Biotech

Microbix Biosystems reported its financial results for its fiscal third quarter and nine months ended June 30, 2017.

Microbix Biosystems (TSX:MBX) reported its financial results for its fiscal third quarter and nine months ended June 30, 2017.
As quoted in the press release:

Third Quarter Financial Results
Total Q3 revenue was $2,773,365, an increase of 23% compared to the same quarter of fiscal 2016. Most revenues were derived from sales of antigen products, which are principally used in the manufacture of diagnostic tests for infectious diseases. Growth was driven by increased antigen orders from longstanding customers, with double-digit increases in sales of multiple products. The balance of revenue was derived from royalties on an out-licensed technology, which totaled $67,954.
Gross margin for Q3 was 54%, an increase of 3% over the same quarter of 2016 and an indicator of ongoing work to optimize product pricing. The gross margin contribution for Q3 was $1,497,787, an increase of $340,926 from the same quarter of 2016. Operating expenses increased by $363,948 compared to the third quarter last year, with the increase largely due to ongoing costs related to validation of Microbix’ new bioreactor manufacturing process and to the emerging molecular controls product line.

Click here to read the full press release.

Source: www.marketwired.com

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