- Microbix Biosystems (MBX) reported its first fiscal quarter’s results for 2023
- Quarterly sales were $2.5 million, down from $4.85 million in Q1 2022
- This decline was due to no sales of its viral transport medium because of ongoing reorganization of provincial ordering
- Weaker sales led to a net loss of $1.29 million, its first in two years
- Microbix develops proprietary biological products and services for human health and well-being
- Microbix Biosystems (MBX) closed down by 14.29 per cent trading at $0.30 per share
Microbix Biosystems (MBX) reported its first fiscal quarter’s results for 2023.
The company’s quarterly sales were $2.5 million, which it stated as “meaningfully below” its past few quarters. Also, this quarter was down from the $4.85 million achieved the same time last year.
The decline was due to no sales of its viral transport medium because of ongoing reorganization of provincial ordering. Sales of test ingredients were also affected due to deliveries outside of the quarter and delays in order flow of quality assessment products.
Operating expenses in the quarter increased by 6.00 per cent largely due to increased investment in IT infrastructure. The company’s finance expenses were lower than the prior year due to repayment of debt during fiscal 2022 and short-term investment of cash balances.
Overall, weaker sales led to a net loss of $1.29 million. Cash used in operating activities was $713,867, compared to the $284,014 year-over-year. Most of the difference came from the operating loss incurred during the quarter.
At the end of Q1, Microbix’s current assets divided by current liabilities was 6.32 and its debt-to-equity ratio was 0.39.
Microbix stated that it remains well-capitalized and is targeting increased sales of its testing-related medical devices and ingredients.
Microbix develops proprietary biological products and services for human health and well-being.
Microbix Biosystems (MBX) closed down by 14.29 per cent trading at $0.30 per share.
