World News: 21:05 GMT Wednesday 15th May 2019. [Precision Therapeutics Inc. via Globe Newswire via SPi World News]
MINNEAPOLIS, May 15, 2019 (GLOBE NEWSWIRE) -- Precision Therapeutics Inc. (Nasdaq: AIPT) (“Precision” or “the Company”), a company focused on applying artificial intelligence to personalized medicine and drug discovery, today announced financial results for the quarter ended March 31, 2019 and provided a business update.
Business highlights of the first quarter of 2019 through recent weeks include:
Dr. Carl Schwartz, Precision’s Chief Executive Officer commented, “2019 began as a very strong and highly productive year for Precision Therapeutics, with key execution across all aspects of our business. With the Helomics merger now complete, we have already begun seeing numerous collaborations take place, including an exciting and potentially rewarding partnership with Viome to study the link between the gut biome and ovarian cancer. In addition, we have entered into an alliance with the National Alopecia Areata Foundation to provide next generation patient registry for Alopecia Areata research and entered into an exciting alliance with SpeciCare to study innovative personalized medicine opportunities for cancer patients. These exciting relationships represent strong opportunities to potentially monetize our proprietary AI and data-driven precision medicine offerings along with our CRO services. Our TumorGenesis business continues to be at the forefront of new discovery in oncology and we were thrilled to announce that TumorGenesis participated with 48Hour Discovery (48HD), a Canadian partner, in receiving a $300,000 CAD grant through the Alberta Innovates Product Demonstration Program to commercialize TumorGenesis’ Oncology Discovery Platform Kits, in collaboration with 48HD’s to inform personalized treatment decisions in cancer treatments. Interest in our Skyline Medical division’s STREAMWAY system division continues to increase across the globe and we anticipate growth of that business as we expand our sales and marketing efforts globally.”
Revenue for the quarter ended March 31, 2019 was $255,000, compared with $412,000 for the same period of 2018, a 38 percent decrease year over year. Revenue included the sale of seven STREAMWAY systems and disposable supplies, three domestically and four internationally, compared to 16 sales of the system in the comparable period of 2018. Cost of sales was $74,000 in the first quarter of 2019, compared to $117,000 in Q1 2018. Gross profit margin remained steady at 71 percent both in the first quarters of 2019 and 2018. Operating expenses for the quarter ended March 31, 2019 increased by $179,000 compared with the comparable quarter of 2018. General and accounting expenses were approximately $1.5 million, compared to approximately $1.2 million during the same period of the previous year. Sales and marketing expenses remained relatively consistent at $554,216, compared to 550,538 during Q1 2018.
Cash balance as of March 31, 2019 was $1.1 million.
The conference call will also be available through a live webcast, which can be accessed via the following link: , which will also be available through the company’s website at: .
A replay of the call will be available approximately one hour after the end of the call through June 15, 2019. The replay can be accessed via Precision’s website or by dialing 1-877-344-7529 (U.S.) or +1-412-317-0088 (international). The replay conference playback code is 10131658.
A webcast replay of the call will also be available approximately one hour after the end of the call through August 15, 2019. The replay can be accessed through the above links.
MediaJules Abraham CORE IR917-885-7378
Globe Newswire: 21:05 GMT Wednesday 15th May 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.