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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Precipio Inc | NASDAQ:PRPO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -0.67% | 5.96 | 5.92 | 6.00 | 6.12 | 5.96 | 6.12 | 481 | 16:52:40 |
In Q2 we identified opportunities for operational efficiency throughout the Company that will be realized throughout the remainder of 2023. We expect further reductions in reported cash burn in both Q3 and Q4 in both lab services and new products.The following are a few of the operational efficiency and cost-cutting initiatives that will contribute to the Company’s reduction in cash burn:
Alongside the revenue growth, it is imperative that the company continuously conduct internal reviews to identify cost-cutting opportunities. Led by a task force of our finance and operational team, we have come up with over a dozen initiatives that are being implemented by the company. These initiatives have already, and will continue to show significant impact to our cash burn and bring the company closer to breakeven.
“I am delighted to see the combination of revenue growth and operational efficiencies that together, are driving us towards lower cash burn and ultimately reaching breakeven,” said Ilan Danieli, CEO. “Company management is laser focused on these two efforts, and with each member of the team doing their share, we are heading in the right direction. I am excited to continue to deliver positive results to our shareholders.”
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 visit www.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, includes 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, 2022, 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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