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Saturday, June 19, 2021

The Predictive Oncology Inc. (NASDAQ: POAI) stock decline followed by the 2020 financial results. Let’s find out why?

Predictive Oncology Inc. (NASDAQ: POAI) stock show a downswing of 2.99% during last trading record and a fall of 8.64% in after-hours after the company has announced is 2020 financial results on March 15, 2021. POAI is a knowledge-driven company that applies artificial intelligence AI to discover personalized medicine and drugs.


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Financial Results 2020

The ongoing pandemic COVID-19 has affected the company’s progress in the year 2020 including the overall liquidity position and outlook. Given below are the financial results for the year 2020 ended on 31st December:

  • Predictive Oncology Inc. has recorded a revenue of $1,252,272 which was $1,411,565 in a year-ago period. Skyline division is considered responsible for the majority of the revenue that has been generated. 
  • The gross profit margin has increased for about 2% as compared to 2019 i-e 64% now. The margin has increased mainly due to an increase in the cost of sales in the Skyline Medical business in 2020 as a result of the lower number of units, the average cost increased slightly.
  • POAI has calculated its operation expense decreased by $608,422 to $2,351,709 in 2020 as compared to $2,960,131 in 2019. The decrease in operations expense is mainly due to lower payroll costs and employee option vesting expenses balanced by increased costs associated with cloud computing.
  • Sales and marketing expenses lowered down as well by $1,327,962 to $584,937 in 2020 as compared to $1,912,899 in 2019. These expenses are linked with Skyline medical business and therefore the decrease in 2020 was the direct result of the strategic decision focused on the precision medicine business and decrease the stress on expenditures in the Skyline Medical Business. 
  • Predictive Oncology Inc. incurred a loss on impairment of goodwill of $12,876,498 during 2020.
  • Lastly, the net cash used in operating activities was $12,257,732 in 2020 compared to $8,732,451 recorded in 2019. This increase in cash used in operating activities is due to increased outflows which are related to payments on account payables and payments for accrued expenses, inventories, and prepaid expenses.

Conclusion

Predictive Oncology has experienced no progress in the year 2020 due to the COVID-19 situation which has visibly affected some areas of its financial report but POAI is focusing to better its progress in 2021 which could bring investor’s interest towards the company.

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