Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced that currently, the contracted annualized revenues from
signed customers for its HemeScreen POL (Physician Office
Laboratory) testing system exceed $750,000 and for the reasons set
forth below, by Q4-2021 this cohort is expected to result in
reported quarterly revenues with an annualized run rate of
$1,000,000.
With an additional pipeline of over 30
prospective customers nationwide, Precipio currently reaffirms its
forecast that product revenues will reach approximately 50% of
pathology revenue by the fourth quarter of 2021.
The annualized reported revenues from the cohort
of current signed customers are expected to increase to $1,000,000
by Q4-2021 because newly signed customers typically make smaller
contractual commitments in order to evaluate their work flow and
HemeScreen utility before committing to a larger number.
In addition, during the coming months the
HemeScreen offering is anticipated to broaden by the introduction
of additional panels for other types of cancer. If successful, this
expansion will improve patient care while providing meaningful
financial benefits to customers’ and to Precipio’s bottom line. As
Precipio continues to introduce additional assays to be utilized on
the same platform, average revenue per customer will increase via
incorporation and utilization of these assays within the POL’s
operations.
In this short window of marketing HemeScreen, as
the economy is now allowing in person meetings, we have seen
oncologists’ quickly recognize the clinical benefits to their
patients and the financial improvements to their practice that
HemeScreen can generate. The enthusiasm we have received and the
rapid market acceptance generated by our HemeScreen product is a
confirmation of our earlier communications to shareholders.
The partnership with ION Solutions continues to
demonstrate its value, as the ION team is leveraging its strong
relationships with its oncology customers to build the sales
pipeline for this offering. For this reason we project this growth
rate should accelerate as our product gains more traction, and we
continue to build a strong track record of customer success and
satisfaction.
“When a company is able to offer a product that
combines a positive impact to patient care as well as a meaningful
financial benefit to its customers, we create a compelling value
proposition.” said Ilan Danieli, Precipio’s Chief Executive
Officer. “With HemeScreen leading the way and building new
customers, we are encouraged that new revenues can significantly
and positively benefit the bottom line”.
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 such as the Yale School of Medicine, Harvard’s
Dana-Farber Cancer Institute, and the University of Pennsylvania,
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 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-19) pandemic, and the related responses of the government,
consumers, and the Company, on our business, financial condition
and results of operations, and any such forward-looking statements,
whether concerning the COVID-19 pandemic or otherwise, involve
risks, assumptions and uncertainties. Except for historical
information, statements about future volumes, sales, growth, costs,
cost savings, margins, earnings, earnings per share, diluted
earnings per share, cash flows, plans, objectives, expectations,
growth or profitability are forward-looking statements based on
management’s estimates, beliefs, assumptions and projections. Words
such as “could,” “may,” “expects,” “anticipates,” “will,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,”
“seeks,” “estimates,” “predicts,” and variations on such words, and
similar expressions that reflect our current views with respect to
future events and operational, economic and financial performance,
are intended to identify such forward-looking statements. These
forward-looking statements are only predictions, subject to risks
and uncertainties, and actual results could differ materially from
those discussed. Important factors that could affect performance
and cause results to differ materially from management’s
expectations, or could affect the Company’s ability to achieve its
strategic goals, include the uncertainties relating to the impact
of COVID-19 on the Company’s business, operations and employees and
the other factors that are described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis” in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2020, as updated from time to time in the Company’s
Securities and Exchange Commission filings.
The Company’s forward-looking statements in this
press release are based on management’s current views, beliefs,
assumptions and expectations regarding future events and speak only
as of the date of this release. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by the federal securities
laws.
Inquiries:
investors@precipiodx.com
+1-203-787-7888 Ext. 523
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