Mission Statement, Vision, & Core Values (2024) of Precipio, Inc. (PRPO)

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An Overview of Precipio, Inc. (PRPO)

General Summary of Precipio, Inc. (PRPO)

Precipio, Inc. (PRPO) is a clinical-stage biotechnology company focused on providing innovative diagnostic testing solutions. Founded in 2013, the company specializes in the development and commercialization of products aimed at improving patient outcomes through precise diagnostics. Precipio operates a fully staffed CLIA and CAP certified clinical pathology and molecular laboratory.

As of 2024, Precipio offers a range of products and services, including patient diagnostic testing, biomarker testing, and clinical research services. The company has established partnerships with major healthcare distributors such as ThermoFisher, McKesson, and Cardinal Health to enhance its market reach.

For the nine months ended September 30, 2024, Precipio reported net sales of approximately $13.1 million, a substantial increase of $2.2 million compared to the same period in 2023. This growth is attributed to a significant rise in the number of cases processed, totaling 8,745 cases, representing a 78% increase from 4,915 cases in the previous year.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Precipio demonstrated robust financial performance, particularly in its diagnostic service revenue. For the three months ended September 30, 2024, net sales reached approximately $5.2 million, which is an increase of $0.7 million or 15% from $4.5 million in the same quarter of 2023. This growth was driven by a 23% increase in service revenue, amounting to $4.5 million compared to $3.7 million in the prior year.

Financial highlights for the nine months ended September 30, 2024 include:

Measure 2024 2023 Change ($) Change (%)
Net Sales $13.1 million $10.9 million $2.2 million 20%
Service Revenue $11.1 million $8.4 million $2.7 million 33%
Product Revenue $1.9 million $2.5 million ($0.5 million) (22%)
Gross Profit $4.9 million $4.0 million $0.9 million 22%
Gross Margin 38% 37% N/A N/A

Precipio's gross profit for the nine months ended September 30, 2024, was approximately $4.9 million, representing a gross margin of 38%. This marked an increase from $4.0 million and a gross margin of 37% in the same period the previous year. The increase in gross profit was primarily attributed to higher case volumes and improved operational efficiencies.

Introduction to Precipio as a Leader in the Industry

Precipio, Inc. stands out as a leader in the diagnostics industry, leveraging proprietary technology and genetic diagnostic expertise to deliver innovative solutions to healthcare providers. The company’s commitment to enhancing diagnostic accuracy and improving patient outcomes has positioned it favorably in a competitive market. With a strong focus on research and development, Precipio continues to expand its product offerings and market reach.

As of September 30, 2024, Precipio had an accumulated deficit of $102.1 million and a working capital deficit of $1.2 million. Despite these challenges, the company has raised substantial capital through equity and debt financing to support its growth initiatives. Investors interested in understanding the driving factors behind Precipio’s success and its future potential are encouraged to explore further insights into the company’s innovative approach and market strategies.




Mission Statement of Precipio, Inc. (PRPO)

Company's Mission Statement Overview

Precipio, Inc. (PRPO) is committed to providing high-quality diagnostic products and services that enhance patient outcomes. The mission statement serves as a guiding principle for the company's strategic direction and operational execution, emphasizing the importance of innovation, quality, and customer care in the healthcare sector.

Core Component 1: Quality

Quality is at the heart of Precipio's mission. The company strives to maintain high standards in its diagnostic testing services. For instance, in the nine months ended September 30, 2024, Precipio reported a gross profit of approximately $4.9 million, reflecting a gross margin of 38% of total net sales. This demonstrates the company's focus on delivering reliable and accurate diagnostic solutions.

Period Net Sales (in thousands) Gross Profit (in thousands) Gross Margin %
Nine Months Ended September 30, 2024 $13,082 $4,913 38%
Nine Months Ended September 30, 2023 $10,868 $4,005 37%

This increase in gross margin indicates that Precipio is effectively managing its costs while enhancing its service offerings.

Core Component 2: Innovation

Innovation is another critical aspect of Precipio's mission. The company utilizes advanced technologies to improve diagnostic accuracy and efficiency. For example, during the same nine-month period, Precipio processed 8,745 cases, a 78% increase compared to 4,915 cases in the previous year. This growth in case processing underlines the company's commitment to adopting innovative practices to meet rising demand.

Core Component 3: Customer Focus

Precipio places significant emphasis on customer care and satisfaction. The company’s mission reflects a dedication to providing exceptional service to healthcare professionals and patients alike. During the three months ended September 30, 2024, service revenue increased by 23% to approximately $4.5 million compared to $3.7 million in the same period in 2023. This growth showcases Precipio's ability to respond to customer needs effectively.

Period Service Revenue (in thousands) Change ($) Change (%)
Three Months Ended September 30, 2024 $4,528 $841 23%
Three Months Ended September 30, 2023 $3,687 - -

By focusing on quality, innovation, and customer care, Precipio, Inc. aligns its operational strategies with its mission statement, ensuring sustainable growth and enhanced patient outcomes in the healthcare industry.




Vision Statement of Precipio, Inc. (PRPO)

Vision Statement Overview

The vision statement of Precipio, Inc. (PRPO) articulates the company's aspirations and strategic direction as of 2024. This vision focuses on enhancing patient diagnostic services and leveraging proprietary technology to improve healthcare outcomes.

