Precipio to Report $4.5M Q3-2023 Revenues, Double From Q3-2022

Rhea-AI Summary

Precipio, Inc. reports a 28% revenue increase in Q3-2023, reaching $4.5M.

Positive

• Q3-2023 revenues have increased 28% to $4.5M from $3.5M in Q2-2023.
• Revenues have more than doubled from $2.2M in Q3-2022.
• The company is rapidly moving towards its goals with ongoing revenue growth and cost reduction initiatives.
• The CEO expects operating cash flow to approach breakeven as the company approaches a $20M run rate.

Negative

• None.

28% Revenue Increase Is Major Step Toward Company Breakeven

NEW HAVEN, Conn., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that Q3-2023 (unaudited) revenues have increased 28% to $4.5M from $3.5M in Q2-2023, and have more than doubled from $2.2M from Q3-2022.

The combination of ongoing revenue growth in both the pathology and products divisions, alongside efficiency and cost reduction initiatives has rapidly moved the company towards its goals.

“As we approach a $20M run rate, we expect our operating cash flow to approach breakeven. This year will mark a steep, but rewarding climb to get the company to where it can stand on its own feet financially,” said Ilan Danieli, CEO.

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.

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, 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. 

FAQ

What is the revenue increase reported by Precipio, Inc. in Q3-2023?

The revenue increase reported by Precipio, Inc. in Q3-2023 is 28%, reaching $4.5M.

How much have the revenues doubled from Q3-2022?

The revenues have more than doubled from $2.2M in Q3-2022.

What are the factors contributing to the company's progress towards its goals?

The ongoing revenue growth in both the pathology and products divisions, alongside efficiency and cost reduction initiatives, are contributing to the company's progress towards its goals.

What does the CEO expect regarding the company's operating cash flow?

The CEO expects the operating cash flow to approach breakeven as the company approaches a $20M run rate.