Earnings Labs

Precipio, Inc. (PRPO)

Q3 2021 Earnings Call· Mon, Nov 15, 2021

$31.65

+3.09%

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Same-Day

-8.81%

1 Week

-14.10%

1 Month

-21.59%

vs S&P

-20.65%

Transcript

Operator

Operator

Welcome to the Precipio Shareholder -- Third Quarter 2021 Shareholder Update Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note that the conference is being recorded. Statements made during this call may contain forward-looking statements about our business. We should not place undue reliance on forward-looking statements as these statements are based upon our current expectations, forecasts, and assumptions, and are subject to significant risks and uncertainties. These statements may be identified by words such as may, will, should, could, expect, intend, plan, anticipate, believe, estimate, predict, potential, forecast, continue, or the negative of these terms or other words or terms of similar meaning. Risks and uncertainties that could cause our actual results to differ materially from those set forth in any forward-looking statements include, but are not limited to the matters listed under Risk Factors in our annual report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission, as well as other risks detailed in our subsequent filings with the Securities and Exchange Commission. These reports are available at www.sec.gov. Statements and information, including forward-looking statements, speak only to the date that they are provided unless an earlier date is indicated and we do not undertake any obligation to publicly update any statements or information, including forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Now, let me hand over the call to Ilan Danieli, Precipio's CEO.

Ilan Danieli

Analyst

Thank you, Grant. Good afternoon, everyone. And thank you for joining our Q3 2021 shareholder call. My goal on this call is to give you an insight as to how we experienced the recent quarter. We are what you read in our financial statements that were filed last week. And to give you some insight into how we see the future. Let me start by saying we had a rough quarter, we experienced several challenges, we dealt with them and they've overcome them. With these challenges, they start seeing their passion, dedication and commitment to our cause. And to the business. I believe we're coming out of this quarter stronger, and with more determination to succeed. Let me begin by providing an insight to each of our business segments, and then share with you some of the exciting outlook for our company going forward. Let's start with our clinical pathology services. This quarter was the first quarter where we didn't experience the growth we saw in prior quarters. For the nine months ending September 30, 2021, year-over-year, audited revenues of $6.4 million, have increased to $2.3 million or 55% from 2020. That's a great accomplishment. And in Q3, our case volume and revenues were relatively flat, not great. As in any complex situation, there is rarely one single cause that could be identified as sole driver of a problem. Like many companies around the globe, we too have to deal with supply chain issues, unreliable courier services, which we depend on and envision internal lab operational issues, which ultimately translated into service issues to our customers. The challenges resulted in us losing several customers. Fortunately, none of them large enough that our revenue declined. But nonetheless, it resulted in us not achieving the growth we've demonstrated previously. And nobody likes…

Operator

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Q -

Analyst