Revenue growth accelerating as new sales initiatives and expanded team gain traction
NEW HAVEN, CT, (May 22nd, 2018) - Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), today announced accelerating sales of its Pathology services in the month of April, indicating anticipated sequential double digit quarterly sales growth.
Of the numerous key performance indicators (KPI) we track, two of the most important are average number of cases per day, and total case volume, both of which increased in April at a quarterly run rate of approximately ~150% over Q1.
Other KPI’s tracking similarly in April include new accounts for oncology practices, and number of ordering physicians, which increased by 80% and 170% respectively, indicating adoption of our message and value proposition by new customers.
Additionally, new hospital accounts increased by 200% on a quarterly run rate, with the same number of hospitals added in April as in the entire first quarter. This indicates a strong pipeline of business volume and subsequent growth of revenues. While these initial growth numbers are encouraging, management realizes there are many challenges ahead of us, and ample incumbent competition from which we must continue to differentiate.
Based on preliminary, unaudited April figures, overall revenue run rate for Q2 is expected increase by ~30% in April compared to Q1.
Such expanded market share for our pathology services also provides the company with opportunities to cross sell our liquid biopsy product into a new customer base, a primary synergy and key driver of the merger with Transgenomic in June of 2017.
“With the recent announcement of year-over-year growth in Q1, we wanted to share with our investors the sales traction we’re seeing mid-way through Q2, indicating significant sequential growth as well as year-over-year,” commented Ilan Danieli, CEO. “While these are initial numbers for April and the future may hold its ups & downs, nonetheless we feel that our investment into reorganized and expanded sales infrastructure is providing a return in the form of increased business and market share, as planned.”
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.
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 May 12, 2017, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, 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.