2/14/2013 10:30:16 AM
TORONTO, Feb. 14, 2013 /CNW/ - Microbix Biosystems Inc. (TSX:MBX), a biotechnology company developing innovative biological products and technologies, today reported financial results for the first quarter of fiscal 2013 ending December 31, 2012. Revenue was $904,413 compared to $1,474,511 for the same quarter last year, a shortfall of $570,098. This decrease in quarterly revenue is attributable to two factors: (1) normal fluctuations in demand for viral antigens of $236,251 that are expected to generate sales growth in the remainder of 2013; and (2) decreased water sales of $323,542 that were the result of reduced production capacity. Operating expenses for the quarter were $1,111,272 compared to $1,159,534 for the same period last year, while the operating loss for the quarter was $701,660 compared to $517,746.