- Microbix Biosystems (MBX) has unveiled its second quarter report, which shows a seven per cent decrease in revenue against 2019’s same quarter
- The revenue fall was despite the company posting a 141 per cent increase in sales of quality assessment products, when comparing the same two periods
- Microbix also suffered a 57 per cent fall in its gross margin, which it attributed to unforeseen batch loses
- However, the company did end the quarter with an improved cash position of $402,116, compared to just $14,487 in 2019’s same quarter
- Microbix Biosystems (MBX) is down 19.35 per cent and is trading at 26 cents per share at 2:20 pm EDT.
Microbix Biosystems (MBX) has unveiled its second quarter report, which shows a seven per cent decrease in revenue against 2019’s same quarter.
This was despite the company posting a 141 per cent increase in sales of quality assessment products against its 2019 quarter.
The company’s revenue for the quarter sat at C$2.898 million, well down on last year’s $3.110 million.
The company’s gross margin for the quarter also fell 47 per cent, on the back of what it called unforeseen batch losses.
To compound issues, the company also experienced a five per cent increase in operational expenses, which it attributed to increased investment in production development and an unfavourable foreign exchange rate.
However, the company finished the quarter with a cash in the bank balance of $402,116, which was a solid improvement on the $14,478 the company finished on in 2019’s same quarter.
Alongside this, the company maintains some $20 million in total assets, and has reduced its net debt position from $5.353 million last year to $4.095 million this year.
The market however has not been kind to the company, during a quarter where medical technology stocks have surged.
Mircobix has largely held steady since the start of the COVID-19 outbreak. Trading between $0.30 and $0.35 for most of the quarter, the company’s stocks are now starting to suffer, with shares dropping down to $0.20 for the first time since the outbreak occurred.
Microbix Biosystems (MBX) is down 19.35 per cent and is trading at 26 cents per share at 2:20 pm EDT.