Full Press Release Details
Precipio Announces Preliminary Unaudited Q2-2021
YoY, and 29% from Q1-2021 due to strong Pathology Growth and HemeScreen
NEW HAVEN, CT, (July 28, 2021) -
Specialty diagnostics Company Precipio, Inc. (NASDAQ:
PRPO), announces preliminary unaudited revenues for Q2-2021 demonstrating continued substantial YoY and quarterly growth.
The two key factors driving the increase in revenue
are the company's continued addition of new business in the pathology services division, as well as revenues generated by our HemeScreen
Our pathology services division continues to perform
well as we experience this significant growth. With quarterly case volume up 60% YoY, our laboratory team is meeting this challenge with
great success, ensuring that the accuracy, quality, and service levels expected by our customers are met. As case volume and associated
revenue continue to grow, this division continues to make strides towards achieving operational breakeven.
We continue to onboard new Physician Oncology
Lab ("POL") customers as we expand the technology to new cancer diagnostic panels. As we build this recurring B2B business,
we anticipate not only continued revenue growth, but profits that should lead to material reductions in our cash-burn. Customers who sign
up for the HemeScreen POL program enter into a 4-year commitment.
As we expand our panel offering, each POL customer
can generate increasing recurring revenues for Precipio. Simply stated, each new customer contract adds another building block to a solid
and growing customer base, and each new panel adds another building block that should expand revenues.
The HemeScreen technology and resulting diagnostic
improvements in both accuracy and reduced reporting turn-around-time are impactful both to patient care, and to the practice's finances.
We are encouraged by the magnitude of interest in the program from both small groups (upwards of 3 physicians) as well as significantly
larger practices. Management anticipates that both the number of new practices, and revenue generated from them should continue to accelerate
"I'm proud of our team that has continued
to work diligently to grow the Pathology business. Furthermore, Taking a technology developed at Precipio and creating a proprietary and
protected product with meaningful clinical and economic benefit to our customers, is an example of our development capabilities",
said Ilan Danieli, Precipio's CEO. "HemeScreen has an opportunity to be a world-wide technology as it continues to prove itself
as a game-changing technology."
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 such as
the Yale School of Medicine, Harvard's Dana-Farber Cancer Institute, and the University of Pennsylvania, Precipio offers a new
standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
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, include the uncertainties relating to the impact of COVID-19 on the Company's business, operations
and employees and the other 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, 2020, 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.