Core Insights - Microbix Biosystems Inc. reported record revenues of $25.4 million and net income of $3.5 million for the fiscal year 2024, reflecting strong growth in its diagnostic-test related ingredients and devices businesses [1][2][3]. Financial Performance - Total revenue for 2024 was $25,394,148, a significant increase of 54% from $16,514,776 in fiscal 2023 [3]. - Q4 revenue reached $6,293,897, marking a 48% increase from $4,264,229 in Q4 2023 [8]. - Antigen sales grew by 44% to $13,813,568 in 2024, while QAPs sales increased by 38% to $7,015,820 [3]. - Gross margin percentage improved to 61% in 2024 from 45% in 2023, driven by licensing fees and better product margins [4]. Operating Income and Expenses - Operating income for 2024 was $3,905,011, compared to an operating loss of $2,736,432 in 2023 [6]. - Operating and finance expenses increased by 11% in 2024 due to agent fees related to the Kinlytic transaction and investments in IT and R&D [5]. Cash Flow and Financial Ratios - Cash provided by operating activities was $4,347,620 in 2024, compared to cash used of $1,094,561 in 2023 [6]. - At the end of 2024, the current ratio was 7.15 and the debt-to-equity ratio was 0.35, indicating strong liquidity and low leverage [7]. Corporate Outlook - Management expects continued sales growth across all business lines and aims to improve gross margins while delivering positive bottom-line results in fiscal 2025 [12].
Microbix Reports Record Product Sales for Q4 and Fiscal 2024