- POAI
sees Q3 2019 revenue total $522,696 from $329,930 in Q3 2018
- Company
reports records sales of proprietary systems, supplies
- Significant
business highlights indicate continued momentum as Predictive Oncology
looks to bright future
Predictive
Oncology Inc. (NASDAQ: POAI), an artificial intelligence (AI) and
data-driven functional precision medicine company, released its financial
results for Q3 2019, and the numbers are impressive, including quarter revenues
increasing 58% year over year (http://ibn.fm/TmZoV). The company also provided a business
update outlining significant highlights reached during the quarter.
POAI reported that revenue for the quarter
ended September 30, 2019, totaled $522,696, compared
with $329,930 for the same period of 2018. Those numbers included
revenue from record sales of the company’s STREAMWAY systems and disposable
supplies. Predictive Oncology reported the sales of 19 STREAMWAY systems, a
significant increase when compared to 10 sales of the system during the
comparable period in 2018.
Cost of sales for Q3 2019 was $208,096 compared
to $83,006 in the same period of 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, totaled
$707,414 down from $723,939 for the third quarter of 2018. General
and administrative expenses were $2,616,991 for Q3 2019, compared
to $762,603 during Q3 2018. Sales and marketing expenses declined
significantly, totaling $434,955 in Q3 2019 compared
to $621,465 for the previous year.
In addition to the impressive numbers, POAI noted several Q3
2019 business highlights, including the following:
- Initial
models in progress with Interpace Diagnostics for Thyroid
- Helomics
has initiated pilot sequencing of 48 samples
- ChemImage
working on additional validation utilizing POAI platform and AI (D-CHIP)
in prostate cancer
- Specicare
‘Pioneer’ Precision Medicine trial in progress
- Predictive
Oncology continues to execute on Cancer Quest 2020
- POAI subsidiary
TumorGenesis has initiated the building of media kits to allow the growth
of ovarian cancer cells in its labs.
- Clinically
validated, patient-derived (PDx) tumor profiling platform to generate drug
response profiles and multi-omic data
- Data
on drug response profiles of more than 150,000 tumors across 137 cancer
types using the PDx platform in more than 10 years of clinical testing.
“I am very pleased with the growth and development of our
unique assets, Helomics and Tumor Genesis, and the increase in international
interest in our Skyline products,” POAI CEO Dr. Carl Schwartz stated in a
news release. “The future looks very bright.”
Predictive Oncology is committed to the mission of improving
the standard of care for cancer patients through innovative, data-driven
products and services. The company provides predictive models of tumor drug
response to improve clinical outcomes for patients. POAI is at the vanguard of
the latest scientific endeavors in cancer research to better understand the
complexities of individual cancers and tailor individualized therapeutic
protocols.
For more information, visit the company’s website at www.Predictive-Oncology.com
NOTE TO INVESTORS: The latest news and updates
relating to POAI are available in the company’s newsroom at http://ibn.fm/POAI
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