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Precipio Inc. (PRPO-0.71%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $18.5 million for the year, a 22% increase from $15.2 million in 2023. This growth was driven by a 31% increase in service revenue, attributed to a higher number of diagnostic cases processed.
Cost of sales for the year was $11.0 million, up from $9.2 million in 2023, reflecting increased reagent and personnel costs due to higher case volumes.
Operating expenses decreased to $11.8 million from $13.6 million in the previous year, primarily due to reduced sales and marketing expenses.
The company reported a net loss of $4.3 million, compared to a net loss of $5.9 million in 2023. The improvement was due to increased revenues and decreased operating expenses.
Precipio's cash position decreased slightly to $1.4 million at year-end, down from $1.5 million in 2023. The company generated $0.4 million in cash from operating activities during the year.
The company continues to focus on expanding its diagnostic technology and services, with ongoing efforts to improve laboratory workflow and patient outcomes.
Precipio's strategy includes leveraging its CLIA-compliant laboratories for R&D and commercializing its proprietary diagnostic products through partnerships with major healthcare distributors.
The filing also highlights the company's efforts to address the problem of cancer misdiagnoses through innovative diagnostic solutions.
Precipio acknowledges the challenges posed by the need for additional financing to sustain operations and meet future obligations, noting substantial doubt about its ability to continue as a going concern over the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Precipio Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.