TORONTO, ONTARIO--(Marketwired - Dec 23, 2016) - Microbix Biosystems Inc. (MBX.TO) (“Microbix” or the “Company”), an innovator of biological products and technologies, today reported financial results for the three months and year ended September 30, 2016, and provided an update on its operations.
Financial Highlights - Fiscal 2016 vs. Fiscal 2015
Virology revenue increased by 13%
Total operating expenses declined by 12%
Net Income increased by 22%
Cash generated from operations increased by 53%
Full Year Financial Results
Microbix reported total revenue of $9,517,137 in fiscal 2016 (“F2016"), an increase of 7% from $8,873,912 in fiscal 2015 (“F2015"). This was the fifth consecutive fiscal year that the Company achieved record total revenue. Virology products revenue was $9,236,152 in F2016 compared to $8,191,720 in F2015, or an increase of 13%. There was no licensing revenue in F2016 compared to $413,895 in the prior-year period, as F2015 included a one-time recognition of non-refundable deferred revenue received from a prospective distributor of the Company’s LumiSort™ technology. Royalty revenue in F2016 was $280,985 compared to $268,297 in F2015, due to increased royalties from the Company’s rabies virus technology. Total expenses decreased by 12% to $4,831,637 in F2016 compared to $5,490,589 in F2015, driven primarily by lower legal costs.
Net Income grew 22% to $748,407 in F2016 from $613,984 in F2015. Net cash flow was negative $98,765 in F2016, compared to negative $443,176 in F2015. Cash generated from operations in F2016 was $913,308 compared to $595,402 in F2015. Cash used in investing activities was $1,641,126 in F2016 compared to $4,842,022 in the prior-year period, primarily due to completion of the LumiSort™ prototype in F2015. Cash generated from financing activities in F2016 was $629,053 compared to $3,803,444 in the prior-year period, primarily due to higher loan proceeds of $840,000 and proceeds from exercised warrants of $1,738,434 in F2015.
Vaughn Embro-Pantalony, Microbix’ President and Chief Executive Officer, remarked, “Despite a weak first quarter, we were able to deliver very strong full-year financial results, characterized by the highest-ever total revenue, operating cash flow and net income.”
