TORONTO and BOSTON, Nov. 15, 2016 /PRNewswire/ -- Bionik Laboratories Corp. (OTCQX: BNKL) ("Bionik" or the "Company"), a global pioneering robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological disorders, announced today its financial results for the second quarter of the 2017 fiscal year ended September 30, 2016. The Company also provided a summary of corporate highlights.
Corporate Highlights
- Expansion of management team with appointment of well-established and successful commercial leader in medical and healthcare technology, Tim McCarthy, as Chief Commercialization Officer;
- Development and commercialization strategy designed to provide robotic rehabilitation product solutions from hospital to home; representing $11 billion addressable market;
- Product launch of next generation upper body commercial product line planned in Q2 2017 expected to drive revenue growth;
- Compelling clinical data expected to significantly differentiate product portfolio and support marketing and reimbursement; and
- Robust business development strategy to identify strategic partners to expand into key markets.
Peter Bloch, Chief Executive Officer and Chairman of the Board, stated, "Bionik has evolved significantly in such a short period of time, and I am pleased from where we have come and very enthusiastic about where we are headed. We have emerged as a multinational company with a portfolio of commercial and development stage robotic products addressing stroke rehabilitation and mobility. We have put into motion our strategic imperatives with a keen focus on executing a strategy for market expansion and revenue generation of our commercial products and driving our development products towards approval in key markets. We will continue to focus on driving our business strategy and laying the foundation as we seek to develop a strong commercial engine to unlock near and long-term value."
Summary of Financial Results for the Second Quarter Ended September 30, 2016 of the Fiscal Year 2017 ending March 31, 2017
For the quarter ended September 30, 2016, the Company reported a comprehensive income of $729,546 resulting in income per share of $0.01, compared to a comprehensive income of $2,318,758 for the quarter ended September 30, 2015, resulting in an income per share of $0.03.
The comprehensive income in both quarters is due to $2,530,605 of other income in the quarter ended September 30, 2016 compared to other income of $3,501,603 for the quarter ended September 30, 2015 and this other income is principally due to the change in the fair value of the warrant derivative.
The Company recorded revenues of $18,283 and $182,474 for the three and six months ended September 30, 2016 compared to $Nil for the three and six months ended September 30, 2015. The 2015 revenues of Interactive Motion Technologies Inc. ("IMT") were not consolidated into the prior year's results as this was prior to its acquisition. IMT revenues were $374,530 and $812,944 for the three and full six months ended September 30, 2015. In 2015 the acquired company was under-funded and had no commercial team, which significantly impacted 2016 revenues.
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