, the customer pipeline continues to grow.
According to Precipio’s CRM, the pipeline of new business expected
to be added in the second half of 2023 is anticipated to continue
at the same growth trajectory.
- As expected, customers who were set
up in the first half of 2023 are beginning to ramp up their
HemeScreen operation, iron out the system issues such as correct
test ordering and the prevention of testing leakage out of their
labs. Subsequently they are starting to run consistent and
increasing volumes in their lab, generating increased usage and
growing orders. This means a continued acceleration of new
customers and customer add-on panels are both contributing to the
pipeline growth.
“While we still have a
way to go, I am encouraged by the tailwind we are seeing in terms
of the Company’s operations. Sales continue to grow at double-digit
quarterly rates; and we continue to reduce operational expenses,”
said Ilan Danieli, CEO. “I have full confidence in our value
proposition, and in the team we have in place to execute on our
business and financial goals, all leading to shareholder value
appreciation.”
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, 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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