Precipio Continues to Sign New HemeScreen™ Customers
September 28 2023 - 9:00AM
Specialty cancer diagnostics company Precipio,
Inc. (NASDAQ: PRPO) announced that new customer orders are
expected to bring total Q4 HemeScreen revenues to an estimated
$1.2M.
In a recent
announcement, the company announced that the product revenue
necessary to reach cash flow breakeven has been reduced to $6M
annualized run rate, or $1.5M/quarter. As of today, Precipio
forecasts product revenue in Q4 which is within $300,000 of
quarterly cash flow breakeven. Adding these new customers brings
the company to approximately $1.2M in product revenue, or 80% of
that goal.
Company conversion
rate data shows a very high close rate once the company’s sales
team gets in front of the customer and presents the product and its
value proposition. Ilan Danieli, CEO, said, "We are working on
increased collaboration with our channel partners to open more
doors, as well as help our customers shorten the decision-making
timeline and adoption cycle.”
Precipio’s data shows,
however, that very few customers decline the solution, or go with a
different manufacturer. As the company continues to grow and
improve the effectiveness of its sales and marketing efforts,
management expects to capture a significant portion of this $400M
TAM.
“We are seeing
repeated confirmation that our HemeScreen product line stands head
& shoulders above competition and alternative diagnostic
products when it comes to robustness, ease of use, and economics,
and this has translated into a very high close rate,” said Ilan
Danieli, CEO. “Although the sales cycle is often lengthy, the good
news is that the adoption rate is high. This tells us that it is
not a matter of “if”, but rather a matter of “when” the laboratory
becomes our customer. I am encouraged by these results which move
us closer to meeting our short-term cash flow breakeven goals; as
well as an indication of our ability to capture substantial market
share.”
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,
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“expects,” “anticipates,” “will,” “targets,” “goals,” “projects,”
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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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