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.’” 

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, 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.

Please follow us on LinkedIn, Twitter @PrecipioDx and on Facebook.

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, including, among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, consumers, and the company, on our business, financial condition and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. 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, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations, or could affect the company’s ability to achieve its strategic goals, include the uncertainties relating to the impact of COVID-19 on the company’s business, operations and employees and the other factors that are described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis” in the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated from time to time in the company’s Securities and Exchange Commission filings.

The company’s forward-looking statements in this press release are based on management’s current views, beliefs, assumptions and expectations regarding future events and speak only as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the federal securities laws. 

        

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By GlobeNewswire

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases, financial disclosures and multimedia content to media, investors, and consumers worldwide.

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