Predictive Oncology Inc. (POAI) stock rallied on Thursday, April 8, 2021. It gained 6.38% in the after-hours session after it soared 14.63% in the normal trading session. POAI shares have declined 5.36% over the last 12 months, and they have moved up by 16.53% in the past week. Over the past three months, the stock has gained 77.36%.
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Let’s try to find out the reason behind its surging on Thursday.
New CEO appointment
On March 23, 2021, Predictive Oncology appointed J. Melville Engle as Chief Executive Officer of the company. He will also keep performing his duties as Chairman of the Board.
Mr. Engle has over 20 years of experience in leadership roles in both the biotechnology and healthcare industries.
Recent financial results
On March 15, 2021, Predictive Oncology reported financial results for the year ended December 31, 2020.
The financial highlight of FY 2020
- For the FY 2020, it recordeda revenue of $1,252,272compared to $1,411,565 in 2019
- The gross profit margin was 64% in 2020, compared to 18% in 2019.
- Operations expense were $2,351,709 in 2020 compared to $2,960,131 in 2019
- Sales and marketing expenses were $584,937 in 2020 compared to $1,912,899 in 2019.
- Predictive Oncology used$12,257,732net cash in operating activities in 2020compared with net cash used of $8,732,451 in 2019.
- It suffered a net loss of $25,884,397 in 2020 compared with a net loss of $19,390,766.
- The company had a negative operating cash flow of $12,257,732 in 2020 compared with $8,732,451 in 2020.
- As of December 31, 2020, the POAI had a cash balance of $678,332
- Financing activities provided net cash of $12,952,689 in 2020 compared with net cash of $9,320,217 provided by financing activities in 2019
New generation 3 system for fluid waste management
On March 8, 2021, Predictive Oncology announced the development of a new Generation 3 STREAMWAY ® System for direct-to-drain fluid waste management
The new device will not require a separate 501(k) submission with the Food and Drug Administration.
The new system will be 25% less in size and will include a portable wall mounting plate to simplify installation and to reduce the cost. Also, optimal reliability will be ensured with a new automated dripless system when changing out the filters between procedures.
Milestone achievement on AI-Driven Model of Ovarian Cancer
On Feb. 24, 2021, Predictive Oncology announced achieving the milestones in building AI-driven models of ovarian cancer in its retrospective study in collaboration with UPMC-Magee Women Hospital.
patient outcome data has been obtained from UPMC-Magee and will now be used to drive both our AImodels of ovarian cancer as well as our internal ovarian cancer drug re-purposing project.
Still, there is no recent news about the POAI which can justify its gains on Thursday. The POAI past stock performance is not that bad as well.