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Microbix Biosystems released their financial results for their fiscal second quarter.
Microbix Biosystems (TSX:MBX) released their financial results for their fiscal second quarter.
As quoted in the press release:
Second Quarter Financial Results
Total Q2 revenue was $2,646,649, down 3% compared to a record quarter in the prior year (2016 – $2,729,779). Included was Virology product revenue of $2,580,005, down 4% compared to the same quarter in 2016, due to some expected Q2 sales instead occurring in the first quarter. The balance of revenue was from royalties totaling $66,644 (2016 – $47,787).
Gross margin increased by $81,819 or 6%, primarily due to an improvement in the product mix.
Operating expenses increased by $136,149 compared to the second quarter last year. This was primarily due to ongoing costs related to the new bioreactor manufacturing process.
In total, the Company experienced a net profit for the period of $257,649 (2016 – $175,944. Cash generated from operations in Q2 was $143,721 compared to cash used of $6,816 in the second quarter of 2016.
Click here to read the full press release.
Source: www.marketwired.com