Welcome to our dedicated page for Precipio news (Ticker: PRPO), a resource for investors and traders seeking the latest updates and insights on Precipio stock.
Precipio, Inc. (PRPO) is a leading cancer diagnostics reference laboratory dedicated to advancing diagnostic accuracy and personalized medicine. The company bridges the gap between academia and oncology by collaborating with world-renowned pathologists at the Yale School of Medicine. Through this partnership, Precipio ensures that oncologists have access to the most accurate and expert cancer diagnostics available, ultimately aiming to improve patient care.
Precipio focuses on addressing the pervasive issue of cancer misdiagnoses by developing innovative diagnostic products, reagents, and services. Its Clinical Laboratory Improvement Amendments (CLIA) certified laboratories, located in New Haven, Connecticut, and Omaha, Nebraska, provide essential blood cancer diagnostics to office-based oncologists across the United States.
The company stands out in the oncology diagnostic laboratory market with its unique products, HemeScreen and IV-Cell. These technologies are at the forefront of molecular diagnostics and stem from cutting-edge research and a continuous commitment to refining personalized medicine.
Precipio generates the majority of its revenue from third-party payers, ensuring a steady financial base. Recent achievements include the company’s anticipation that current cash levels are sufficient to reach breakeven, highlighting a strong financial outlook. Additionally, Precipio has secured an important first order for its IV-Cell product from a major Japanese laboratory, further expanding its global influence.
Upcoming events include a conference call on November 20, 2023, at 5:00 PM EST, where the company will discuss its progress and future strategies. Another call is scheduled for April 1, 2024, at 5:00 PM EDT to address recent financial developments, including a loan designed to supplement temporary cash flow deficits caused by external cybersecurity issues.
Precipio, Inc. (NASDAQ: PRPO) has diversified its revenue streams beyond its flagship HemeScreen product by delivering its first order of IV-Cell® media to a major US healthcare system. This proprietary cytogenetics cell culturing media aims to enhance the accuracy and efficiency of hematologic diagnostics. The healthcare system has completed validation and is set to incorporate the media into clinical use. Precipio's CEO, Ilan Danieli, highlighted the company's commitment to innovation and the ongoing development of its product line, indicating a positive trajectory for future revenue growth.
Precipio, Inc. (NASDAQ: PRPO) reported that revenues in Q2-2023 are projected to be approximately 50% higher than Q1-2023, with an estimated quarterly run rate increase of 120% compared to Q2-2022. The company has successfully converted its sales pipeline into HemeScreen customers, adding agreements that are expected to yield annual revenues exceeding $125,000. Additionally, new customer launches are anticipated to bolster revenue further. CEO Ilan Danieli expressed confidence in strong conversion rates from technology to revenue, supported by efficient on-boarding processes that typically take 4-8 weeks.
Precipio, Inc. (NASDAQ: PRPO) announced strategic growth in its HemeScreen diagnostics business. The company has secured an agreement projected to generate over $125,000 annually and anticipates additional customer launches, increasing revenue from existing clients. Revenue forecasts for Q2-2023 indicate a 50% increase compared to Q1-2022, with an impressive 120% year-over-year run rate improvement. CEO Ilan Danieli emphasized the importance of both large and small customer accounts for stable revenue growth. The onboarding process for HemeScreen technology is efficient, typically completed within 4-8 weeks, facilitating rapid integration into laboratories.
Precipio, Inc. (NASDAQ: PRPO) has been recognized at ThermoFisher’s National Sales Meeting for its HemeScreen® technology, deemed the #1 Best New Product out of thousands of offerings. This recognition emphasizes its value in clinical impact, innovation, and potential revenue growth. Following a distribution agreement entered in late 2022 with Fisher Healthcare, Precipio anticipates increased orders and revenue starting in Q2-2023. CEO Ilan Danieli highlighted the company’s focus on leveraging this accolade to enhance sales and improve diagnostic accuracy, aiming for significant growth in the coming quarters.
Precipio, Inc. (NASDAQ: PRPO) has secured a 4-year agreement with a new customer to implement its HemeScreen™ technology in their laboratory. The initial annual revenue from this customer is projected at $650K, with an estimated $2M at full capacity. Q1-2023 revenues are expected to be 200% higher than Q1-2022 and a 20% increase over Q4-2022. This growth stems from both new and existing customers expanding their testing volumes and panels. CEO Ilan Danieli expresses confidence in sustaining a rapid revenue increase and improved profitability.
Precipio has secured a 4-year agreement to implement its HemeScreen™ technology with a new customer, anticipating revenues to reach approximately $250,000 in Q1-2023, a 15% increase from current levels. By year-end 2023, revenue is projected to exceed $1M, indicating a 60% growth. The CEO indicates this is the start of a growth phase, with existing clients showing increased utilization over time. This contract is expected to reduce the company’s burn rate and enhance prospects for future contracts, moving closer to profitability.
Precipio, Inc. (NASDAQ: PRPO) showcased its HemeScreen™ MPN Assay at the 2022 AMP conference, presenting a study with ~1000 patient samples that indicates superior accuracy compared to Sanger Sequencing. The study achieved over 99% concordance between the two technologies, highlighting HemeScreen's enhanced sensitivity (2-5% detection limit) versus Sanger's (10-15%). This innovative assay is anticipated to reduce misdiagnosis costs and streamline laboratory workflows. CEO Ilan Danieli expressed pride in the team’s achievements and the assay's positive impact on patient outcomes.
Precipio, Inc. (PRPO) will host a Q3-2022 shareholder update call on November 14th, 2022 at 5:00 PM ET, discussing updates on its core businesses. Participants can join via phone or pre-register for access. A replay will be available approximately 24 hours later. Precipio focuses on improving diagnostic accuracy in cancer treatment, leveraging collaborations with academic institutions. The press release includes forward-looking statements and advises that results may differ from expectations due to various risks, including those related to COVID-19.
On September 15, 2022, Precipio (NASDAQ: PRPO) announced a new distribution agreement for its HemeScreen platform, targeting a customer segment with over $100 million in market potential. This collaboration will expand Precipio's reach, as the distributor's sales team will promote HemeScreen to numerous healthcare accounts. The company aims for substantial growth in customer base and revenues, backed by this and previous distribution agreements, with expectations of increased inquiries and scheduled meetings with potential clients.
Precipio, Inc. (NASDAQ: PRPO) announces the appointment of Sharon Robins as Senior Director of Laboratory & Hospital Sales. Robins, with extensive experience from Qiagen, brings a proven track record of managing substantial revenues, including over $100M annually. This strategic hire aligns with the launch of HemeScreen in partnership with ThermoFisher, aiming for $10M in first-year revenues. The company emphasizes its commitment to improving cancer diagnostics and aims for robust growth in the upcoming year.
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