Full Press Release Details
Precipio Announces Third Quarter 2018
Revenues Estimated to be 2.4 Times Third Quarter of 2017 Revenues
Fourth consecutive Quarter of Triple-Digit
Year-over-Year Quarterly Revenue Growth; Year-to-Date Revenues Increased 163% over First Three Quarters of 2017
New Haven, CT, (October 16th, 2018) - Specialty
cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announced preliminary third quarter results representing continued triple
digit percentage year-over-year quarterly revenue growth.
On a preliminary basis, revenue for the third quarter of 2018
is expected to be approximately $648,000 versus $270,000 for the third quarter of 2017 - an increase of 140%. As a reminder, in
Q2-2018, Q1-2018, and Q4-2017, year-over-year revenue increases were 215%, 187% and 199%, respectively. Year-to date revenue for
the first three quarters of 2018 is estimated at $2.1M, a $1.3M increase over the $0.8M in revenue from the first three quarters
of 2017, representing a 163% increase.
Pathology services, Precipio's core business, showed
quarter over quarter sequential growth of approximately 20%. These results were driven by the continued volume growth generated
by new client acquisitions. Management will review the drivers of pathology services in its upcoming shareholder conference call
following the SEC filing of Precipio's third quarter 2018 results. Management expects to file its quarterly results on or
before November 15th, 2018, and hold the call on November 19th, 2018. A future announcement will provide
detailed date and time for the Precipio Q3-2018 earnings conference call. We anticipate continued strong revenue growth throughout
the end of 2018 and into 2019, as the pathology services sales team matures and Precipio's regional sales coverage continues
Precipio's ICP market penetration plan remains focused
on launching additional kits to complement the product menu, in order to provide a broader offering to hospitals and laboratories
treating cancer patients. Precipio's R&D team remains on track to release additional products throughout the end of
the year. This will result in a more robust offering for hospitals, large CRO's, OEM's and national scale labs, with
the goal of capturing a substantial share of the multi-billion dollar liquid biopsy market opportunity. The company continues
to advance partnerships with key industry players to bring ICP into the market.
"We expect a continued increase in pathology services
throughout the end of 2018 and into 2019. Sales of Precipio's pathology services continue to be the primary contributor
to the third quarter revenues, as the expanded sales team continues to perform well", said CEO Ilan Danieli. "Through
rigorous training and goals-driven management, our team continues to successfully communicate the value proposition of academic
expertise and cancer pathology specialization in battling the problem of cancer misdiagnosis."
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 such as the Yale School of Medicine and Harvard's Dana-Farber
Cancer Institute, 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
Certain statements in this press release constitute "forward-looking
statements," within the meaning of federal securities laws, including statements related to ICP technology, including financial
projections related thereto 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
definitive proxy statement filed on May 29, 2018, the Company's Quarterly Report on Form 10-Q for the quarter ended June
30, 2018 and on the Annual Report on Form 10-K for the year ended December 31, 2017 as well as 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.