IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT)
today reported its financial results for the three months ended
October 31, 2022.
“We are pleased with Q1-F2023 results which were
consistent with expectations” said Paul Baehr, IBEX President &
CEO.
“F2023 revenues are expected to be lower than
Fiscal 2022 since the Company received higher than usual purchases
from our customers in F2022 as they hedged against COVID-19 related
supply chain disruptions. Additionally, the consumption of
haemostasis tests is likely to reduce as the number of
COVID-related hospitalizations decreases.
Notwithstanding these factors, the underlying
demand for our enzymes continues to grow.”
Note: All figures are in Canadian dollars unless
otherwise stated. The Company’s audited consolidated financial
statements for the year ended July 31, 2022 and the
accompanying notes and the related management’s discussion and
analysis can be found on the Company’s website at www.ibex.ca or
under the Company’s profile on SEDAR at www.sedar.com.
FINANCIAL RESULTS FOR THE FIRST QUARTER
OF FISCAL 2023
Revenues for the quarter ended October 31, 2022
totaled $1,751,571 a slight decrease of $29,630 compared to the
first quarter FY2022.
Expenses before taxes totaled $1,073,064, a
decrease of $43,578 versus $1,116,642 and net earnings totaled
$678,507, an increase of $13,948 as compared to Q1 FY2022. This
positive change is mainly to the foreign exchange gain, offset by
an increase in salaries incurred relating mainly to the diamine
oxidase (DiaMaze®) development program and other development
programs.
The Company recorded EBITDA of $741,232 versus
$763,211 in the same period a year ago.
It should be noted that “EBITDA” (Earnings
Before Interest, Tax, Depreciation & Amortization) is not a
performance measure defined by IFRS, but we, as well as investors
and analysts, consider that this performance measure facilitates
the evaluation of our ongoing operations and our ability to
generate cash flows to fund our cash requirements, including our
capital expenditures program. Note that our definition of this
measure may differ from the ones used by other public
corporations.
EBITDA for the three months ended |
|
|
|
October 31,2022 |
October 31,2021 |
Net earnings |
$678,507 |
$664,559 |
Depreciation of property, plant,
equipment and intangible assets |
$33,862 |
$43,381 |
Depreciation of right-of-use
assets |
$65,731 |
$52,293 |
Interest – Net |
($36,868) |
$2,978 |
Earnings before interest, tax,
depreciation and amortization |
$741,232 |
$763,211 |
Financial Summary for the three months ended |
|
October 31,2022 |
October 31,2021 |
Revenues |
$1,751,571 |
$1,781,201 |
Earnings before interest, tax,
depreciation & amortization (EBITDA) |
$741,232 |
$763,211 |
Depreciation of property, plant,
equipment and intangible assets |
$33.862 |
$43,381 |
Depreciation of right-of-use
assets |
$65,751 |
$52,293 |
Net earnings |
$678,507 |
$664,559 |
Earnings per share |
$0.03 |
$0.03 |
Cash and cash equivalents increased by $518,354
during the three months ended October 31, 2022 as compared to the
year ended July 31, 2022. Net working capital increased by $567,902
during the three months ended October 31, 2022 as compared to
the year ended July 31, 2022.
Balance Sheet Summary as at |
|
October 31,2022 |
July 31,2022 |
Cash and cash equivalents |
$8,159,406 |
$7,641,052 |
Net working capital |
$7,842,235 |
$7,274,333 |
Outstanding shares at report date
(common shares) |
24,784,244 |
24,784,244 |
LOOKING
FORWARD
As always, the future financial results of the
Company are difficult to predict as the Company’s customers have
significant variations in their purchasing patterns, as it has been
illustrated in the quarterly results over the past few years. The
impact of COVID-19 adds further uncertainty.
The Company continues to work on a number of new
heparinase-containing clinical device projects with its key
customers, some of which may result in additional revenues in
Fiscal 2023. However, as with all developmental projects, we cannot
give assurances that any of these customer-driven projects will
come to market and produce significant revenues.
We are continuing with the development of
DiaMaze® (diamine oxidase). DiaMaze® is an enzyme targeted to
persons suffering from histamine intolerance and will be marketed
as a nutraceutical. While we continue to make good progress,
development of this product relies on a number of third-party
suppliers whose deliverables have been slower than expected due to
COVID-19 constraints.
As Diamaze advances in development expenses are
expected to increase in F2023 in keeping with the increase in
development activity.
ABOUT IBEX
IBEX manufactures and markets enzymes for
biomedical use through its wholly owned subsidiary IBEX
Pharmaceuticals Inc. (Montréal, QC). IBEX Pharmaceuticals also
manufactures and markets a series of arthritis assays, which are
widely used in osteoarthritis research.
For more information, please visit the Company’s
website at www.ibex.ca.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Safe Harbor Statement
All of the statements contained in this news
release, other than statements of fact that are independently
verifiable at the date hereof, are forward-looking statements. Such
statements, as they are based on the current assessment or
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown. Some examples of known risks are:
the impact of general economic conditions, general conditions in
the pharmaceutical industry, changes in the regulatory environment
in the jurisdictions in which IBEX does business, stock market
volatility, fluctuations in costs, and changes to the competitive
environment due to consolidation or otherwise. Consequently, actual
future results may differ materially from the anticipated results
expressed in the forward-looking statements. IBEX disclaims any
intention or obligation to update these statements, except if
required by applicable laws.
In addition to the risk factors identified
above, IBEX is, and has been in the past, heavily reliant on three
products and five customers, the loss of any of which could have a
material effect on its profitability.
Contact:
Paul BaehrPresident & CEOIBEX Technologies
Inc.514-344-4004 x 143
Ibex Technologies (TSXV:IBT)
過去 株価チャート
から 11 2024 まで 12 2024
Ibex Technologies (TSXV:IBT)
過去 株価チャート
から 12 2023 まで 12 2024