NEW 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.
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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.
