Precipio Q3 Sales Dip 26 Percent

NEW YORK (GenomeWeb) – Precipio said after the close of the market on Monday that its third quarter net sales fell 26 percent year over year.

For the three months ended Sept. 30, the firm posted net sales of $270,000, compared to $365,000 in Q3 2016. Precipio attributed the drop to a 23 percent year-over-year decrease in cases processed in the recently completed quarter. In Q3 2017, 207 cases were processed, down from 269 cases a year ago, the firm said, adding that the downtick resulted from turnover in key sales personnel.

In October the company launched its first re-designed ICE-COLD PCR target enrichment kit to identify mutations in lung cancer using liquid biopsies. The company also said that in the quarter its PCR technology was selected by the University of Kentucky for a liquid biopsy study, and by Methodist Healthcare System for use in its liquid biopsy platform. 

Precipio had a net loss of $6.3 million for Q3 2017, compared to a net loss of $499,000 in the prior year.

Net loss available to common stockholders was $10.1 million, or $1.36 per share, in Q3 2017, up from a net loss available to common stockholders of $499,000, or $1.15

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