TORONTO, ONTARIO--(Marketwired - Oct. 19, 2016) - Microbix Biosystems Inc. (TSX:MBX), an innovator of biological products and technologies, today announced preliminary revenue results (unaudited) for its fourth quarter and full year ending September 30, 2016. The preliminary results are subject to the Company's annual audit including a review of its revenue recognition policies under IFRS. The Company's audited financial results will be available towards the end of December 2016.
Fourth Quarter Preliminary Revenue Highlights:
The Company expects the following revenue for the fourth quarter ending September 30, 2016:
- Total Revenue in the range of $3.3 million compared to $2.1 million in Q4, F2015, or an increase of 57% compared to last year.
- Virology Revenue in the range of $3.3 million compared to $1.6 million in Q4, F2015, or an increase of 106% compared to last year.
Fiscal 2016 Preliminary Revenue Highlights:
The Company expects the following Revenue for the fiscal year ending September 30, 2016:
- Total Revenue in the range of $9.3 million compared to $8.9 million in fiscal 2015, or an increase of 4% compared to last year.
- Virology Revenue in the range of $9.3 million compared to $8.2 million in fiscal 2015, or an increase of 13% compared to last year.
Fourth quarter revenue in F2015 included a one-time license fee of $0.5 million; net of this fee Virology revenue was $1.6 million, reflecting significantly lower demand from a large diagnostics customer that continued through the end of the first quarter of fiscal 2016. Revenue in the fourth quarter of F2016 was double the prior year due to strong demand from several large customers; and it exceeded the previous record for quarterly revenue of $2.7 million in the second quarter of fiscal 2016, or an increase of 22%.
Vaughn Embro-Pantalony, President and CEO of Microbix commented, "I am pleased to report that our preliminary fiscal 2016 revenue is the highest in the Company's history and represents a double-digit increase in Virology revenue compared to last year. Despite a weak first quarter, we have delivered three consecutive quarters of exceptionally strong sales, including successive records in the second and fourth quarters of fiscal 2016. It is also encouraging that our growth is consistent across most of our customer base and all product groups."
Embro-Pantalony continued, "In terms of fiscal 2017, we are planning for continued solid sales growth based on current order projections by our customers. I will provide additional information on our outlook for next year when we report final audited results for fiscal 2016 in December."
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the research and development of biological solutions. This includes products for human health applications in the therapeutic and diagnostic markets and a product for the worldwide animal reproduction market. In its revenue generating business, the Company's virology products are at the core of the world's leading infectious disease diagnostics and quality control programs. The Company's pipeline of innovative technologies and products includes, Kinlytic, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and the LumiSort semen sexing technology for the livestock industries. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange, and headquartered in Mississauga, Ontario.
This news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the risks associated with its revenue business, development projects, operations in foreign jurisdictions, engineering and construction generally, production (including control over costs, quality, quantity and timeliness of delivery of products), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company's judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
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