IBEX Technologies Inc. (“IBEX” or the “Company”) (TSX Venture: IBT)
today reported its financial results for the second quarter and the
six months ended January 31, 2023.
“Our results for this reporting period, while lower than year
ago, were above expectations since many of our customers were
drawing down prior year’s inventories faster than we forecasted.
While revenues were down 6% in the period, they were up 31% from
the same period in fiscal 2021. We now expect that revenues, while
lower than the exceptional 2022 fiscal year, to be significantly
higher than fiscal year 2021,” said Paul Baehr, IBEX President
& CEO. “The engine for this growth is the underlying increasing
demand and market penetration of our major customers in the
high-growth, hemostasis-rapid-testing market segment”.
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 SECOND QUARTER OF FISCAL
2023
Revenues for the quarter ended January 31, 2023,
totaled $1,722,070, down $109,968 (6%) from $1,832,038 for the same
period the prior year, but 31% higher than the same period in
fiscal 2021. Fiscal 2022 sales were influenced by several major
customers building surplus inventory due to concerns about supply
chain interruptions. It appears that our customers are working off
their inventory faster than we expected however, which points to
the underlying growth of the market segments in which we
compete.
Expenses totaled $1,622,037, an increase of
$195,468 versus $1,426,569. The increase in expenses includes a
negative foreign exchange impact of $155,209 and an increase in
R&D expenses of $145,067 partially offset by a decrease in
financial expenses of $82,451.
Net earnings totaled $100,033, a decrease of
$305,436 as compared to Q2 FY2022 due to the reduction in revenues
and increase in expenses as described above.
The Company recorded EBITDA of $117,247 versus
$495,783 in the same period a year ago, a decrease of $378,536
primarily due to the reduction in net earnings.
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 |
|
|
|
January 31,2023 |
|
January 31,2022 |
|
Net earnings |
$ |
100,033 |
|
$ |
405,469 |
|
Depreciation of property, plant, equipment and intangible
assets |
$ |
36,825 |
|
$ |
35,932 |
|
Depreciation of right-of-use assets |
$ |
65,769 |
|
$ |
52,746 |
|
Interest
– Net |
$ |
(85,380 |
) |
$ |
1,636 |
|
Income
tax expense |
|
- |
|
|
- |
|
Earnings
before interest, tax, depreciation and amortization |
$ |
117,247 |
|
$ |
495,783 |
|
|
|
|
|
|
|
|
FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED JANUARY 31, 2023
Revenues for the six months ended January 31,
2023, totaled $3,473,641, a decrease of $139,598 (4%) as compared
to $3,613,239 in the same period of the prior year, but 40% higher
than the same period in fiscal 2021.
Fiscal 2022 sales were influenced by several
major customers building surplus inventory due to concerns about
supply chain interruptions. It appears that our customers are
working off their inventory faster than we expected however, which
points to the underlying growth of the market segments in which we
compete.
Total Expenses at $2,695,101 increased by
$151,891. The increase relates mainly to the diamine oxidase
(DiaMaze®) development program, partially offset by a significant
decrease in financial expenses, due mainly to higher interest
revenue on our cash balances.
Net earnings totaled $778,540, down $291,489 vs
the same period year ago as a result of the decrease in revenues of
$139,598 and increase in expenses of $151,891.
The Company recorded EBITDA of $858,481, down
$400,514 vs. $1,258,995 in the same period year ago. The difference
is attributed to the decrease in net earnings of $291,489, in
addition to a decrease in net interest expense of $126,862, offset
by an increase in total depreciation of $17,837.
Financial Summary for the six months ended |
|
January 31,2023 |
|
January 31,2022 |
|
Revenues |
$ |
3,473,641 |
|
$ |
3,613,239 |
|
Earnings
before interest, tax, depreciation & amortization (EBITDA) |
$ |
858,481 |
|
$ |
1,258,995 |
|
Depreciation of property, plant, equipment and intangible
assets |
$ |
70,687 |
|
$ |
79,313 |
|
Depreciation of right-of-use assets |
$ |
131,502 |
|
$ |
105,039 |
|
Net
earnings |
$ |
778,540 |
|
$ |
1,070,029 |
|
Earnings
per share |
$ |
0.03 |
|
$ |
0.04 |
|
|
|
|
EBITDA for the six months ended |
|
|
|
January 31,2023 |
|
January 31,2022 |
|
Net
earnings |
$ |
778,540 |
|
$ |
1,070,029 |
|
Depreciation of property, plant, equipment and intangible
assets |
$ |
70,687 |
|
$ |
79,313 |
|
Depreciation of right-of-use assets |
$ |
131,502 |
|
$ |
105,039 |
|
Interest
- Net |
$ |
(122,248 |
) |
$ |
4,614 |
|
Income
tax expense |
|
- |
|
|
- |
|
Earnings
before interest, taxes, depreciation and amortization |
$ |
858,481 |
|
$ |
1,258,995 |
|
|
|
|
|
|
|
|
The Company’s substantial cash balance of
$7,489,644 decreased from $7,641,052 despite a strong EBITDA. This
was mainly due to the payout of the FY2022 Profit-Sharing Plan
(PSP), following the approval of the F2022 Audited Financial
Statements. The IBEX PSP is an all-employee plan based solely on
profit and is in lieu of a bonus plan.
Net working capital increased by $237,742 during
the six months ended January 31, 2023, as compared to the year
ended July 31, 2022.
Balance Sheet Summary as at |
|
January 31,2023 |
|
July 31,2022 |
|
Cash and cash equivalents |
$ |
7,489,644 |
|
$ |
7,641,052 |
|
Net
working capital |
$ |
7,512,075 |
|
$ |
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 has been
illustrated in the quarterly results over the past few years. The
impact of COVID-19 added further variability.
Considering the above, customer drawdown of
their accumulated inventory has been stronger than we had
forecasted, mainly due to the underlying strength of the markets we
serve and customers working off their supply chain safety stocks
faster than we had expected. This positive trend points to IBEX
generating net earnings significantly higher than F2021, although
not approaching the extraordinary F2022.
Looking beyond Fiscal 2023, the future looks
very favorable for IBEX as the market for hemostasis testing grows
at a rapid pace, driven by the accelerated adoption of the new
rapid viscoelastic testing devices.
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.
Development of DiaMaze® (diamine oxidase)
continues to advance. DiaMaze® is an enzyme targeted to persons
suffering from histamine intolerance and will be marketed as a
nutraceutical. We continue to make good progress in the development
of a commercial scale manufacturing process. The next critical
development steps will be; selecting a manufacturer for commercial
product, and the investment in toxicology studies (which, if
undertaken, will increase R&D expenses considerably in fiscal
2024).
ABOUT IBEX
IBEX manufactures and markets proteins 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