Precipio Reports Strong Mid-Quarter Growth
December 12 2018 - 8:15AM
Specialty diagnostics company Precipio, Inc. (NASDAQ: PRPO),
announced today that based on metrics observed in its October and
November revenue numbers (quarter-to-date), the company is on track
for continued strong Quarter-over-Quarter revenue growth.
Key Metrics GrowthPreliminary (unaudited) pathology services
revenues in November increased 16% from October, keeping in line
with expected Q4 total quarterly revenue growth in excess of 25%
over Q3, driven by strong growth in both clinical revenue and
pharma services. Additionally, the number of ordering physicians
increased by a healthy 30% for the same period, and case volume
increased, indicating strong adoption of the company’s offering and
a promising pipeline of future revenue growth.
Lastly, average revenue per case also increased 9%; this
increase is due to two key factors. The first is an increase in the
percentage of higher-yielding revenue type cases called bone-marrow
biopsies. These are biopsies that require complex work-ups
utilizing multiple types of technologies in our laboratory. The
second driver of the increase in average revenue per case, is
HemeScreen.
HemeScreen™ Preliminary ContributionsThe implementation of
HemeScreen in Precipio’s case workups is contributing to the
increase in average revenue per case. Previously, when relevant
molecular tests were required, our lab would forward those tests to
a secondary reference lab, thereby resulting in no incremental
revenue for these tests. Following the launch of HemeScreen,
Precipio now runs these tests internally, yielding a turnaround
time of 1-2 days on more than 85% of the tests for its customers -
and an increase in revenue. As more physicians order these tests,
Precipio anticipates maintaining and potentially increasing this
observed average revenue per case.
During the first quarter of 2019, management will schedule a
shareholder conference call to share information and provide
transparency on the various sales metrics used to measure and track
company growth. The company will provide the goals set for each
metric for the coming fiscal year and articulate the financial
model that drives growth and revenue. This will enable Precipio’s
audience to gain a better understanding of the key metrics driving
business growth.
“These metrics all point to one unquestionable conclusion: the
company is executing on its growth plans. The metrics indicate
continued growth of our business and the adoption of our value
proposition in the marketplace,” said Ilan Danieli, CEO. “The
combination of the increasing case and ordering physician growth
metrics, alongside the anticipated increasing revenue per case is
expected to drive greater gross profit and concomitant reduction of
our cash burn, as we continue on the right track towards
profitability.”
About PrecipioPrecipio 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 StatementsCertain 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 September 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.
Inquiries:
investors@precipiodx.com
+1-203-787-7888
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