Source: IBEX Technologies Inc.
  • IBEX Technologies (IBT) reported its financial results for the nine months ended April 30, 2022 and for the third quarter of fiscal 2022
  • Revenues for the quarter ended April 30, 2022 totaled a record $2,209,234, up by 51 per cent from $1,467,665 in the same period last year
  • Net profit of $569,602 compared to $333,509 in the same period last year
  • IBEX engages in the production and sale of diagnostic products
  • IBEX Technologies Inc. (IBT) was up 7.37 per cent, trading at C$0.51 per share at 1:00 pm ET

IBEX Technologies (IBT) has reported its financial results for the nine months ended April 30, 2022 and for Q3, 2022.

Financial results for Q3 2022

  • Revenues for the quarter ended April 30, 2022 totaled a record $2,209,234. A 51 per cent increase from $1,467,665 in the same period last year
  • Expenses after taxes were up $505,476 totaling $1,639,632
  • Net profit of $569,602 compared to $333,509 in the same period last year
  • EBITDA of $686,674 compared to $432,317 for the comparable period

Financial results for the nine months Ended April 30, 2022

  • Revenues for the nine months ended April 30, 2021 was $5,822,473. An increase of 48 per cent compared to $3,945,238 last year
  • Expenses after taxes totaled $4,182,842, an increase of $969,684 from the same period in FY2021
  • Net earnings totaled $1,639,631 compared to $732,080 for the same period last year
  • EBITDA of $1,945,668 compared to $1,026,639 for the comparable period
  • Cash and cash equivalents increased by $2,525,725 during the nine months ended April 30, 2022, compared to the year ended July 31, 2021
  • Net working capital increased by $1,839,892 during the nine months ended April 30, 2022, compared to the year ended July 31, 2021

Paul Baehr, the President & CEO of IBEX commented on the results.

“We are pleased with the continued growth in sales, driven by strong sales of heparinase-based products, as well as by the sales of aryl-acyl amidase, a product used in tests for acetaminophen poisoning; and also with the continued strengthening of the company’s balance sheet. The company had record sales in the first nine months, some of which was driven by customers increasing orders to protect against supply chain interruptions, and some driven by COVID related hospitalizations.”

IBEX engages in the production and sale of diagnostic products. It manufactures and markets proteins for biomedical use through its wholly owned subsidiary IBEX Pharmaceuticals Inc. (Montréal, QC). IBEX Pharmaceuticals also manufactures and markets a series of arthritis assays for use in osteoarthritis research.

IBEX Technologies Inc. (IBT) was up 7.37 per cent, trading at C$0.51 per share at 1:00 pm ET.

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