Precipio Reports $4.4M for Q2-2024 (unaudited) Revenues, a leap of 30% from Q1-2024
Precipio Inc (NASDAQ: PRPO) reported unaudited Q2-2024 revenues of $4.4M, marking a 30% increase from Q1-2024's $3.4M. The company's Pathology Division reached its breakeven point in June, with anticipated growth to $1.5 million per month by year-end. The Products Division is onboarding three key accounts with full HemeScreen assay portfolios, expected to push the division past its breakeven threshold. Two accounts are projected to go live in Q3-2024, with the third following in Q4-2024. CEO Ilan Danieli expressed optimism about the company's progress towards profitability in 2024, citing growing customer demand for their offerings in both divisions.
- Q2-2024 unaudited revenues increased by 30% to $4.4M from $3.4M in Q1-2024
- Pathology Division reached breakeven point in June
- Pathology Division revenue expected to grow to $1.5 million per month by year-end
- Products Division onboarding three key accounts with full HemeScreen assay portfolios
- Two key accounts expected to go live in Q3-2024, third in Q4-2024
- Company progressing towards profitability goal for 2024
- None.
Insights
The reported 30% increase in revenues from Q1-2024 to Q2-2024 is significant, especially for a specialty diagnostics company in the competitive field of cancer diagnostics. This leap from
The company's projection of achieving
One area to consider is the cost structure and margins. While revenue growth is impressive, achieving profitability will depend on controlling expenses. Investors should look for more detailed financial figures in the audited reports to assess the sustainability of this growth.
Precipio’s growth in the Pathology Division suggests strong market demand for their diagnostic solutions. The pathology market is evolving with a focus on precision medicine. Precipio's ability to reach breakeven and project further growth indicates they are positioned well within this trend.
The mention of three key accounts in the Products Division going live with HemeScreen assays is crucial. Once these accounts are onboarded, crossing the breakeven threshold will likely support sustainable revenue streams. However, market adoption rates of these assays will be critical to watch. Any delays or lower-than-expected adoption could hamper growth projections.
Investors should also be aware of competitive pressures in the diagnostics market. Innovations from other companies could affect Precipio’s market share and pricing power. Monitoring industry trends and competitor movements will be important to gauge long-term prospects.
Pathology Revenues in June exceed breakeven target and continue growth trend
NEW HAVEN, Conn., July 17, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that for Q2-2024, its unaudited revenues have grown from
Pathology Division revenue in June reached its breakeven point, and the company anticipates continued growth in the next few months. We expect this division’s revenues will reach more than
The Products Division has three key accounts that are in the process of going live with a full portfolio of HemeScreen assays. The company is anticipating that at least two of those accounts will be live in Q3-2024, and the third one in Q4-2024. The combined revenue from those three accounts alone, once fully onboarded, will bring this division’s revenue across its breakeven threshold.
“It’s great to see our company continue to take big strides towards the goal of profitability this year. While we have had a few setbacks in the past, we have always overcome those hurdles, demonstrating the dedication and resilience of our team,” said Ilan Danieli, CEO. “Our customers are responding to our value proposition in both the pathology and products divisions, and we continue to see growing demand for our offerings. I’m excited to see how the 2nd half of this year pans out.”
About Precipio
Precipio is a healthcare biotechnology company focused on cancer diagnostics. Our mission is to address the pervasive problem of cancer misdiagnoses by developing solutions in the form of diagnostic products and services. Our products and services deliver higher accuracy, improved laboratory workflow, and ultimately better patient outcomes, which reduce healthcare expenses. Precipio develops innovative technologies in our laboratory where we design, test, validate, and use these products clinically, improving diagnostic outcomes. Precipio then commercializes these technologies as proprietary products that serve the global laboratory community and further scales Precipio’s reach to eradicate misdiagnosis. 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. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the targets set herein and related timing.
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 based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Report on Form 10-Q for the three months ended March 31, 2024, and our other reports filed with the U.S. Securities and Exchange Commission. Any such forward-looking statements represent management’s estimates as of the date of this press release only. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
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