Business
Precipio Shares Growth Catalysts For HemeScreen
Q1 Results and catalysts show promising growth trajectory NEW HAVEN, Conn., May 17, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio,
About this update from Precipio, Inc.
[{"type":"text","content":"Q1 Results and catalysts show promising growth trajectory\nNEW HAVEN, Conn., May 17, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), will be discussing on today’s shareholders call several growth catalysts that management has been tracking. The Company believes that these catalysts could serve as positive indicators of future growth for HemeScreen revenues. Distributor rep engagement increased from 16% to 37%One of the many benefits of partnering with world-class distributors is that they manage large sales forces of hundreds of sales representatives that have access to almost every target customer for our products. However, these same reps are also responsible for selling hundreds, if not thousands of other products.The Company's task of engaging, educating and motivating these reps is ongoing. Our goal is to reach 100% rep engagement; we expect to see continued movement towards that goal as we continue to demonstrate success by serving happy customers, which in turn helps the sales reps gain more confidence in the products and services Precipio provides.Qualified leads in sales funnel grew from 30 to 78 potential customersThe task of matching the customer’s needs to the product attributes requires ongoing training and focused messaging. Precipio has established a very clear set of criteria and guidelines for the distributor reps, and as these sales reps gain a stronger understanding of our product, they are able to better identify and bring into the sales funnel qualified leads.This creates a more efficient process where the teams are spending time on accurately qualified customers that are a right fit for our products, which will increase the likelihood of winning a customer, and decrease the timeline to signing the customer.Pipeline revenue potential increased from $3.3M to $6.2MThe results from the increased rep engagement and a more focused process for generating qualified leads is an increased pipeline of revenue potential. Perhaps the strongest indicator of a successful sales process and future growth is a growing pipeline of qualified customers. As the Company has demonstrated in recent press releases, the velocity of new business is accelerating. Since the beginning of the year, the Company has announced new business totaling (at full capacity) close to $4M in annualized rec...