Three key metrics indicate growth over prior Quarter and same Quarter of 2018
NEW HAVEN, Conn., Aug. 13, 2019 (GLOBE NEWSWIRE) -- Specialty cancer diagnostics company Precipio, Inc. (NASDAQ: PRPO), today announced the results of three key performance metrics that together demonstrate the continued growth and positive impact of the sales force’s expansion improving pathology sales performance.
|Q2-2019 Change from|
|Metric||Q1-2019 (QoQ)||Q2-2018 (YoY)|
|Recurring ordering customers||+32%||+92%|
|Number of ordering customers||-3%||+8%|
During the upcoming shareholder update call, management will provide several observations and further commentary on these positive growth metrics.
Internal Performance Measurement
Precipio’s management team has established several key metrics that quantify pathology sales team performance and highlight areas of opportunity. These metrics also promote accountability to ensure that the company is meeting and exceeding its goals.
The metrics highlighted above track conversions and trends across the sales pipeline to evaluate our success in attracting, retaining and growing “high-value” customers via trials and repeat orders. Those are key metrics to ensure that we continue to grow our business through new customers while maintaining existing customers. Therefore, we felt it would be important to demonstrate metrics that convey both case volume growth as well as repeat business from current customers.
Furthermore, each sales territory is considered an independent “business” that is held accountable through individual P&L statements. Every territory has a business plan with monthly and quarterly revenue, expense, and profitability goals, which are tracked from budget to actual. Territory managers are held accountable for the financial performance of their business, and are rewarded based on revenues, cost, and benchmarking to budget.
It is the company’s philosophy to provide this level of transparency both to our internal team and, whenever possible, to external shareholders. Accordingly, we will continue to provide quarterly updates on our performance metrics in order to keep all stakeholders informed on the company’s progress.
“We are currently in the early stages of a major expansion of our sales team. This critical initiative coupled with our unique, high-quality and clinical value-driven offering will be the key drivers in achieving significant positive growth,” commented Stephen Miller, Precipio’s Chief Commercial Officer. “With the focus on our high-value customers and the improvement in our key performance metrics, along with the expansion of our sales team, we should continue to see rapid growth throughout the remainder of 2019 into 2020.”
Precipio has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment such as the Yale School of Medicine and Harvard’s Dana-Farber Cancer Institute, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care. For more information, please visit www.precipiodx.com.
Certain statements in this press release constitute “forward-looking statements,” within the meaning of federal securities laws, including statements related to ICP technology, including financial projections related thereto and potential market opportunity, plans and prospects and other statements containing the words “anticipate,” “intend,” “may,” “plan,” “predict,” “will,” “would,” “could,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the known risks, uncertainties and other factors described in the Company’s definitive proxy statement filed on April 29, 2019, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 and on the Annual Report on Form 10-K for the year ended December 31, 2018 as well as the Company’s prior filings and from time to time in the Company’s subsequent filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. All information in this press release is as of the date of the release and the Company does not undertake any duty to update this information, including any forward-looking statements, unless required by law.