Predictive Oncology Inc saw its consolidated revenue for the first quarter ended March 31, 2022, rise to $314,568, up from the $280,317 it recorded in the corresponding quarter of 2021, which it believes points to "solid potential for growth in the upcoming period."
The increase was driven by a 6% gain in the Skyline segment (STREAMWAY System product sales) and initial revenue from the zPREDICTA segment, the company said, adding that the zPREDICTA segment has an encouraging sales pipeline, including additional revenue from current transactions that are expected to be recognized in the next several quarters.
"We are extremely excited that our technology provides a significant competitive advantage to our business offerings. Our CRO services business applies PeDAL to address a range of needs from discovery through clinical and translational research, to clinical trials and diagnostic development and validation,” J. Melville Engle, the company's chairman and chief executive officer said in a statement.
READ: Predictive Oncology has an AI-driven drug discovery platform to improve cancer treatments and speed up drug development
“We believe this market segment has significant growth potential for Predictive Oncology and we believe we are differentiated from traditional CRO's and other Artificial Intelligence companies through this unique asset," he added.
Cash and equivalents were $25 million and the company has not reported any long-term debt obligations in its capital structure.
Predictive Oncology's reported loss per common share narrowed to $0.05 from $0.11 in the comparable period in 2021. The gross profit margin remained steady at approximately 65%.
General and administrative expenses decreased from $3.3 million on March 31, 2021, to $2.4 million on March 31, 2022, due to lower retirement, legal and other professional expenses.
In the first quarter, sales and marketing expenses increased to $304,467, a $189,826 rise from the comparable period in 2021. This was mainly due to the strategic decision to focus on the company's commercialization efforts in 2022, which will be largely focused on the Helomics and zPREDICTA products.
Predictive Oncology is a knowledge-driven company focused on applying artificial intelligence (AI) to develop optimal cancer therapies, which can lead to more effective treatments and improved patient outcomes.
Through AI, Predictive Oncology uses a database of 150,000-plus cancer tumors, categorized by patient type, against drug compounds to help the drug discovery process and increase the probability of success.
Contact the author at jon.hopkins@proactiveinvestors.com