Predictive Oncology Inc. (NASDAQ:POAI) has reported revenue growth and an increased gross profit margin in its third quarter as the company continues to gain traction with potential partners with its breakthrough solution at a pivotal time in drug discovery.
The company said during the quarter it leveraged its novel artificial intelligence-powered platform paired with the largest privately held biobank of over 150,000 tumor samples to help drug developers make higher confidence predictions of which molecules will and won’t be successful, and ultimately leading to greater chances of commercial success.
Other operational highlights from the quarter include the appointment of Raymond F Vennare as CEO and chairman of the board and the announcement that the company’s GMP lab is available for business, opening up the opportunity to help clients move from pre-clinical development to the investigational new drug qualification, including Phase 1 clinical trials.
READ: Predictive Oncology strengthens board of directors with life sciences and corporate attorney David Smith
For the quarter ended September 30, 2022, Predictive Oncology reported revenue of $455,827, up 45% from the year-ago quarter at $313,663.
Its gross profit margin grew by 76%, with the company reporting a gross profit of $347,676 for the quarter up from $203,498 in the third quarter of last year.
The company also narrowed its net loss to $4.1 million or $0.05 per share for the quarter, compared to a net loss of $5.4 million or $0.08 per share in 3Q 2021.
Predictive Oncology is a science-driven company focused on applying artificial intelligence to develop optimal cancer therapies, which can lead to more effective treatments and improved patient outcomes.
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