Precipio to Report $15.2M for FY-2023 (unaudited) Revenues, an increase of 60% YoY
NEW HAVEN, Conn., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ:PRPO), announces that for the full year of 2023, its unaudited revenues have grown from $9.4M in 2022 to $15.2M in 2023, an increase of 60% year over year.
Both pathology and products divisions have demonstrated substantial growth from 2023, with the pathology services division increasing revenue by 52%, and the products division increasing revenue by 115%.
The growth of revenues in both of these divisions, alongside the cost-cutting measures executed by the company during 2023, has driven the substantial reduction in cash burn from operations, as was recently reported. With a $1.5M cash balance ending 2023, the company is positioned to achieve its goal of reaching profitability.
"Continued growth in both the pathology services and the products divisions is fueling our path towards profitability. Reaching this goal will enable us to scale the business and capture significant market share, resulting in increased shareholder value," said Ilan Danieli, CEO.
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.
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