Microbix Biosystems (TSX:MBX, StockForum), a Toronto-based research firm engaged in developing biological products and technologies, released significantly improved fourth quarter and year-end results for 2013 with quarterly revenues totaling $2.47 million – a 31% increase over Q4 2012.
Yearly revenues were also up 14% from $6.67 million in 2012 to $7.57 million. Company officials attribute this revenue bump to increased customer demand for Microbix's biological products.
Expenses dropped 35% for the quarter to $634,939 from $973,587 in the matching 2012 period, with yearly expense numbers falling 29% to $3.67 million from $5.14 million reported during fiscal 2012.
All of this resulted in a net income figure for Q4 2013 of $635,747 compared to a net loss of $301,309 (restated) for the same 2012 period and a year-end net income of $168,178 versus a net loss of $2.39 million filed year-end 2012.
Microbix president and CEO, Vaughn C. Embro-Pantalony, commented on the company's achievement, “I am very pleased to report our emerging into profitability in fiscal 2013. We have made very good progress in enhancing revenues and reducing costs, thereby achieving sustainable profitability.”
Embro-Pantalony then explained, “To see our bottom line improve by $2.5 million compared to last year is very gratifying for all of us at Microbix, and it positions our Company to be cost competitive and financially sound going forward.”
This wasn't the only item to report today however, according to the news release, Microbix's license partner on the biopharmaceutical drug Kinlytic, Zydus Cadila, has decided to tear up their licensing agreement.
Embro-Pantalony stated, “We are disappointed with Zydus' decision - especially after both companies invested more than a year preparing a joint project plan that was ready for presentation to the FDA. However, we respect that Zydus' priorities have changed and realize it is essential that our licensee is totally committed to the successful re-launch of Kinlytic in the U.S. market. We have initiated discussions with other parties interested in partnering Kinlytic.”
He then summed up, “Microbix is fortunate to have a growing and profitable biologicals business supplemented by not one, but several new technologies. Progress on the base business and the firm's development stage technologies will be reported as goals are met through 2014.”
Microbix was in the news recently when the company increased revenues 35% in Q3 2013.
Shares gained 10% on the news to $0.165 per share.
Currently there are 66.7m outstanding shares with a market cap of $11.0 million.