NEW YORK – Predictive Oncology said Monday after market close that its 2020 first quarter revenues grew 16 percent year over year to $295,943 from $255,241 in the same period a year earlier.
Revenues were primarily driven by sales of the company's StreamWay fluid disposal systems. Predictive Oncology sold 5 units in Q1 2020 vs. 7 in the first quarter of 2019.
The net loss for the New York-based informatics and precision medicine firm widened to $4.5 million, or $.93 per share, for the three months ended March 31, compared to a net loss of $3.3 million, or $2.09 per share, in Q1 2019. The weighted average shares used to compute the net loss were around 4.5 million in Q1 2020 versus 1.6 million in Q1 2019.
The firm's SG&A expenses totaled $3.1 million for the quarter compared to $2.1 million a year earlier, an increase of 51 percent.
Predictive Oncology had nearly $3.1 million in cash and equivalents at the end of Q1.
Shares declined around 3 percent to $1.77 in Tuesday morning trade on the Nasdaq.
The firm went public last October at $.50 per share, and a month ago, Predictive Oncology launched a direct offering of 1,396,826 shares at $1.575 per share, for gross proceeds of about $2.2 million.
Predictive Oncology in the process of acquiring biomedical analytics and computational biology firm Quantitative Medicine, as well as BioDtech and Soluble Therapeutics. Those deals are expected to close in Q2.