NEW YORK (GenomeWeb) – Precipio said on Friday that it expects a 200 percent year-over-year increase in fourth quarter revenues, driven primarily by its pathology diagnostic services and pharma projects run in its lab.
For the three-month period ended Dec. 31, 2017 Precipio posted preliminary revenues of $945,000 compared with $316,000 generated in the year-ago quarter.
During the fourth quarter, Precipio reopened its CLIA lab in New Haven, Connecticut following the company's merger with Transgenomic in June and the subsequent integration of operations and staff training. In Q4, the firm launched a redesigned ICE-COLD PCR (ICP) target enrichment kit to identify mutations in lung cancer using liquid biopsies, and introduced a new version of its ICP enrichment kit for use in Sanger Sequencing platforms.
"Now that assets have been integrated and systems optimized, we have resumed our focus on sales growth and aggressively capturing market share," Precipio CEO Ilan Danieli said in a statement.
Precipio said that ICP kit sales made up less than 5 percent of its Q4 revenues, but that ICP products are expected to contribute a significantly larger share of revenues by the end of 2018, particularly as tests are made available through its lab for direct ordering by physicians and hospitals and with the anticipated expansion of the types of platforms — such as next-generation sequencing-based ones — on which ICP can be used.