Commitment to Innovation

Precipio's vision emphasizes a strong commitment to innovation in diagnostic technologies. The company aims to harness its proprietary technology and genetic diagnostic expertise to bring to market a robust pipeline of innovative solutions. This commitment is reflected in the significant investment in research and development, which totaled approximately $3.9 million for the nine months ended September 30, 2024.

Year R&D Expenses (in thousands)
2022 4,200
2023 3,600
2024 3,900

Focus on Patient-Centric Solutions

The company prioritizes patient-centric solutions, ensuring that its diagnostic services meet the needs of healthcare providers and patients alike. As of September 30, 2024, Precipio processed 8,745 diagnostic cases, reflecting a 78% increase compared to the same period in 2023. This growth demonstrates the company's focus on enhancing service delivery and patient outcomes.

Strategic Partnerships

Precipio's vision incorporates strategic partnerships with major healthcare distributors, including ThermoFisher, McKesson, and Cardinal Health. These collaborations are integral to the company's go-to-market strategy, enabling access to laboratories nationwide and enhancing the distribution of its diagnostic products.

Financial Growth and Sustainability

Financially, Precipio aims for sustainable growth through increased revenue streams. For the nine months ended September 30, 2024, the company's net sales reached approximately $13.1 million, an increase of 20% from the previous year. This growth is attributed to both service revenue and product sales, highlighting the company's robust operational framework.

Financial Metrics 2024 (9 Months) 2023 (9 Months)
Net Sales (in thousands) 13,082 10,868
Gross Profit (in thousands) 4,913 4,005
Gross Margin (%) 38% 37%

Commitment to Quality and Compliance

Precipio's vision also underscores the importance of quality and compliance in its operations. The company operates a fully staffed CLIA and CAP certified clinical pathology and molecular laboratory, ensuring adherence to industry standards in laboratory processing and reporting.

Long-Term Goals

Looking ahead, Precipio aims to achieve greater market penetration and enhance its product offerings. The company has plans to raise additional capital to support its growth initiatives, with approximately $3.7 million available for future sales as of September 30, 2024. This financial strategy is essential for the continued development and commercialization of its diagnostic technology.




Core Values of Precipio, Inc. (PRPO)

Integrity

The core value of Integrity at Precipio, Inc. (PRPO) emphasizes the importance of honesty and transparency in all business dealings. This value is critical in maintaining trust with patients, partners, and stakeholders.

In 2024, Precipio demonstrated its commitment to integrity by ensuring compliance with regulatory standards in its laboratory operations. The company operates a fully staffed CLIA and CAP certified clinical pathology and molecular laboratory, which is essential for maintaining the highest standards of quality and reliability in diagnostic testing.

Innovation

Innovation is central to Precipio's mission, focusing on developing advanced diagnostic solutions that address misdiagnoses. This value drives the company to continuously improve its technologies and services.

As of September 30, 2024, Precipio processed 8,745 cases, representing a 78% increase from the previous year. This surge in case volume not only reflects innovation in service delivery but also indicates the successful implementation of their novel diagnostic technologies, which have enhanced their market competitiveness.

Collaboration

Collaboration within Precipio fosters teamwork and partnerships that enhance operational efficiency and service delivery. This value is vital for driving collective success and achieving strategic goals.

In 2024, Precipio partnered with major healthcare distributors like ThermoFisher and McKesson, which are integral to its go-to-market strategy. These collaborations have expanded the company’s reach and facilitated access to laboratories nationwide, enabling them to leverage shared expertise and resources.

Accountability

Precipio holds itself accountable to its stakeholders, ensuring that commitments are met and performance is transparently reported. This value reinforces the company’s dedication to ethical practices and operational excellence.

For the nine months ended September 30, 2024, Precipio reported a net sales increase to approximately $13.1 million, up from $11.0 million in the same period of 2023. This growth reflects the company’s accountability to its financial commitments and operational performance. Additionally, the gross profit margin improved to 38% from 37%, showcasing effective cost management and operational accountability.

Compassion

Compassion drives Precipio's commitment to patient care, emphasizing the need to understand and address patient needs effectively. This value shapes the company's approach to service and fosters a supportive environment for patients and healthcare providers alike.

Precipio's Temporary Funding Assistance Program, established during challenging operational periods, highlights its compassionate approach. The program provided approximately $1.1 million in assistance to customers affected by service disruptions. This initiative underscores the company's dedication to supporting its clients and ensuring continuous care during difficult times.

Core Value Description 2024 Initiatives Performance Metrics
Integrity Honesty and transparency in operations Compliance with regulatory standards CLIA and CAP certified laboratory
Innovation Continuous improvement in diagnostic solutions Increased case processing 8,745 cases processed, 78% increase
Collaboration Teamwork and partnerships for operational efficiency Partnerships with healthcare distributors Access to nationwide laboratories
Accountability Meeting commitments and transparency in performance Financial reporting and performance tracking $13.1 million net sales, 38% gross profit margin
Compassion Understanding and addressing patient needs Temporary Funding Assistance Program $1.1 million assistance provided

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Resources:

  1. Precipio, Inc. (PRPO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Precipio, Inc. (PRPO)' financial performance, including balance sheets, income statements, and cash flow statements.
  2. SEC Filings – View Precipio, Inc. (PRPO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.