- 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://nnw.fm/7Qp5g). 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://nnw.fm/POAI
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