Predictive Oncology (NASDAQ: POAI), an oncology and drug discovery company with an emphasis on artificial intelligence, confirmed that its wholly-owned daughter company, TumorGenesis has established a deal with the Swedish firm Cellevate AB.
The companies have planned to combineTumorGenesis’ medias with Cellevate’s high engineered matrix materials. The complementary nature of their businesses is anticipated to be beneficial for both companies.
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At last check-in premarket trading, shares of Predictive Oncology Inc. (POAI) were down -2.32% at $1.116. POAI’s stock closed the last session at $1.14, increasing 4.59% or $0.05. Shares of the company fluctuated between $1.02 and $1.14 throughout the day. The shares of Predictive Oncology Inc. have advanced 31.25% in the last five days; however, they have gained 5.56% over the last month.
First Quarter 2021 Financial Result
Predictive Oncology generated revenue of $280,317 for the quarter, versus $294,943 for the first quarter in the previous year. However, the company also had reduced expenses, which produced a loss per share of $0.11, in comparison to a loss of $0.93 in the prior year.
During the first quarter ended on March 31, 2021, and 2020, all revenue was produced from the Skyline Medical business apart from $1,989 and $15,130 in Helomics revenues, respectively, and $14,075 during the first quarter of 2021, in the Soluble reportable department
The gross profit margin was almost 65% in the three months completed on March 31, 2021, in comparison to 69% in 2020. The margins declined in the present year as costs were higher, which more than offset the revenue generated in the present period.
POAI’s (G&A) expenses saw a rise by $442,301 for the first quarter of 2021versus the prior year. The rise was mainly because of higher severance and share-based compensation linked with the retirement of the previous CEO, higher depreciation facilitated by recently purchased assets placed in service during the first quarter of 2021, and higher audit and related fees.
Moreover, these increases were primarily due to a decrease in expenses linked to share-based compensation for awards made in the previous year and other share-based payments as well as reduced franchise taxes.
Operations expenses surged by $26,059 to $574,812 in the first quarter of 2021 in comparison to 2020. The increase was facilitated by higher costs related to the staff and increased AI computing costs.
Confirmation of established deal with Swedish firm Cellevate AB failed to induce adequate investor interest, with POAI stock declining immensely at last check.