NEW YORK (GenomeWeb) — Cancer diagnostics firm Precipio said today that it expects to report a 213 percent increase in its second quarter revenues on strong demand for its pathology services.
On a preliminary basis, Precipio's revenues for the three-month period ended June 30 were $815,000 compared with $260,000 in the year-ago quarter. The firm said sales of its pathology services were the primary driver of the increase, in part reflecting the effect of its recently expanded sales team.
"These results represent further validation of our high-growth strategy to rapidly gain pathology services market share, and commercialize our unique liquid biopsy mutation detection products for cancer," Precipio CEO Ilan Danieli said in a statement.
A little over a year ago, Precipio completed its merger with Transgenomic, and later in the year reopened its Connecticut-based CLIA lab following the integration of the two companies' operations. In 2017 it also launched a redesigned ICE-COLD PCR (ICP) target enrichment kit to identify mutations in lung cancer using liquid biopsies and introduced a new version of its ICP enrichment kit for use in Sanger sequencing platforms. Earlier this year, the company introduced ICP KRAS liquid biopsy kits for pancreatic cancer.
The company said that it remains focused on growing ICP sales to hospitals, large contract research organizations, original equipment manufacturers, and national laboratories.
During early morning trading on the Nasdaq, shares of Precipio jumped 62 percent to roughly $.59.
In late March, the company reported receiving notification that its shares failed to meet the Nasdaq's $1 minimum bid price requirement. The company has until Sept. 24 to regain compliance with the listing rule.