An announcement was made today by the Specialty Diagnostics firm Precipio Inc. that in conjunction with its global expansion efforts, it has initiated to establish distribution partnerships in Asia, which may generate early-stage revenues as soon as the fourth quarter of this year.
These activities continue to move Precipio in the direction of diversification & global expansion, as well as, revenue growth by capitalizing on our assets for providing markets outside the United States with the products & services they need. This also provides the firm with free of debt-by-insurance reimbursement, high-margin revenues which contribute to growing both the top & bottom lines.
Value Proposition of Precipio to the International customers includes two main areas: Ground-breaking, proprietary laboratory technologies & World-class academic-level pathology expertise
According to the strategic plan of Precipio led by Chief Strategy Officer, Ori Karev, the firm determined that the ideal approach to penetrating non-United States markets is to first indorse our proprietary technologies. These technologies meet the need for an immediate customer by replacing third party products presently used, with our significantly improved technology-driven products.
The firm conducted meetings with various hospitals & reference laboratories during the last few months in Malaysia, Singapore, Thailand, and India. Most institutions which visited expressed a strong interest in using our products, and subject to a fruitful validation, they are willing to incorporate our products into their existing work processes. Precipio projects the potential annual revenue from the Asian customers visited to be approximately $5 million annually.
The firm has begun arrangements for trials in Asia which we believe will take place this quarter. An early shipment has already arrived in Asia for customers to initiate testing our products, and we are setting up local alliances to support localized logistics operations necessary for handling shipping, importation & regulatory aspects of delivering these products to our customers.