Biotech Values

[BioSpecialist]

Swine-flu stock flying under Radar !

Warnex ( WNX.TO )

MarketCap : 12,86 Mio C$
Cash : 3,5 Mio C$
Price : 0,20 $


Warnex Launches Test for Influenza A H1N1 Virus

* On Tuesday June 2, 2009, 10:05 am EDT
http://finance.yahoo.com/news/Warnex-Launches-Test-for-ccn-860819425.html?x=0&.v=3


Presentation 2009
http://www.warnex.ca/docs/en/corporate/36.Corporate_Presentation_May_2009.pdf


5/12/2009 5:01:40 PM - Market Wire

Record quarterly revenues of $7.6 million and net earnings of $1.1 million

LAVAL, QUEBEC, May 12, 2009 (MARKETWIRE via COMTEX News Network) --

Warnex Inc. (TSX: WNX) today announced its financial results for the first quarter ended March 31, 2009.

Operating Highlights

- Record quarterly revenues of $7.6 million

- Net earnings of $1.1 million compared to a net loss of $0.3 million for the same quarter last year

- EBITDA of $2.0 million

- Cash and cash equivalents totalling $3.1 million

- Launched a new test in the field of personalized medicine: K-ras mutation analysis for patients with colorectal cancer

- Successfully passed a Health Canada inspection of Warnex's analytical facilities in Laval and Blainville

"This quarter, Warnex achieved an all-time quarterly record of $7.6 million in revenues and continued to generate profits and cash flow," said Mark Busgang, President and CEO of Warnex. "This exceptional quarter is the result of some very profitable projects in our Bioanalytical division which began in the last quarter of 2008 and completed during the first quarter of 2009. Going forward, we will continue to focus on improving efficiency and productivity in our operations, delivering earnings and cash flow, and evaluating new business opportunities and potential acquisitions to increase critical mass."

Financial Results

Consolidated revenue for the three-month period ended March 31, 2009, increased by 23% to $7.6 million compared to $6.1 million during the same period last year.

Net earnings for the quarter amounted to $1.1 million or $0.02 per share compared to a net loss of $0.3 million or $0.01 per share for the same quarter in 2008.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter amounted to $2.0 million versus $0.5 million for the same quarter last year.

Gross margins for the three-month period ended March 31, 2009, amounted to $3.1 million or 41% of sales compared to $1.6 million or 26% of sales for the same quarter last year. The increase of $1.5 million in gross margin is mainly explained by the execution of high margin projects in the Bioanalytical division which began in the last quarter of 2008 and were completed during the first quarter of 2009, as well as a lower amortization expense compared to last year.

Selling and administrative expenses for the three-month period ended March 31, 2009, remained similar to last year at $1.5 million. In proportion of revenue, administrative and selling expenses were lower than last year at 20% in 2009 (2008 - 25%).

Financial expenses decreased by $53,086, from $364,025 in the first quarter of 2008 to $310,939 in the first quarter of 2009, mainly due to less interest following repayments made on the long term debt and debentures.

As of March 31, 2009, the Company had $3.1 million in cash and working capital of $3.0 million.