Press Releases
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- Commercialization launch of PeDAL, our innovative AI product, and presence at
BIO International that included one-on-one partnering meetings with pharmaceutical and biotech companies - The appointment of
Julia Kirshner , Ph.D., as Chief Scientific Officer - The consolidation and expansion of the research and development arm in
Pittsburgh with the move of TumorGenesis to that location - An increase of cash and equivalents from
$25 million onMarch 31, 2022 , to$28 million at quarter end, which represents a positive change of 12%
Q2 2022 financial results
Predictive Oncology’s recognized net sales revenue of
The gross profit margin grew from 59% in the second quarter of 2021 to 64% for the comparable quarter of 2022. The increase is directly attributable to zPREDICTA with strong margins.
Net cash used in operating activities was
General and administrative expenses increased from
Quarterly sales and marketing expenses of the company increased by
Current market conditions, coupled with POAI’s lower quantitative valuation of zPREDICTA, resulted in a
Other developments
First is the strategic move POAI made to further strengthen the company’s scientific and product offerings with the appointment of Dr.
Second is POAI’s decision to streamline the company’s research and development operations, which
Additionally, POAI attended the
Shareholder earnings call
POAI will conduct a 2Q 2022 shareholder earnings call to take place on
To register and view the webcast, please go to this link: https://edge.media-server.com/mmc/p/it32fi7n.
For Q&A’s, please register here: https://register.vevent.com/register/BI2e83830dc64a4a8c8a33753ecde1ac52
About
Forward-Looking Statements
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, changes in management, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors discussed under the heading “Risk Factors” in our filings with the SEC. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited) | (audited) | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and Cash Equivalents | $ | 28,249,452 | $ | 28,202,615 | ||||
Accounts Receivable | 336,397 | 354,196 | ||||||
Inventories | 474,616 | 387,684 | ||||||
Prepaid Expense and Other Assets | 763,053 | 513,778 | ||||||
Total Current Assets | 29,823,518 | 29,458,273 | ||||||
Fixed Assets, net | 2,300,327 | 2,511,571 | ||||||
Intangibles, net | 3,790,637 | 3,962,118 | ||||||
Lease Right-of-Use Assets | 505,667 | 814,454 | ||||||
Other Long-Term Assets | 75,618 | 167,065 | ||||||
- | 6,857,790 | |||||||
Total Assets | $ | 36,495,767 | 43,771,271 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 983,672 | $ | 1,021,774 | ||||
Accrued Expenses and other liabilities | 856,654 | 1,262,641 | ||||||
Derivative Liability | 32,318 | 129,480 | ||||||
Deferred Revenue | 530,797 | 186,951 | ||||||
Lease Liability | 421,736 | 639,662 | ||||||
Total Current Liabilities | 2,825,177 | 3,240,508 | ||||||
Lease Liability – Net of current portion | 113,462 | 239,664 | ||||||
Other long-term liabilities | 21,731 | 25,415 | ||||||
Total Liabilities | 2,960,370 | 3,505,587 | ||||||
Stockholders’ Equity: | ||||||||
Preferred Stock, 20,000,000 authorized inclusive of designated below | ||||||||
Series B Convertible Preferred Stock, |
792 | 792 | ||||||
Common Stock, |
781,551 | 656,146 | ||||||
Additional paid-in capital | 174,555,375 | 167,649,028 | ||||||
Accumulated Deficit | (141,802,321 | ) | (128,040,282 | ) | ||||
Total Stockholders’ Equity | 33,535,397 | 40,265,684 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 36,495,767 | $ | 43,771,271 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Revenue | $ | 371,591 | $ | 350,207 | $ | 686,159 | $ | 630,524 | |||||||
Cost of goods sold | 134,075 | 142,877 | 243,518 | 240,635 | |||||||||||
Gross profit | 237,516 | 207,330 | 442,641 | 389,889 | |||||||||||
General and administrative expense | 2,351,696 | 2,077,973 | 4,775,347 | 5,348,750 | |||||||||||
Operations expense | 909,113 | 567,796 | 1,800,184 | 1,142,608 | |||||||||||
Sales and marketing expense | 271,022 | 159,788 | 575,489 | 274,429 | |||||||||||
Loss on impairment of goodwill | 7,231,093 | - | 7,231,093 | - | |||||||||||
Total operating loss | (10,525,408 | ) | (2,598,227 | ) | (13,939,472 | ) | (6,375,898 | ) | |||||||
Other income | 41,047 | 57,033 | 83,477 | 85,292 | |||||||||||
Other expense | (2,217 | ) | (1,829 | ) | (3,206 | ) | (236,801 | ) | |||||||
Gain (loss) on derivative instruments | 95,254 | (30,909 | ) | 97,162 | 64,762 | ||||||||||
Net loss | $ | (10,391,324 | ) | $ | (2,573,932 | ) | $ | (13,762,039 | ) | $ | (6,462,645 | ) | |||
Net loss attributable to common shareholders per common shares-basic and diluted | $ | (10,391,324 | ) | $ | (2,573,932 | ) | $ | (13,762,039 | ) | $ | (6,462,645 | ) | |||
Loss per common share basic | $ | (0.15 | ) | $ | (0.05 | ) | $ | (0.20 | ) | $ | (0.15 | ) | |||
Loss per common share diluted | $ | (0.15 | ) | $ | (0.05 | ) | $ | (0.20 | ) | $ | (0.15 | ) | |||
Weighted average shared used in computation - basic | 68,896,506 | 51,581,762 | 67,374,250 | 44,089,157 | |||||||||||
Weighted average shared used in computation - diluted | 68,896,506 | 51,581,762 | 67,374,250 | 44,089,157 | |||||||||||
Media relations contact:
630-566-2003
tferguson@predictive-oncology.com
Investor relations contact:
(404) 995-6671
kpinder@landoncapital.net

Source: Predictive Oncology Inc.