Precipio (PRPO) Wows Investors with Promising Preliminary Q1:18 Results
It’s a very rewarding trading day for investors in Precipio (NASDAQ:PRPO) with shares up nearly 40%, making the stock Wall Street’s bull of the day. Why the excitement? The specialty diagnostics company announced preliminary, unaudited 1st quarter 2018 revenues of approximately $712,000, representing a 286% increase from the same quarter in the prior year.
Drivers of revenue growth that have been completed in Q1 2018 include:
- a restructured and expanded sales staff, including a new VP of sales, and sales reps with years of directly relevant industry sales experience
- dedication of separate sales infrastructure to pathology services and ICE COLD PCR™ (ICP) / Pharma projects
- increased cross-selling of pathology services with ICP lung cancer treatment resistance panel as well as others
The sequential decrease from Q4 2017’s revenues was due to that quarter’s catch up of backlog resulting from prior months’ lab closing and relocation from Omaha to our headquarters in New Haven, CT. Q1 2018 revenues represent what we feel is a more normalized growth trend resulting from the stabilization of operations following a year of financial and corporate restructuring.
“With the completion of our sales reorganization and increasing business stabilization, we are focused on aggressively capturing market share with our disruptive diagnostic products and services,” commented Ilan Danieli, CEO. “The growth we are experiencing in Q1 reflects the strides being made by our sales team and the improved business activity resulting from our initiatives.”