Microbix® Biosystems (TSX: MBX) Reports Fiscal 2020 & Q4 Results

1 min read | December 18, 2020 10:33 AM EST | By Team Kalkine Media

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Microbix® Biosystems Inc develops clinical diagnostics medical devices that ensure test accuracy.
The company announced its 2020 fiscal year and fourth quarter (ended September 30, 2020) results on Friday, December 18.
Microbix® failed to achieve its yearly financial targets due to the COVID-19 pandemic.
For the 12-month financial year 2020, the revenue stood at $10.52 million, down 22 per cent year-over-year (YoY). Gross margin for 2020 was 44 per cent, down from 49 per cent a year ago, impacted by changes in product mix, problems with bioreactor equipment and supplier materials reliability. However, operating expenses declined from 4 per cent YoY.
Microbix® debt to equity ratio at the end of 2020 was 1.36.
In the fourth quarter, the company’s revenue was $2.7 million, down 25 per cent decrease YoY. Gross margin stood at 35 per cent, down from 44 per cent from a year ago.
Q4 2020 operating loss was $0.33 million and net loss was $4.98 million, as compared to operating loss of $0.12 million and net loss of $48,816 in Q4 2019. This was primarily due to lower sales in the quarter.
Microbix stock is currently trading at $0.385.

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