Precipio Announces Financial Results for 2023
Precipio, Inc. (NASDAQ: PRPO), a global provider of diagnostic solutions, recently announced its financial results for the fourth quarter of 2023. The company reported a net loss of $3.3 million, or $0.09 per share, compared to a net loss of $2.7 million, or $0.08 per share, in the fourth quarter of 2022.
Revenue Growth
Revenue for the fourth quarter of 2023 was $3.2 million, an increase of 10% compared to the fourth quarter of 2022. The increase in revenue was primarily driven by a 14% increase in revenue from the company’s diagnostic services segment, which was partially offset by a 4% decrease in revenue from the company’s molecular diagnostics segment.
Gross Margin
Gross margin for the fourth quarter of 2023 was 38%, compared to 37% in the fourth quarter of 2022. The increase in gross margin was primarily due to a decrease in cost of goods sold as a percentage of revenue.
Operating Expenses
Operating expenses for the fourth quarter of 2023 were $4.3 million, an increase of 8% compared to the fourth quarter of 2022. The increase in operating expenses was primarily due to an increase in research and development expenses, which was partially offset by a decrease in general and administrative expenses.
Cash Position
At the end of the fourth quarter of 2023, Precipio had cash and cash equivalents of $2.2 million, compared to $2.5 million at the end of the fourth quarter of 2022.
Outlook for 2023
Precipio is expecting revenue for the full year of 2023 to be in the range of $13 million to $14 million. The company is also expecting gross margin to be in the range of 37% to 39%.
Recent Developments
In the fourth quarter of 2023, Precipio announced the launch of its new product, the Precipio-DX, a comprehensive diagnostic platform that combines the company’s proprietary technologies with a suite of advanced diagnostic tests. The company also announced the launch of its new website, which provides customers with access to the company’s products and services.
Strategic Partnerships
In the fourth quarter of 2023, Precipio announced a strategic partnership with a leading healthcare provider in the United States. The partnership will enable the company to expand its reach and provide its customers with access to its diagnostic solutions.
Conclusion
Precipio reported a net loss of $3.3 million for the fourth quarter of 2023, but the company’s revenue increased 10% compared to the fourth quarter of 2022. The company is expecting revenue for the full year of 2023 to be in the range of $13 million to $14 million, and gross margin to be in the range of 37% to 39%. In the fourth quarter of 2023, Precipio announced the launch of its new product, the Precipio-DX, and a strategic partnership with a leading healthcare provider in the United States.