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Predictive Oncology Inc. Reports Q3 Results; Revenues Increase 58%

Written by Customer Service on . Posted in Public Companies.

MINNEAPOLIS, Nov. 15, 2019 (GLOBE NEWSWIRE) — Predictive Oncology Inc., (NASDAQ: POAI) (“Predictive Oncology” or “the Company”) an artificial intelligence (AI) and data-driven functional precision medicine company with the mission of improving the standard of care for cancer patients through innovative data-driven products and services announced financial results for the quarter ended September 30, 2019 and provided a business update.
Financial ResultsRevenue for the quarter ended September 30, 2019 was $522,696 compared with $329,930 for the same period of 2018, a 58 percent increase year over year. Revenue included the sale of 19 STREAMWAY systems and disposable supplies, compared to 10 sales of the system in the comparable period of 2018. Cost of sales was $208,096 in the third quarter of 2019, compared to $83,006 in Q3 2018. Gross profit margin declined to 60% percent versus 75% in the third quarters of 2019 and 2018 respectively. Operating expenses for the quarter ended September 30, 2019 declined to $707,414 compared to $723,939 for the third quarter of 2018. General and administrative expenses were $2,616,991, compared to $762,603 during the same period of the previous year. Sales and marketing expenses also declined to $434,955 in Q3 2019 compared to $621,465 for the previous year.Business highlights of the third quarter of 2019 through recent weeks include:Initial models in progress with Interpace Diagnostics for Thyroid.Helomics has initiated pilot sequencing (48 samples)ChemImage additional validation utilizing our platform and AI (D-CHIP) in prostate cancer.Specicare “Pioneer” Precision Medicine trial in progress (All tumor types)Predictive Oncology continues to execute on Cancer Quest 2020 leveraging unique assets:TumorGenesis has initiated, with its global distributor, U.S. Biological Corp. the building of media kits to allow the growth of ovarian cancer cells in their labs.Clinically validated patient-derived (PDx) tumor profiling platform to generate drug response profiles and multi-omic data.Data on drug response profiles of over 150,000 tumors across 137 cancer types using the PDx platform in over 10+ years of clinical testing.The Skyline Medical division sold 19 STREAMWAY units in Q3.Dr. Carl Schwartz, the Company’s Chief Executive Officer commented, “I am very pleased with the growth and development of our unique assets, Helomics and Tumor Genesis, and the and the increase in international interest in our Skyline products. The future looks very bright.”About Predictive Oncology Inc.

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