Predictive Oncology Inc. (NASDAQ: POAI) reported revenue growth and increased gross profit margin in its third quarter as the company continues to gain traction with potential partners with its game-changing solution at a pivotal time of drug discovery.
The company said during the quarter that it leveraged its new AI-powered platform coupled with the world’s largest private biobank of more than 150,000 tumor samples to help drug developers make more reliable predictions about which molecules will and will not succeed, and ultimately leading to a greater chance of commercial success.
Other operational highlights of the quarter include the appointment of Raymond F Vennare as CEO and Chairman of the Board and the announcement of the availability of the company’s GMP laboratory, opening up the possibility of helping customers move from preclinical development to new experimental development. drug qualification, including phase 1 clinical trials.
READ: Predictive Oncology bolsters its 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 prior year quarter of $313,663.
Its gross profit margin rose 76% as the company reported gross profit of $347,676 for the quarter, compared to $203,498 in the third quarter of last year.
The company also reduced its net loss to $4.1 million or $0.05 per share for the quarter, from 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 better patient outcomes.
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