Precipio Inc (NASDAQ:PRPO), a specialty diagnostics company has announced preliminary unaudited results for the first quarter of 2018. In the results, the company reported $712,000 in revenue, which represents 286% increase from what the company reported in the same period the previous year.
The company has attributed the growth in revenue to a number of factors. The company restructured and increased its sales staff. Among the staff changes that the company made is the appointment of a new Vice President in charge of sales. Additionally, the company employed several sales representatives with several years of experience in direct sales. The company also set aside separate and dedicated services to facilitate sales activities.
Precipio Inc set aside separate infrastructure to drive sales for its ICE COLD PCR™ (ICP) / Pharma projects and pathology services. The company stepped up cross-selling for its pathology services with the introduction of ICP lung cancer treatment resistance panel
The company reported a drop in its revenue in the fourth quarter of 2017 as it worked to catch up with the backlog that was caused by closing of its laboratories in the previous months. Additionally, the relocation of the company’s headquarters from Omaha to the current location in New Haven, CT also ate into its revenue for the fourth quarter of 2017.
The company says that the revenue posted in the first quarter of 2018 represents what it believes is a stable and normalized growth trend which is as a result of the stabilization of its operations after a year of corporate and financial restructuring.
In a statement, Ilan Danieli, the CEO of Precipio Inc said that following the completion of the sales reorganization as well as increase in its business stabilizations, the company is currently focused on capturing more clients and expanding its market share. He says that the company is using disruptive diagnostic products and services to achieve this.
Danieli said that the growth that the company has experiencing in the first quarter is a reflection of the steps and strides that are being made by the company’s sales team as well as the improved business activities which is as a result of the new initiatives that have been put in place.