Precipio, Inc., a healthcare biotechnology company specializing in cancer diagnostics, reported a net loss of $4.3 million for the fiscal year ending December 31, 2024, compared to a loss of $5.9 million in the previous year. The company’s total revenue for 2024 reached $18.5 million, marking a 22% increase from $15.2 million in 2023. This growth was primarily driven by a significant rise in patient diagnostic service revenue, which increased by $3.7 million due to a 76% increase in the number of cases processed, totaling 11,894 cases in 2024 compared to 6,765 in 2023. However, product revenue saw a decline of $0.4 million, reflecting a shift in product mix and pricing.
Operationally, Precipio has made strides in expanding its diagnostic capabilities, with its CLIA-compliant laboratories in New Haven, Connecticut, and Omaha, Nebraska, serving as critical assets for both product development and revenue generation. The company has focused on enhancing its product offerings, including the HemeScreen and IV-Cell technologies, which aim to improve diagnostic accuracy and reduce misdiagnosis rates in blood cancers. As of March 1, 2025, Precipio employed 54 full-time and 6 part-time employees, with a majority based in Connecticut.
The company has also faced challenges, including a working capital deficit of $0.8 million as of December 31, 2024, and an accumulated deficit of $102.4 million. To address its financial needs, Precipio entered into a sales agreement with Alliance Global Partners in April 2023, allowing it to raise up to $5.8 million through the sale of common stock. As of the date of the financial statements, approximately $3.7 million remained available for future sales under this agreement. Despite these efforts, there remains substantial doubt about the company's ability to continue as a going concern over the next twelve months.
Looking ahead, Precipio's management is focused on executing its business plan, which includes generating additional revenue and potentially raising further financing to meet operational obligations. The company is also navigating the complexities of the healthcare regulatory environment, particularly in light of recent cybersecurity incidents affecting its billing processes through Change Healthcare. The ongoing geopolitical tensions and economic conditions may further impact its operations and financial performance.
About Precipio, Inc.
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