Precipio Inc (NASDAQ: PRPO) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced sales results showing that sales are growing at an incredible rate. Of course, this news excited investors, leading to gains in the value of the stock. Today, we’ll talk about:
- The sales update;
- what we’re seeing from the stock;
- and what we’ll be watching for with regard to PRPO ahead.
PRPO Heads For The Top On Sales Update
As mentioned above, Precipio is having an incredibly strong start to the trading session this morning after announcing news with regard to sales. In a press release issued early this morning, the company announced that sales surrounding its Pathology services accelerated in the month of April. As a result, the company is anticipating sequential double digit quarterly sales growth.
In the release, PRPO said that the two most important indicators of sales are average number of cases per day and total case volume. the company said that both of these increased in April at a quarterly urn rate of approximately 150% over the first quarter. Other data, including new accounts for oncology practices as well as number of ordering physicians increased by 80% and 170% respectively. The data indicates that adoption of their message and value proposition is growing among new customers.
Finally, the comapny said that hospital accounts increased by 200% quarter over quarter. In fact, in April, the company brought on the same amount of new hospital accounts as it did in the entire first quarter. Based on these strong results, the company is expecting Q2 growth to come in at around 30%. In a statement, Ilan Danieli, CEO at PRPO, had the following to offer:
With the recent announcement of year-over-year growth in Q1, we wanted to share with our investors the sales traction we’re seeing mid-way through Q2, indicating significant sequential growth as well as year-over-year… While these are initial numbers for April and the future may hold its ups & downs, nonetheless we feel that our investment into reorganized and expanded sales infrastructure is providing a return in the form of increased business and market share, as planned.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that it’s important to keep a close eye on the news. After all, the news causes the moves. With news that Precipio is seeing strong sales growth, it only makes sense that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:46), PRPO is trading at $0.59 per share after a gain of $0.17 per share or 40.65% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PRPO. In particular, we’re interested in following sales growth to see if the trend continues on the strong rate that it did throughout the month of April. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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