Precipio’s Pathology Division Exceeds Breakeven Revenues in August, Four Months Ahead of Plan

Rhea-AI Summary

Precipio, Inc.'s Pathology Division exceeded the monthly breakeven revenue goal in August, with unaudited revenues surpassing $1.2M, indicating potential profitability. Management is confident that this momentum will continue into September. The Products Division is also experiencing growth, particularly with the recently launched Quantitative BCR-ABL1 assay. Cash burn is decreasing as expenses are managed and cost initiatives take effect, bringing the company closer to breakeven. The CEO expresses optimism about achieving financial independence and creating value for shareholders.

Positive

• Pathology Division exceeded breakeven revenue goal in August, with unaudited revenues surpassing $1.2M
• Products Division experiencing growth, particularly with Quantitative BCR-ABL1 assay
• Cash burn decreasing as expenses are managed and cost initiatives take effect

Negative

• None.

Company continues to make strides towards profitability

NEW HAVEN, Conn., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces its Pathology Division has in August exceeded the monthly breakeven revenue goal which, if continued, causes this division to contribute cash to the Company’s operations.

As previously announced, the revenue target for pathology division breakeven is an annualized run rate of $14M, which is equivalent to approximately $1.16M per month, and was targeted to be reached by year-end. In August, Precipio’s unaudited revenues exceeded $1.2M, surpassing this goal. Management is confident that the August momentum will enable September to also exceed the breakeven level.

“As a sales executive, nothing is more exciting than seeing my team exceed their goals. We are on a track to contribute significantly to the Company’s revenues and financial performance,” said Bill Breit, VP of Pathology Sales. “This is, however, more than an increase in revenue. It tells me that Precipio’s team and technology are impacting more patient lives by reducing the misdiagnosis of hematologic malignancies.”

Management continues its efforts on all fronts to bring the Company to financial independence, and is optimistic that this trend will continue. The Products division revenues continue to grow, with an increased pipeline and expanding demand for our products, in particular the recently launched Quantitative BCR-ABL1 assay. As expenses are closely managed and cost initiatives continue to garner impact, cash burn is rapidly dropping as the company heads towards breakeven.

“Its great to finally see the fruits of our work translating info a material financial impact to the company,” said Ilan Danieli, CEO. “With our current growth trajectory, we are turning the corner and headed towards financial independence, building a company that will own significant market share and run a profitable operation, and creating value for our shareholders.”

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

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