Precipio to Report $15.2M for FY-2023 (unaudited) Revenues, an increase of 60% YoY
Precipio, Inc. (PRPO) reports a significant revenue growth of 60% year over year, with unaudited revenues reaching $15.2M in 2023, up from $9.4M in 2022. The pathology services division saw a 52% revenue increase, while the products division experienced a substantial 115% revenue growth. Cost-cutting measures in 2023 led to a reduced cash burn, with a $1.5M cash balance at the end of the year. The company aims to achieve profitability, with CEO Ilan Danieli emphasizing the potential for increased shareholder value.
The substantial revenue growth reported by Precipio, Inc. reflects a positive trajectory that is particularly noteworthy for investors. A 60% year-over-year increase is a strong indicator of the company's growing market presence and operational efficiency. The remarkable 115% increase in the products division suggests a successful expansion and adoption of the company's offerings, which can be a potential harbinger for future revenue streams. The reduction in cash burn, alongside the revenue growth, is indicative of effective cost management strategies in place. The company's financial position, with a $1.5M cash balance, although modest, is a critical factor for sustaining operations and investing in growth initiatives. Investors should monitor subsequent financial statements for signs of sustained growth and profitability, which could influence the stock's performance.
The diagnostics sector, particularly in oncology, is experiencing rapid innovation and increasing demand. Precipio's significant revenue increase in both pathology services and products suggests that the company is capitalizing on these market trends. The reported growth figures surpass industry norms for specialty diagnostics companies, which typically aim for high single-digit to mid-teens percentage revenue growth annually. As the company moves towards breakeven, it is essential to assess market competitiveness, barriers to entry for new products and the scalability of their services. Understanding these factors can provide insights into the company's potential market share capture and long-term growth prospects.
The reported growth in the pathology services division by 52% indicates a robust demand for Precipio's diagnostic services, which may be attributed to the precision and reliability of their tests or a broader trend of increased oncology diagnostics utilization. The 115% growth in the products division could reflect the successful launch of new diagnostic products or the enhancement of existing ones. For stakeholders, it is vital to consider the clinical impact of these diagnostics on patient care and how they align with current medical practices. An increased focus on personalized medicine and targeted therapies in oncology could further drive demand for such specialized diagnostic services and products.
02/13/2024 - 10:00 AM
Company continues to make strides towards breakeven
NEW HAVEN, Conn., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) $9.4M in 2022 to $15.2M in 2023, an increase of 60% year over year.
Both pathology and products divisions have demonstrated substantial growth from 2023, with the pathology services division increasing revenue by 52% , and the products division increasing revenue by 115% .
The growth of revenues in both of these divisions, alongside the cost-cutting measures recently reported $1.5M cash balance ending 2023, the company is positioned to achieve its goal of reaching profitability.
“Continued growth in both the pathology services and the products divisions is fueling our path towards profitability. Reaching this goal will enable us to scale the business and capture significant market share, resulting in increased shareholder value,” said Ilan Danieli, CEO.
About Precipio
Precipio is a healthcare biotechnology company focused on cancer diagnostics. Our mission is to address the pervasive problem of cancer misdiagnoses by developing solutions in the form of diagnostic products and services. Our products and services deliver higher accuracy, improved laboratory workflow, and ultimately better patient outcomes, which reduce healthcare expenses. Precipio develops innovative technologies in our laboratory where we design, test, validate, and use these products clinically, improving diagnostic outcomes. Precipio then commercializes these technologies as proprietary products that serve the global laboratory community and further scales Precipio’s reach to eradicate misdiagnosis. For more information, please visit www.precipiodx.com .
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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. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the targets set herein and related timing.
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 based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, Quarterly Report on Form 10-Q for the three months ended September 30, 2023, and our other reports filed with the U.S. Securities and Exchange Commission. Any such forward-looking statements represent management’s estimates as of the date of this press release only. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
What was Precipio, Inc.'s (PRPO) revenue growth in 2023 compared to 2022?
Precipio, Inc. (PRPO) reported a 60% year-over-year revenue growth, with unaudited revenues increasing from $9.4M in 2022 to $15.2M in 2023.
How much did the pathology services division's revenue increase by in 2023?
The pathology services division of Precipio, Inc. (PRPO) saw a 52% revenue increase in 2023.
What was the revenue growth percentage for the products division in 2023?
The products division of Precipio, Inc. (PRPO) experienced a substantial 115% revenue growth in 2023.
What was Precipio, Inc.'s (PRPO) cash balance at the end of 2023?
Precipio, Inc. (PRPO) had a $1.5M cash balance at the end of 2023.
What is Precipio, Inc.'s (PRPO) goal for the future?
Precipio, Inc. (PRPO) aims to achieve profitability to scale the business and increase shareholder value.
