Why did Precipio Inc. (PRPO) stock slide down in the after-hours on Wednesday?

Precipio Inc. (PRPO) shares lost 8.79% in after-hours on Wednesday, December 15, 2021, and closed at $1.66. However, in the regular trading session of Wednesday, PRPO’s stock gained 1.11%. PRPO shares have fallen 18.20% over the last 12 months, and they have moved down 7.61% in the past week. Over the past three months, the stock has lost 38.72%, while over the past six months, it has declined 53.33%.

Let’s have a brief discussion about its latest news.

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PRPO HemeScreen RUO approved by NY Department of Health

On November 18, 2021, Specialty cancer diagnostics company Precipio, Inc. (PRPO) announced that its HemeScreen RUO assay has received the required approval from New York State’s Department of Health. Hemescreen can now be used by NewYork based physician-owned laboratories (POLs) who apply to run HemeScreen in their lab as a laboratory-developed test (LDT).

PRPO latest financial results

On November 12, 2021, Precipio Inc. (PRPO) announced its third-quarter financial results which ended on September 30, 2021.

Q3 2021 financial highlights

  • PRPO’s total net sales were $2.25 million in Q3 2021 compared to $1.63 million in Q3 2020.
  • The total cost of sales was $1.72 million in Q3 2021 compared to $1.25 million in Q3 2020.
  • Total operating expenses were $2.97 million compared to $2.8 million in Q3 2020.
  • It suffered a net loss of $1.85 million in Q3 2021 compared to a net loss of $3.3 million in Q3 2020.
  • Basic and diluted loss per common share was $0.08 in Q3 2021 compared to $0.21 in Q3 2020.

American Oncology Network Partnership with PRPO

On August 26, 2021, Precipio, Inc. (PRPO), and American Oncology Network, (AON) signed an agreement under which AON will adopt Precipio’s HemeScreen® technology and begin running HemeScreen in its central laboratory located in Fort Myers, Florida.

With over 100 physicians, and serving close to 100,000 unique patients annually AON will be the largest Physician-Owned Laboratory (POL) to bring HemeScreen into their laboratory so far. Running HemeScreen in-house will enable AON to shorten the diagnostic turnaround time of these tests (currently being sent out) from 2-4 weeks, to as fast as 1-4 days when run in-house.

Conclusion

Well, as of this writing there is no recent news or development which could be linked with its after-hours decline on Wednesday. we are not sure how it will commence trading on Thursday.

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