NEW HAVEN, Conn., Jan. 11, 2023 (GLOBE NEWSWIRE) — Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO) announced another 4-year agreement with a new customer to bring HemeScreen™ technology into their laboratory.
Based on the customer’s expected patient volume, with the addition of this customer, revenues in Q1-2023 are now estimated to be approximately 200% greater than Q1-2022, and the quarterly run rate for Q1-2023 is expected to increase by ~20% over the Q4-2022 quarterly run rate.
These numbers are based on initial revenues from customers starting with one panel in their lab. Both new customers and existing customers are expected to generate increased revenues beyond the numbers cited above, as customers add panels and grow their sample volumes.
This customer will initially commence testing with Precipio’s MPN panel, generating approximately $650K/year. As the customer both adds additional panels, and increases patient testing volume, they are projected to reach $2M annually at full capacity. Each HemeScreen customer and associated revenue dollar will have a substantial contribution to the reduction of company cash burn.
“Last year we discussed a strong pipeline being developed through our relationships with market-leading distributors such as ThermoFisher, as well as our internal sales effort. We are beginning to see the fruits of these efforts, with pipeline translating into dollars,” said Ilan Danieli, Precipio’s CEO. “We expect to continue to see a steady flow of these six and seven-figure annual revenue accounts, which will be translated into a rapid acceleration of our revenues and path towards profitability. We are excited for the growth we anticipate in 2023, delivering on our promise to our customers, and our shareholders to ‘Expect More.’”
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, as well as proprietary products that serve laboratories worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
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