Huge good news today, 16 sales 1Q, I just took a position, they should be profitable before end of year. And project 900% growth this year.
Mar 29, 2018
Precision Therapeutics Announces Record STREAMWAY® System Sales in the First Three Months of 2018
Sixteen STREAMWAY Systems sold in Q1 2018, compared with five units sold in Q4 2017 and three sold in Q1 2016
MINNEAPOLIS, March 29, 2018 (GLOBE NEWSWIRE) -- Precision Therapeutics Inc. (NASDAQ:AIPT) (“Precision” or “the Company”), today provided a sales update from its Skyline Medical division, producer of the FDA-approved STREAMWAY System for automated, direct-to-drain medical fluid disposal. Skyline Medical sold 16 STREAMWAY Systems in the first quarter of 2018, to a combination of both new customers as well as its existing customer base. This represents significant sales growth, compared with the five STREAMWAY Systems sold in the fourth quarter of 2017 and the three STREAMWAY Systems sold in the first quarter of 2017.
This ramp in sales is due to the Company’s refocused sales and marketing campaign, which included the hiring of key sales personnel, increased participation at major industry conferences and an awareness campaign related to its disposable products. The Company continues to project a total of 100 STREAMWAY System sales in 2018, as announced in its press release dated January 31, 2018. Newly appointed Kevin Hungerford, Global Vice President of Sales and Marketing, will drive these sales and marketing efforts.
Dr. Carl Schwartz, Chief Executive Officer of Precision Therapeutics, commented, “We have long believed that the STREAMWAY System offers the best solution on the market for medical waste disposal due to its unique ability to control the spread of infection in the hospital by virtually eliminating any contact between the infectious materials and the patients and staff. Now, following our focused efforts to educate the market about the unique safety and hygiene benefits it offers, we are proud to see purchase orders coming in from across the United States as decision makers are increasingly seeing the value of the STREAMWAY System, driving meaningful sales growth for the Company.
Of note, four of the sixteen-unit sales were repeat sales to a major healthcare system which operates medical centers across the U.S. and has approximately 63,000 employees. This is particularly encouraging as building our blue-chip customer base validates the Company as a credible and industry-leading provider of waste disposal solutions to the healthcare market.”
Dr. Schwartz continued, “We are encouraged by this sales momentum and expect it to build throughout the remainder of 2018. The majority of our sales have been in interventional radiology, where the STREAMWAY System is revolutionizing paracentesis and thoracentesis procedures by eliminating the need for evacuated bottles and canisters. We are in advanced discussions with potential customers and believe there is significant room for us to grow our market reach in endoscopy, urology and cystoscopy rooms.”
The Company has also made initial investments in its international sales and marketing strategy by signing independent distribution agreements in Australia, Canada and Switzerland. In early 2018, the Company opened a European Headquarters in Brussels, Belgium, and appointed a Vice President of International Sales, Mr. Jean-Paul Rasschaert.
Dr. Schwartz concluded, “Building out our sales infrastructure in key international markets expands our potential customer base significantly. We believe our solution is well-suited to the European market, where the importance of the proper management of infectious health-care waste in order to minimize risks to the environment and healthcare staff is well-recognized. We are working hard to establish our presence in this market, and in Australia and Canada where we have signed agreements with independent distributors. Our commercial activities in international markets are at an early stage and we are encouraged by the progress made to date.”
The STREAMWAY System has been approved to be marketed in Canada, Europe and Australia by the respective regulatory agencies in these regions.
