Business
Precipio Unaudited Q1-2023 Product Revenues Exceed The Two Prior Quarters (Q3+Q4 of 2022) Combined
Q1-2023 product revenues approximately $0.76M exceeded the $0.66M combined revenue of Q3+Q4 2022 NEW HAVEN, Conn., April 19, 2023 (GLOBE NEWSWIRE) --
About this update from Precipio, Inc.
[{"type":"text","content":"Q1-2023 product revenues approximately $0.76M exceeded the $0.66M combined revenue of Q3+Q4 2022\nNEW HAVEN, Conn., April 19, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that Q1-2023 product revenues have surpassed product revenues during the two prior quarters of 2022, and exceed 50% of the entire year of 2022 product revenues of $1.4M. This equals a current annualized run rate of $3M, which is more than double the total product revenues for 2022. This represents a significant increase in revenue, consistent with the Company’s previous announcements tracking the growth of the Products revenues due to new customers signed up. Please note that these revenues are preliminary, unaudited numbers; the Company expects to file its complete Q1 financials, including pathology revenues, within the deadline of May 15th. “As promised, the Company is executing on the conversion of prospects into signed customers, and delivering revenue results showing substantial growth both YoY and over the previous quarters,” said Ilan Danieli, CEO. “We are making great strides on the roadmap we outlined towards the goal for this year of reaching breakeven. Every quarter with revenue growth and increased customer base means a lower cash burn going forward as we approach profitability”. 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, statements related to the expected or potential impact of the novel coronavirus (COVID-...