Precipio Unaudited Q1-2023 Product Revenues Exceed The Two Prior Quarters (Q3+Q4 of 2022) Combined
April 19 2023 - 10:00AM
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-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, includes 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, 2022, 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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