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Microbix Reports Results for Q1 Fiscal 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: Nasdaq / GlobeNewswire - 12 Feb 2019 | Back to overview list |
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Lower Sales, Improving Gross Margin, Positive Cash Flow from Operations TORONTO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, Microbix®), an innovator of biological products and technologies, reports results for its first quarter of fiscal 2019, the three-month period ending December 31, 2018 (“Q1”), with lower sales, improving percentage gross margin, improving and positive cash flow from operations and progress toward its operational goals. Management Discussion Sales for Q1 were held back by a combination of delayed shipment of a viral antigen product and a drive to reduce inventory by Microbix’s distributor for Asia-Pacific markets. While down year-over-year, Microbix does not consider Q1 sales to represent a lasting change to its double-digit sales growth targets. In spite of lighter Q1 sales, Microbix demonstrated strong year-over-year improvement in percentage gross margin (up by 6%) and achieved positive cash flow from operations (an improvement of $1,462,810 vs. Q1 2018). Microbix expects double-digit sales growth over the balance of fiscal 2019, along with continuing improvement in percentage gross margin, cash flow and net earnings. First Quarter Financial Results Total Q1 revenue was $2,460,812, a 15% decrease from 2018 first quarter revenue of $2,885,567. Included were antigen and quality product revenues of $2,366,790, 16% lower than 2018 due to delayed shipments and reduced ordering from our Asia distributor. Revenue from royalties were $94,022 (2018 - $82,982). Gross margin for Q1 was 52%, up from 46% in Q1 of fiscal 2018, and was largely unaffected by the yield control issues experienced from Q2 through Q4 of 2018. The mix of products sold varied versus Q1 of last year and had a favorable impact on margins. While revenues from bioreactor-produced antigen doubled year-over-year, most production of that antigen continued to be from conventional methods in Q1. Operating expenses for Q1 were largely unchanged from 2018, with lower sales and administrative costs offset by higher financial and R&D expenses. A slightly increased net loss was incurred in Q1 ($119,296) as compared to 2018 ($94,128). Cash provided by operations in Q1 was improved to positive $28,725, compared to cash used of $1,434,085 in 2018. At the end of Q1, Microbix’s current ratio (current assets divided by current liabilities) was 1.36 and its debt to equity ratio (total debt over shareholders’ equity) was 0.94.
Corporate Outlook About Microbix Biosystems Inc. Microbix also applies its biological expertise and infrastructure to create proprietary new products and technologies. Currently it has two; (1) Kinlytic® urokinase, a biologic thrombolytic drug (used to dissolve blood clots) and (2) LumiSort™ cell-sorting, a technology platform for ultra-rapid and efficient sorting of somatic cells that can be used to enrich cell populations of interest (such as sexing semen for the livestock industry). Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada. Forward-Looking Information Please visit www.microbix.com or www.sedar.com for recent Microbix filings.
Copyright © 2018 Microbix Biosystems Inc. Microbix®, Kinlytic® and LumiSort™ are trademarks of the Company |
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Copyright 2019 Nasdaq / GlobeNewswire | Back to overview list |