Precipio Pathology Sales Metrics Demonstrate Continuous Improvement in Q2 2019
August 13 2019 - 11:30AM
Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO),
today announced the results of three key performance metrics that
together demonstrate the continued growth and positive impact of
the sales force’s expansion improving pathology sales performance.
|
Q2-2019 Change from |
Metric |
Q1-2019 (QoQ) |
Q2-2018 (YoY) |
Case volume |
+14% |
+39% |
Recurring ordering customers |
+32% |
+92% |
Number of ordering customers |
-3% |
+8% |
During the upcoming shareholder update call,
management will provide several observations and further commentary
on these positive growth metrics.
Internal Performance
Measurement
Precipio’s management team has established
several key metrics that quantify pathology sales team performance
and highlight areas of opportunity. These metrics also promote
accountability to ensure that the company is meeting and exceeding
its goals.
The metrics highlighted above track conversions
and trends across the sales pipeline to evaluate our success in
attracting, retaining and growing “high-value” customers via trials
and repeat orders. Those are key metrics to ensure that we continue
to grow our business through new customers while maintaining
existing customers. Therefore, we felt it would be important to
demonstrate metrics that convey both case volume growth as well as
repeat business from current customers.
Furthermore, each sales territory is considered
an independent “business” that is held accountable through
individual P&L statements. Every territory has a business plan
with monthly and quarterly revenue, expense, and profitability
goals, which are tracked from budget to actual. Territory managers
are held accountable for the financial performance of their
business, and are rewarded based on revenues, cost, and
benchmarking to budget.
It is the company’s philosophy to provide this
level of transparency both to our internal team and, whenever
possible, to external shareholders. Accordingly, we will continue
to provide quarterly updates on our performance metrics in order to
keep all stakeholders informed on the company’s progress.
“We are currently in the early stages of a major
expansion of our sales team. This critical initiative coupled with
our unique, high-quality and clinical value-driven offering will be
the key drivers in achieving significant positive growth,”
commented Stephen Miller, Precipio’s Chief Commercial Officer.
“With the focus on our high-value customers and the improvement in
our key performance metrics, along with the expansion of our sales
team, we should continue to see rapid growth throughout the
remainder of 2019 into 2020.”
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. 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 April 29, 2019, the Company’s Quarterly Report
on Form 10-Q for the quarter ended June 30, 2019 and on the
Annual Report on Form 10-K for the year ended December 31, 2018 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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