Precipio, Inc., a healthcare biotechnology company focused on cancer diagnostics, reported its financial results for the third quarter and nine months ended September 30, 2024. The company generated net revenue of $5.3 million for the third quarter, a 15% increase from $4.6 million in the same period of 2023. Service revenue also rose by 23%, reaching $4.6 million compared to $3.7 million in the prior year. The number of cases processed surged by 70%, from 2,105 to 3,584, contributing to this revenue growth.
For the nine months ended September 30, 2024, net revenue totaled $13.3 million, up 20% from $11.0 million in 2023. Service revenue for this period increased by 33%, amounting to $11.3 million compared to $8.4 million in the previous year. However, product revenue decreased by $0.5 million during the same timeframe.
Gross profit for the third quarter was $2.3 million, yielding a gross margin of 44%, up from 42% in Q3 2023. For the nine-month period, gross profit was approximately $4.9 million, with a gross margin of 38%, slightly improving from 37% in the prior year. Operating expenses decreased to $2.9 million in Q3 2024 from $3.4 million in Q3 2023, reflecting a reduction in sales and marketing costs due to a lower headcount.
Despite these improvements, Precipio reported a net loss of $0.6 million for the third quarter, a reduction from a net loss of $1.5 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $3.9 million, significantly lower than the $6.8 million loss reported in the same period of 2023. The basic loss per share improved to $(0.42) from $(1.04) year-over-year.
As of September 30, 2024, Precipio's total assets were $16.9 million, down from $18.1 million at the end of 2023. The company had an accumulated deficit of $102.1 million and a working capital deficit of $1.2 million. Cash reserves decreased to $1.1 million from $1.5 million at the end of 2023.
Strategically, Precipio has entered into a sales agreement with AGP to offer common stock with potential proceeds of up to $5.8 million. The company also received approximately $1.1 million from Change Healthcare's Temporary Assistance Program due to a cyberattack affecting its billing systems. The company is currently negotiating a repayment plan for this amount.
About Precipio, Inc.
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