Precipio reports Q2 revenue $3.5M vs. $2.8M last year

The following factors contribute to the Company’s path to breakeven: Growth rates of each division: The Company’s revenues derived from the products division grew 15%, and the revenues from the pathology services division grew 30% during this period. We are starting to see the fruits of the seeds planted in the past as both commercial teams continue to focus on new business. Current customer pipeline. As the relationships with our distributors continue to build alongside our internal organic efforts, the customer pipeline continues to grow. According to Precipio’s CRM, the pipeline of new business expected to be added in the second half of 2023 is anticipated to continue at the same growth trajectory. As expected, customers who were set up in the first half of 2023 are beginning to ramp up their HemeScreen operation, iron out the system issues such as correct test ordering and the prevention of testing leakage out of their labs. Subsequently they are starting to run consistent and increasing volumes in their lab, generating increased usage and growing orders. This means a continued acceleration of new customers and customer add-on panels are both contributing to the pipeline growth. “While we still have a way to go, I am encouraged by the tailwind we are seeing in terms of the Company’s operations. Sales continue to grow at double-digit quarterly rates; and we continue to reduce operational expenses,” said Ilan Danieli, CEO. “I have full confidence in our value proposition, and in the team we have in place to execute on our business and financial goals, all leading to shareholder value appreciation.”