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Pathology Revenues in June exceed breakeven target and continue growth trend
NEW HAVEN, Conn., July 17, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that for Q2-2024, its unaudited revenues have grown from $3.4M in Q1-2024 to $4.4M in Q2-2024, an increase of 30% from one quarter ago.
Pathology Division revenue in June reached its breakeven point, and the company anticipates continued growth in the next few months. We expect this division’s revenues will reach more than $1.5 million per month by year end, well above its breakeven goals.
The Products Division has three key accounts that are in the process of going live with a full portfolio of HemeScreen assays. The company is anticipating that at least two of those accounts will be live in Q3-2024, and the third one in Q4-2024. The combined revenue from those three accounts alone, once fully onboarded, will bring this division’s revenue across its breakeven threshold.
“It’s great to see our company continue to take big strides towards the goal of profitability this year. While we have had a few setbacks in the past, we have always overcome those hurdles, demonstrating the dedication and resilience of our team,” said Ilan Danieli, CEO. “Our customers are responding to our value proposition in both the pathology and products divisions, and we continue to see growing demand for our offerings. I’m excited to see how the 2nd half of this year pans out.”
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.