Precipio Reports $0.3M cash generated by operations (unaudited) in Q2-2024, as the company advances towards breakeven
Company's continued growth and improved cash position alleviates the need for capital raise in the foreseeable future
NEW HAVEN, Conn., July 25, 2024 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), announces that its unaudited non-GAAP Cash Burn/Generated from Operations (CBFO) for Q2-2024 was $0.3M of cash generated for the quarter. It is important to note that a small contributing factor to the cash increase was the incoming cash collections that were expected in Q1, but were delayed and received in Q2 due to the impact of the Change Healthcare hack, as previously described.
With cash reserves of approximately $1.3M at the end of Q2-2024, and its current pipeline of business, company management remains optimistic about the prospects of reaching breakeven by year end.
"It's great to see the fruits of our work translate into cash flow. I am hopeful that gone are the days where the company needs to conduct structured deals that harm shareholders and place the company's equity in the hands of investors that don't have the company's long-term interests in mind. Our team has worked hard to effectively and efficiently grow the business, while conserving every dollar to ensure that there should be no need for additional dilutive transactions in the foreseeable future," said Ilan Danieli, CEO. "It's time our company stands on its own two feet financially, and builds a strong base of individual & institutional healthcare shareholders, ones that have a long-term perspective, with the company's success, growth and shareholder value appreciation in mind."
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.
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 based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Quarterly Report on Form 10-Q for the three months ended March 31, 2024, and our other reports filed with the U.S. Securities and Exchange Commission. Any such forward-looking statements represent management's estimates as of the date of this press release only. While we may elect to update such forward-looking statements at some point in the future, except as required by law, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Inquiries: investors@precipiodx.com +1-203-787-7888 Ext. 523
(END) Dow Jones Newswires
July 25, 2024 09:00 ET (13:00 GMT)
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