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Precipio Reports 140 Percent Jump in Preliminary Q3 Revenues

NEW YORK (GenomeWeb) — Precipio said today that it anticipates a 140 percent jump in its third quarter revenues amid strong performance by its core pathology services business.

For the three-month period ended Sept. 30, New Haven, Connecticut-based Precipio posted preliminary revenues of $648,000 compared to $270,000 in the same period a year earlier. Driving the increase was continued volume growth in the firm's pathology services unit.

"We expect a continued increase in pathology services throughout the end of 2018 and into 2019," Precipio CEO Ilan Danieli said in a statement. "Sales of Precipio's pathology services continue to be the primary contributor to the third quarter revenues, as the expanded sales team continues to perform well."

Precipio said that it expects to launch additional cancer test kits based on its ICE-COLD PCR technology — which it acquired through its 2017 merger with Transgenomic — this year, and remains focused on growing sales to hospitals, large contract research organizations, original equipment manufacturers, and national laboratories.

Precipio currently offers an ICP target enrichment kit to identify mutations in lung cancer using liquid biopsies and a new version of its ICP enrichment kit for use in Sanger sequencing platforms. It also recently introduced a new ICEme kit for enriching and detecting cancer mutations in EGFR exons 18, 19, 20, and 21; and HemeScreen, a test for mutations in hematologic cancers.