Microbix Biosystems Inc (MBXBF)

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Microbix Reports Record Results for Q2 Fiscal 2021

MBXBF
+2.89%
Microbix Biosystems Inc.
Thu, May 13, 2021, 6:29 PM

MBXBF
+2.89%
Record Q2 Sales of $4.35 million, Record Net Earnings of $0.8 million

MISSISSAUGA, Ontario, May 13, 2021 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQB: MBXBF, Microbix®), a life sciences innovator and exporter, reports results for its second quarter and first half of fiscal 2021 ending March 31, 2021 (“Q2” and “H1”), with record sales and earnings, plus progress upon its strategic goals.

Management Discussion

Q2 revenues were up 51% from 2020, achieving a record level of $4.35 million as Microbix continues to emphasize its sales of innovative, proprietary, and branded medical devices. Sales of its test quality assessment products (“QAPs™”) for Q2 increased 251% from the same period in fiscal 2020 (Q2 2020) to reach a record 34% of total sales. Microbix’s newest product line, viral transport medium (branded “DxTM™”) also contributed, with meaningful initial private-sector sales. Finally, sales of antigens were also strong, recovering by 7% year-over-year. All sales categories were at acceptable gross margins and together resulted in strong EBITDA, record net earnings, and positive cash flow from operations.

For the balance of fiscal 2021, further sales growth and improvements to net earnings is expected, particularly as Ontario’s initial DxTM order of $4.25 million is delivered across fiscal Q3 and Q4 of 2021.

https://finance.yahoo.com/news/microbix-reports-record-results-q2-222900033.html