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Precipio Signs Additional Major HemeScreen(TM) Customer

PRPO

Customer to begin gradually onboarding panels in Q1-2023, potential $1.2M revenue at full capacity

NEW HAVEN, Conn., Dec. 06, 2022 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc.(NASDAQ: PRPO) announced a 4-year agreement with a new customer to bring HemeScreen™ technology into their lab.

Based on volume information provided by the customer, revenues in Q1-2023 are projected to be approximately at a $250,000 run rate (an increase of ~15% to our current HemeScreen run rate). Furthermore, revenues are expected to ramp up to over a $1M run rate by year-end 2023 (an increase of ~60% over our current HemeScreen run rate).

As customers incorporate our technology into their laboratory, we have observed in existing clients a lower initial volume followed by increased utilization and subsequent revenue, due to two drivers: (1) lower volumes arising initially as customers modify their procedures to utilize HemeScreen in house and (2) their intended adoption of additional test panels as they smooth out their workflow and test processes.

“We believe this is the beginning of an extended growth period at Precipio. Our backlog of prospects of similar size, identified by our new distributors, is promising,” said Ilan Danieli, Precipio’s CEO. “The recurring revenues from this customer and the addition of other accounts already in our sales funnel will help create a strong foundation for our business. Each new customer has an impact on reducing our burn rate and brings us closer to profitability. I fully expect that our team, along with our distribution partners, will continue to generate contracts that drive continuous, similar news announcements.”

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 visitwww.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.


Inquiries: investors@precipiodx.com +1-203-787-7888 Ext. 523

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