After lumbering around an all-time low week after week, share of Precipio Inc. (NASDAQ:PRPO) have come out swinging on Monday as the best performing stock on a percentage gain basis on the NASDAQ.
Investors are rallying around very limited results from the first quarter that showed an increase in revenue and stabilization in the business model, as the New Haven, Connecticut-based specialty diagnostic company reorganizes.
Precipio's platform for cancer detection finds purpose from the fact that one out of every five cancer patients are misdiagnosed. Using Precipio's technology and services, a correct diagnosis is achieved 99% of the time.
Revenue during the first quarter totaled $712,000, up 286% from the year prior quarter. The company attributed the rise in sales to a restructured and expanded sales staff, including a new vice president of sales.
Precipio saw other sales drivers come from dedicating infrastructure specifically for pathology services and its Ice Cold PCR ("ICP") / pharmaceutical projects.
Via hyperlink, Precipio pointed out that Q1 sales were down from $945,000 in the fourth quarter of 2017. Q4 was particularly strong as the company caught up backlog built up in the prior months as it moved its lab operations in Omaha to New Haven.
That was it. No other information was provided in the preliminary results release. That's a little sketchy as to what may follow when the complete results are disclosed. Growing revenues, especially when adding a seasoned sales staff comes at a cost, which investors will just have to wait to find out where that landed at a later date.
After closing Friday at 38 cents, shares of PRPO shot ahead as high as 65 right after Monday's opening bell. An hour into the session and shares have chilled out some, but are still holding 55 cents, representing a gain of 43.42% with plenty of trading day left.
