Predictive Oncology Inc. (POAI) stock declined by 12.08% at the last trading close whereas the POAI stock gains by 6.11% in the after-market session. There is no recent news available regarding this change in POAI stock, therefore we will look at the past developments of POAI. POAI is a knowledge-driven company that applies artificial intelligence AI to discover personalized medicine and drugs.
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On March 23, 2021, POAI announced that J. Melville Engle has been appointed as the POAI’s Chief Executive Officer. Mr. Engle will continue to serve as Chairman of the Board in addition to being elected CEO. Mr. Engle joined the Board of Directors of POAI in October 2016 and was appointed Chairman in January 2020. Mr. Engle has held leadership positions in the biotechnology and healthcare sectors for over 20 years. He has a lot of experience turning businesses around and increasing profits.
Also on March 16, 2021, POAI reported its full-year 2020 financial results. Given below is the summary:
- POAI has recorded a revenue of $1,252,272 in the year 2020 relative to its revenue of $1,411,564 for the previous year. The majority of POAI’s revenue was because of the Skyline division in addition with Helomics generating $64,188 and $48,447 in revenue in the years ended December 31, 2020, and 2019, respectively.
- In 2020, the gross profit margin was 64%, up 2% from the previous year. Our margins improved in 2020, owing to the higher cost of sales attributable to sales in the Skyline Medical market. Average cost increased marginally as a result of the lower number of units sold. In 2020, operating expenses decreased by $608,422 to $2,351,709, down from $2,960,131 in 2019. Lower labor costs and employee stock option vesting expenses counteract higher costs associated with cloud computing, resulting in a reduction in operations expense in 2020.
- Sales and marketing costs fell as well, from $1,912,899 in 2019 to $584,937 in 2020. Almost all of these expenditures were linked to the Skyline Medical Company. The decline in 2020 was due to a strategic decision to concentrate on the precision medicine market rather than investments in the Skyline Medical business.
- During the year 2020, we lost $12,876,498 due to goodwill impairment. In 2019, we reported impairment charges of $8,100,000 on goodwill and $770,250 on intangibles, respectively.