Predictive Oncology Inc. reported a slight decline in revenue for the fiscal year ending December 31, 2024, generating $1.62 million compared to $1.63 million in 2023. The company's financial performance was impacted by a significant increase in costs, particularly in the cost of sales, which rose to $826,137 from $609,212 the previous year. This resulted in a gross profit margin decrease from 64% in 2023 to 49% in 2024. The company incurred a net loss of $12.66 million, a slight improvement from the $13.98 million loss reported in the prior year, primarily due to reduced operating expenses.
In a strategic shift, Predictive Oncology discontinued its Birmingham operating segment, which had previously contributed to its revenue. The decision to cease operations in Birmingham was part of a broader cost-saving initiative approved by the Board in July 2024. The company also divested its Eagan segment, which included the STREAMWAY® product line, to DeRoyal Industries, Inc. for $625,000 in March 2025. This divestiture is expected to significantly reduce future revenues, as the Eagan segment accounted for 95% of the company's revenue from continuing operations in 2024.
Operationally, Predictive Oncology's Pittsburgh segment, which focuses on AI-driven drug-response predictions and 3D tumor modeling, generated $84,812 in revenue, a decrease from $492,596 in 2023. The company reported a total of 23 employees as of December 31, 2024, down from previous years, reflecting the impact of the restructuring efforts. The company’s cash and cash equivalents stood at $734,673 at year-end, a decrease from $8.73 million in 2023, raising concerns about its ability to sustain operations without additional financing.
Looking ahead, Predictive Oncology has entered into a binding letter of intent with Renovaro, Inc. for a proposed acquisition, which is contingent upon Renovaro raising at least $15 million and receiving shareholder approval. The merger is expected to provide the necessary capital to support Predictive Oncology's ongoing operations and strategic initiatives. However, the company has expressed substantial doubt about its ability to continue as a going concern without securing additional funding, given its accumulated deficit of $180.43 million and ongoing negative cash flows from operations.
About Predictive Oncology Inc.
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