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Q4 Highlights
- Secured
$15.0 Million equity line withOasis Capital, LLC - New subsidiary
Helomics reached milestone sequencing tumor cases in partnership with UPMC Magee - Subsidiary Skyline Medical completed largest STREAMWAY™ System order to a single hospital in the Company’s history
- Launched CancerQuest 2020 initiative, with ovarian cancer initial target
Full-Year 2019 Results – 2019 vs. 2018
- Revenues were
$1.4 million , flat year on year relative to$1.4 million in 2018 - Net loss was
$19.7 million versus$10.1 million in 2018, owing in part toHelomics merger expenses, goodwill impairment, and other extraneous expenses related to the transaction.
“We continue to be very excited about the revenue and monetization prospects for our precision medicine business, which will allow us to be at the forefront of developing the artificial intelligence required to combat a variety of ailments, as well as our revolutionary STREAMWAY clinical waste disposal products,” stated Dr.
“Building on the successes in 2019, we have recently announced the launch of our CancerQuest 2020 initiative, and we expect Helomics’ first AI-driven predictive model of ovarian cancer to be ready for initial commercialization in revenue generating projects with Pharma in Q2-2020,”
FULL-YEAR 2019 RESULTS
Revenues were
Net losses for 2019 totaled
Separately, the Company benefited from a gain of
OUTLOOK
Going forward, management intends to focus its resources on the
About
Forward-looking Statements
Portions of the narrative set for this this document that are not statements of historical or current facts are forward-looking statements, in particular, the commercial outlook provided above. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors.
These factors include, in addition to those mentioned elsewhere herein:
- We may not be able to continue operating without additional financing;
- Current negative operating cash flows;
- The terms of any further financing, which may be highly dilutive and may include onerous terms;
- Risks related to the 2019 merger with
Helomics including; 1) significant goodwill could result in further impairment; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources; - Risks related to our partnerships with other companies, including the need to negotiate the definitive agreements; possible failure to realize anticipated benefits of these partnerships; and costs of providing funding to our partner companies, which may never be repaid or provide anticipated returns;
- Risks related to the transaction with Quantitative Medicine including: 1) completion of the transaction; 2) possible failure to realize anticipated benefits of the merger; 3) costs associated with the merger may be higher than expected; 4) the merger may result in the disruption of our existing businesses; and 5) distraction of management and diversion of resources;
- Risk that we will be unable to complete the transaction with InventaBio Tech;
- Risk that we will be unable to protect our intellectual property or claims that we are infringing on others’ intellectual property;
- The impact of competition;
- Acquisition and maintenance of any necessary regulatory clearances applicable to applications of our technology;
- Inability to attract or retain qualified senior management personnel, including sales and marketing personnel;
- Risk that we never become profitable if our product is not accepted by potential customers;
- Possible impact of government regulation and scrutiny;
- Unexpected costs and operating deficits, and lower than expected sales and revenues, if any;
- Adverse results of any legal proceedings;
- The volatility of our operating results and financial condition, and,
- Other specific risks that may be alluded to in this report.
Contact:
651-389-4800
bmyers@skylinemedical.com
Consolidated Balance Sheets
Year ended |
Year ended |
||||||||
ASSETS | |||||||||
Current Assets: | |||||||||
Cash & Cash Equivalents | $ | 150,831 | $ | 162,152 | |||||
Accounts Receivable | 297,055 | 232,602 | |||||||
Notes Receivable (inclusive of |
- | 497,276 | |||||||
Inventories | 190,156 | 241,066 | |||||||
Prepaid Expense and Other Assets | 160,222 | 318,431 | |||||||
Total Current Assets | 798,264 | 1,451,527 | |||||||
Notes Receivable | - | 1,112,524 | |||||||
Fixed Assets, net | 1,507,799 | 180,453 | |||||||
Intangibles, net | 3,649,412 | 964,495 | |||||||
Lease Right-of-Use Assets | 729,745 | - | |||||||
15,690,290 | - | ||||||||
Total Assets | $ | 22,375,510 | $ | 3,708,999 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current Liabilities: | |||||||||
Accounts Payable | $ | 3,155,641 | $ | 445,689 | |||||
Notes Payable – Net of Discounts of |
4,795,800 | 1,634,914 | |||||||
Accrued Expenses | 2,371,633 | 1,279,114 | |||||||
Derivative Liability | 50,989 | 272,745 | |||||||
Deferred Revenue | 40,384 | 23,065 | |||||||
Lease Liability – Net of Long-Term Portion | 459,481 | - | |||||||
Total Current Liabilities | 10,873,928 | 3,655,527 | |||||||
Lease Liability | 270,264 | - | |||||||
Total Liabilities | 11,144,192 | 3,655,527 | |||||||
Stockholders’ Equity: | |||||||||
Preferred Stock, 20,000,000 authorized inclusive of designated below | - | - | |||||||
Series B Convertible Preferred Stock, |
792 | 792 | |||||||
Series D Convertible Preferred Stock, |
35,000 | - | |||||||
Series E Convertible Preferred Stock, |
3 | - | |||||||
Common Stock, |
40,567 | 14,092 | |||||||
93,653,667 | 63,146,533 | ||||||||
Accumulated Deficit | (82,498,711 | ) | (63,107,945 | ) | |||||
Total Stockholders' Equity | 11,231,318 | 53,472 | |||||||
Total Liabilities and Stockholders' Equity | $ | 22,375,510 | $ | 3,708,999 |
Consolidated Statements of Operations
Year ended |
Year ended |
||||||||
Revenue | $ |
1,411,565 | $ | 1,411,655 | |||||
Cost of goods sold | 531,810 | 415,764 | |||||||
Gross margin | 879,755 | 995,891 | |||||||
General and administrative expense | 9,781,218 | 4,626,997 | |||||||
Operations expense | 2,960,131 | 1,861,121 | |||||||
Sales and marketing expense | 1,912,899 | 2,369,152 | |||||||
Total operating loss | (13,774,493 | ) | (7,861,379 | ) | |||||
Gain on revaluation of cash advances to |
1,222,244 | - | |||||||
Other income | 287,056 | 510,254 | |||||||
Other expense | (3,979,946 | ) | (441,772 | ) | |||||
Loss on goodwill impairment | (8,100,000 | ) | - | ||||||
Loss on intangible impairment | (770,250 | ) | - | ||||||
Loss on equity method investment | (439,637 | ) | (2,293,580 | ) | |||||
Gain on revaluation of equity method investment | 6,164,260 | - | |||||||
Net loss | $ | (19,390,766 | ) | $ | (10,086,477 | ) | |||
Deemed dividend on Series E Convertible Preferred Stock | 289,935 | - | |||||||
Net loss attributable to common shareholders | $ | (19,680,701 | ) | $ | (10,086,477 | ) | |||
Loss per common share - basic and diluted | $ |
(6.86 | ) | $ |
(7.87 | ) | |||
Weighted average shares used in computation - basic and diluted | 2,870,132 | 1,281,629 |
Source: Predictive Oncology Inc.