Full Press Release Details
Preliminary Q1 2018 Year-over-Year Revenue Increase of 286%
Growth resulting from commercial team
reorganization, product and service cross-selling, and increased business stabilization
NEW HAVEN, CT, (May 14th, 2018) - Specialty
diagnostics company Precipio, Inc. (NASDAQ:PRPO), announces
preliminary, unaudited 1st quarter 2018 revenues of approximately $712,000, representing a 286% increase from the same
quarter in the prior year.
Drivers of revenue growth that have been completed in Q1 2018
The sequential decrease from Q4
2017's revenues was due to that quarter's catch up of backlog resulting from prior months' lab closing
and relocation from Omaha to our headquarters in New Haven, CT. Q1 2018 revenues represent what we feel is a more normalized growth
trend resulting from the stabilization of operations following a year of financial and corporate restructuring.
"With the completion of our sales reorganization and increasing
business stabilization, we are focused on aggressively capturing market share with our disruptive diagnostic products and services,"
commented Ilan Danieli, CEO. "The growth we are experiencing in Q1 reflects the strides being made by our sales team and
the improved business activity resulting from our initiatives."
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. Through its collaborations with world-class
academic institutions specializing in cancer research, diagnostics and treatment, initially the Yale School of Medicine, Precipio
offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
The financial data for the quarter ended March 31, 2017 set
forth above is preliminary and is based on information available to management as of the date of this press release and is subject
to completion by management of Precipio's financial statements. Precipio's independent registered public accountants
have not audited, reviewed or performed any procedures with respect to such preliminary financial data and accordingly do not express
an opinion or any other form of assurance with respect thereto.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements," within the meaning of federal securities laws, including statements related to ICP technology, including other
financial projections and potential market opportunity, plans and prospects and other statements containing the words "anticipate,"
"intend," "may," "plan," "predict," "will," "would," "could,"
"should," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking
statements as a result of various factors. Factors that could cause future results to materially differ from the recent results
or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company's
Annual Report on Form 10-K for the year ended December 31, 2017, the Company's prior filings and from time to time in the
Company's subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties
may cause the actual results, events and performance to differ materially from those referred to in such statements. All information
in this press release is as of the date of the release and the Company does not undertake any duty to update this information,
including any forward-looking statements, unless required by law.