Core Insights - Microbix Biosystems Inc. reported Q1 fiscal 2025 revenues of $6.0 million, reflecting a 40% year-over-year increase in recurring sales from diagnostic-test related ingredients and devices [1][2][3] Financial Performance - Total revenue for Q1 was $6,044,002, with antigen revenues at $4,266,758, marking a significant 118% increase from the previous year [3] - QAPs revenues were $1,626,980, down 28% from last year due to reduced activity from test manufacturers [3] - Net income for the quarter was $0.9 million, compared to $2.5 million in Q1 2024, which included non-recurring Kinlytic licensing revenues [6][8] - Gross margin percentage for Q1 was 62%, down from 74% in the prior year, but improved from 49% when excluding Kinlytic revenues [4] Operating Expenses - Operating expenses decreased by 23% compared to Q1 2024, primarily due to lower consulting fees related to the Kinlytic licensing agreement [5] Cash Flow and Ratios - Cash provided by operating activities was $792,702, down from $1,338,952 in Q1 2024 [6][9] - Current ratio at the end of Q1 was 6.62, and debt-to-equity ratio was 0.36, both affected by share repurchases [7][9] Corporate Outlook - The company aims to continue driving sales growth across all business lines and expects meaningful year-over-year revenue growth for the full fiscal year 2025 [10]
Microbix Reports Strong Revenues & Earnings for Q1 Fiscal 2025