Precipio Inc - PRPO STOCK NEWS

Precipio, Inc. (NASDAQ: PRPO) reported Q1-2023 product revenues of approximately $0.76M, exceeding the combined revenues of $0.66M from Q3 and Q4 of 2022. This marks a notable increase, achieving over 50% of the total product revenues for the entire year of 2022, which were $1.4M. The annualized run rate currently stands at $3M, more than doubling 2022's total revenues. The growth is attributed to the company’s successful strategy of converting prospects into signed customers. The CEO, Ilan Danieli, highlighted that consistent revenue growth will lead to reduced cash burn and a path towards profitability. It is crucial to note that these figures are preliminary and unaudited, with complete financials expected by May 15.

Precipio, Inc. (NASDAQ: PRPO) plans to host a Q4-2022 and year-end shareholder update call on April 3, 2023, at 5:00 PM ET. This call will provide updates on the company’s core businesses and is accessible via a phone call or pre-registration online. Precipio aims to improve diagnostic accuracy in cancer care through collaborations with academic institutions. The press release includes forward-looking statements regarding the company’s business and warns of various risks, particularly concerning the ongoing COVID-19 pandemic.

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.