Business
Precipio Announces 95% Annual Growth YoY and 180% Quarterly Growth YoY
HemeScreen projected to rapidly become a material revenue contributor in 2021 FY-2020FY-2019Increase (%)Increase ($)Revenues$6.1M$3.1M↑ 95%↑ $3.0MGross
About this update from Precipio, Inc.
[{"type":"text","content":"HemeScreen projected to rapidly become a material revenue contributor in 2021\n FY-2020FY-2019Increase (%)Increase ($)Revenues$6.1M$3.1M↑ 95%↑ $3.0MGross profit$1.2M$0.3M↑ 425%↑ $0.9M Q4-2020Q3-2020 Increase (%)Increase ($)Revenues$1.9M$1.6M↑ 19%↑ $0.3MGross profit$0.5M$0.4M↑ 27%↑ $0.1M NEW HAVEN, Conn., March 30, 2021 (GLOBE NEWSWIRE) -- 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 almo...