Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Microbix Reports Record First Quarter Sales

Year-Over-Year Sales Growth of 48%

TORONTO, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX:MBX) (Microbix®), an innovator of biological products and technologies, reports financial results for its first quarter of fiscal 2018, the three-month period ending December 31, 2017 (“Q1”), with record sales and improving margins and earnings.

First Quarter Financial Results

Total Q1 revenue was $2,885,567, an increase of 48% compared to the first quarter of fiscal 2017. Normalized to remove approximately $600,000 of revenues intended for Q4 that were delayed into Q1, year-over-year sales growth was 17%, on target toward management’s goal of sustained double-digit percentage sales growth. Revenues were dominated by antigen sales, reflective of customarily low Q1 demand for Microbix’ laboratory proficiency-testing (quality assessment) products. Sales growth was driven by increased orders from longstanding customers, with growth across multiple antigen products.

Gross margins for Q1 improved to 46%, up from 42% in the first quarter of the preceding year. While improved, gross margin is not yet at management’s target level, due largely to the full assumption of bioreactor staff costs into cost-of-goods-sold prior to all planned capacity coming on-line. Specifically, bioreactor revenue in the quarter was approximately one-sixth of the capacity that Microbix is in the midst of commissioning. Therefore the financial benefits of the move to bioreactors and of the reallocation of conventional antigen production capacity were not yet realized for Q1.

Bottom-line results improved in Q1, with a net comprehensive operating loss of ($94,128) as compared to ($525,406) in 2017.  No restructuring, settlement or tax entries were incurred in Q1, in contrast to the first quarter of 2017 when such items resulted in further expenses totaling $2.7 million.

Microbix’ balance sheet has also been improved, with Q1 financial ratios better on a year-over-year and quarter-over-quarter basis. Management has quickly deployed proceeds of the October private placement to optimize working capital utilization and undertake needed upgrades, including the capacity ramp-up plans announced in November. At present, Microbix’ current ratio (current assets divided by current liabilities) is 1.6 and its debt to equity ratio (total debt over shareholders’ equity) is 0.5.

Corporate Outlook

Management is targeting for double-digit sales growth to continue over the balance of the 2018 fiscal year and through fiscal 2019. The Company maintains a log of open purchase orders from its customers that, along with year-to-date results, currently suggests meaningful sales growth for fiscal 2018. Efforts to improve gross margins and profitability will be ongoing, with the intention to demonstrate successive quarterly improvements. Additionally, work continues with regards to securing partnership agreements to advance Microbix’ Kinlytic® urokinase and LumiSort™ cell-sorting projects.

Financial Highlights
 3 Months Ended December 31
In Canadian Dollars2017 2016 
Revenue2,885,567 1,952,502 
Gross Margin1,318,987 814,529 
Net Comprehensive Operating Income (Loss)(94,128) (525,406) 
Net Comprehensive Income (Loss)(94,128) (3,216,472) 
Net Comprehensive Income (Loss) per share (0.001) (0.038) 
Cash Provided by Operating Activities(1,434,085) 309,542 
Net Change in Cash(3,071) (3,735) 
Total Assets27,434,188 24,883,685 
Total Shareholders’ Equity18,436,651 15,280,496 

About Microbix Biosystems Inc.

Microbix specializes in developing proprietary biological and technology solutions for human health and well-being. It manufactures a wide range of critical biological materials for the global diagnostics industry, notably antigens used in immunoassays or quality assessment products. Microbix’ products are sold to more than 100 customers worldwide, primarily to multinational diagnostics companies and laboratory accreditation organizations.

Microbix also applies its biological expertise and infrastructure to create proprietary new products and technologies. Currently it is commercializing two such products, (1) Kinlytic® urokinase, a biologic thrombolytic drug used to treat 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 in sexing semen. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada.

Forward-Looking Information

This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of financial results or the outlook for the business, risks associated with its financial results and stability, its biologicals business, development projects such as those referenced herein, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.

Please visit or for recent Microbix filings.

For further information, please contact:

Cameron Groome, CEO
Jim Currie, CFO
Deborah Honig, Investor Relations
(905) 361-8910(905) 361-8910Adelaide Capital Markets
  (647) 203-8793[email protected] 

Copyright © 2018 Microbix Biosystems Inc.

Microbix®, Kinlytic® and LumiSort™ are trademarks of the Company

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).