Business
Precipio continues to sign up and onboard HemeScreen™ customers
Conversion from sales funnels developed with distribution partners alongside direct sales points to continued accelerated growth NEW HAVEN, Conn., March 07,
About this update from Precipio, Inc.
[{"type":"text","content":"Conversion from sales funnels developed with distribution partners alongside direct sales points to continued accelerated growth\nNEW HAVEN, Conn., March 07, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) continues to convert its sales pipeline into HemeScreen customers, with an additional recently signed agreement expected to generate annualized revenues exceeding $125,000. Furthermore, this month we also expect another customer to launch an additional new panel within their lab, growing their internal HemeScreen program, and increasing the revenue to Precipio from this existing customer; and two more customers which we previously signed agreements with, going live - adding to the company’s growing revenue base. While this may seem like a relatively small-revenue customer, we want our shareholders to understand the importance of customers like this. First, at this early stage, any customer - large or small - represents a reference account which brings in other business. Second, these smaller customers have a different experience than the larger ones - they experience new revenue, not just a cost reduction from HemeScreen technology which previously has been beyond their reach. Third, we believe that a mix of larger and smaller customers will create a more stable business base and uncover opportunities, particularly in the smaller accounts, that can create new products and services of value. Based on our current customer base, revenues in Q2-2023 are now estimated to be ~50% greater than Q1-2022, and the quarterly run rate for Q2-2023 is expected to increase by ~120% over the Q2-2022 quarterly run rate. “I expect that 2023 is going to be a year of strong conversion of our technology, pipeline, and distribution partnerships – into dollars”, said Ilan Danieli, Precipio’s CEO. “Our messaging and market segments are well aligned and are garnering the attention of customers. Our sales process is robust and rapid; our customer technical support and onboarding team is well equipped to handle the expected growth. We will continue to update our shareholders periodically as we see meaningful increases to our revenue expectations”. HemeScreen customer onboarding process Some shareholders have asked questions around the timeline, steps, complexity and regulatory requirements for a laboratory to o...