Precipio’s Pathology Division Exceeds Breakeven Revenues in August, Four Months Ahead of Plan
September 13 2023 - 9:30AM
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.
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, 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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