- Microbix Biosystems (MBX) has released its financial results for the 2021 fourth quarter and fiscal year
- The company ended Q4 with record sales and earnings, including a 108 per cent increase in revenue and increased gross margins of 58 per cent
- For the full 2021 fiscal year, revenue was up 77 per cent and gross margin was 59 per cent
- Microbix continues to pursue growth in the sale of its medical devices
- Microbix is a biotechnology company that develops proprietary solutions for human health and well-being
- Shares in Microbix Biosystems Inc. (MBX) are up 3.85 per cent, trading at $0.81 per share
Microbix Biosystems (MBX) has released its financial results for the 2021 fourth quarter and fiscal year.
The company ended Q4 with record sales and earnings, including a 108 per cent increase in revenue and increased gross margins of 58 per cent.
Revenue from antigen sales alone came to $2.02 million, making up over one-third of the $5.6 million in total revenue for the quarter.
For the full 2021 fiscal year, revenue was up 77 per cent to $18.59 million, including antigen product revenues of $9.08 million.
Revenue growth was driven by Microbix’s continued emphasis on operational excellence and the sale of innovative, proprietary, and branded medical devices.
The company makes a wide range of critical biological materials for the global diagnostics industry, including antigens for immunoassays and its laboratory quality assessment products.
Overall, sales achieved a favourable gross margin of 59 per cent for fiscal 2021, in comparison to 44 per cent in fiscal 2020.
Stronger sales and improved gross margins led to an operating income of $4.8 million and a net income of $3.2 million compared to an operating loss of $524,601 and a net loss of $6.2 million in 2020.
Microbix continues to pursue growth in the sale of its medical devices and says that its management expects that the 2022 fiscal year will continue to realize positive net earnings.
The company also continues to advance its Kinlytic ® urokinase project and is working on securing a partner for the project.
Microbix is a biotechnology company that develops proprietary solutions for human health and well-being.
Shares in Microbix Biosystems Inc. (MBX) are up 3.85 per cent, trading at $0.81 per share as of 1:51 pm EST.