Business
Precipio Unaudited Q2-2023 Revenues Show combined increase of 25% over Q1-2023
Revenue growth and customer pipeline advance the Company towards breakeven NEW HAVEN, Conn., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics
About this update from Precipio, Inc.
[{"type":"text","content":"Revenue growth and customer pipeline advance the Company towards breakeven\nNEW HAVEN, Conn., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that Q2-2023 revenues have increased to $3.5M in Q2-2023 from $2.8M in Q1-2023, an increase of 25% QoQ. The following factors contribute to the Company’s path to breakeven: Growth rates of each division: The Company's revenues derived from the products division grew 15%, and the revenues from the pathology services division grew 30% during this period. We are starting to see the fruits of the seeds planted in the past as both commercial teams continue to focus on new business.Current customer pipeline. As the relationships with our distributors continue to build alongside our internal organic efforts, the customer pipeline continues to grow. According to Precipio’s CRM, the pipeline of new business expected to be added in the second half of 2023 is anticipated to continue at the same growth trajectory.As expected, customers who were set up in the first half of 2023 are beginning to ramp up their HemeScreen operation, iron out the system issues such as correct test ordering and the prevention of testing leakage out of their labs. Subsequently they are starting to run consistent and increasing volumes in their lab, generating increased usage and growing orders. This means a continued acceleration of new customers and customer add-on panels are both contributing to the pipeline growth. “While we still have a way to go, I am encouraged by the tailwind we are seeing in terms of the Company’s operations. Sales continue to grow at double-digit quarterly rates; and we continue to reduce operational expenses,” said Ilan Danieli, CEO. “I have full confidence in our value proposition, and in the team we have in place to execute on our business and financial goals, all leading to shareholder value appreciation.” 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 ...