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Precipio, Inc. (NASDAQ:PRPO), a company specializing in laboratory analytical instruments with a market capitalization of $8.6 million and annual revenue of $18.5 million, announced a change in its independent registered public accounting firm. According to InvestingPro data, the company has achieved impressive revenue growth of 22% over the last twelve months. On Monday, Marcum LLP resigned as Precipio's auditor following the acquisition of its attest business by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024. Precipio's Audit Committee has appointed CBIZ as the new auditor effective the same day.
Marcum's resignation was not due to any disagreements or reportable events related to Precipio's financial statements for the fiscal years ended December 31, 2024, and 2023. The audit reports for these periods did not contain adverse opinions or disclaimers and were not qualified regarding uncertainty, audit scope, or accounting principles.
The transition to CBIZ as the new auditor comes without any prior consultation between Precipio and CBIZ on accounting principles or auditing procedures that would have influenced the company's decision-making. This appointment marks a new chapter in Precipio's financial reporting as they move forward with CBIZ for their auditing needs. InvestingPro analysis indicates positive prospects, with analysts expecting both sales and net income growth in the current year.
The details of this corporate update are based on a press release statement filed with the SEC. Precipio, traded on the Nasdaq Capital Market under the ticker symbol (NASDAQ:PRPO) at $5.69 per share, ensures continuity in its financial oversight with this swift transition to a new certifying accountant. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.
In other recent news, Precipio Inc. reported a robust performance for Q4 2024, with revenue increasing by nearly 26% compared to the previous year. The company achieved positive adjusted EBITDA and cash flow, reflecting its strategic focus on innovation and operational efficiency. Precipio's pathology division exceeded its breakeven point for the second consecutive quarter, contributing significantly to the overall financial health. The products division also showed promising results, generating $700,000 in quarterly revenue. Looking ahead, Precipio aims to achieve a $25 million run rate for its pathology division by 2025 and plans to double its products division revenue. The company is also preparing to onboard two large institutional customers, enhancing its revenue predictability. These developments are part of Precipio's broader strategy to strengthen its financial position and expand its customer base.
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