BIOQUAL Presents Financial Results for Fiscal Year 2022

Rhea-AI Summary

BIOQUAL, Inc. (OTC-Pink:BIOQ) reported a revenue increase to $66.15 million in 2022, up from $57.68 million in 2021. However, net income fell to $5.26 million, down from $6.33 million, reflecting a 16.9% decline. The basic and diluted earnings per share decreased to $5.88 from $7.08. While the company maintains steady operations, concerns regarding contract performance and potential financing challenges may affect future growth.

Positive

• Revenue increased to $66.15 million, a significant rise from $57.68 million in 2021.

Negative

• Net income declined to $5.26 million from $6.33 million, marking a 16.9% drop.
• Earnings per share decreased from $7.08 to $5.88.

ROCKVILLE, Md.--(BUSINESS WIRE)-- BIOQUAL, Inc. (OTC-Pink:BIOQ) (www.bioqual.com):

		2022			2021
Revenue		$	66,150,373		$	57,683,502
Income Before Income Tax		$	6,576,784		$	8,616,025
Net Income		$	5,260,569		$	6,326,825
Basic Earnings per Share of Common Stock		$	5.88		$	7.08
Diluted Earnings per Share of Common Stock		$	5.88		$	7.08
Weighted Average Number of Shares Outstanding For Basic Earnings Per Share			894,416			894,054
Weighted Average Number of Shares Outstanding For Diluted Earnings Per Share			894,423			894,054

Statements herein that are not descriptions of historical facts are forward-looking and subject to risks and uncertainties. The forward-looking statements are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company’s control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including risks relating to the ability to continue to extend current government contracts; the Company’s ability to obtain new government or commercial contracts; continued demand for the use of animal models in scientific research; the Company’s ability to obtain sufficient numbers of animal models; the availability of adequate numbers of employees; the Company’s ability to perform under its contracts in accordance with the requirements of the contracts; the actual costs incurred in performing the Company’s contracts and its ability to manage its costs, including its capital expenditures; dependence on third parties; future capital needs; the ability to fund its capital needs through the use of its cash on hand and line of credit; and the future availability and cost of financing/capital sources to the Company.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005598/en/

Mark G. Lewis, Ph.D., CEO (240-404-7654)

Source: BIOQUAL, Inc.

FAQ

What was BIOQUAL's revenue for 2022?

BIOQUAL reported a revenue of $66.15 million for the year 2022.

How did BIOQUAL's net income change from 2021 to 2022?

BIOQUAL's net income decreased from $6.33 million in 2021 to $5.26 million in 2022.

What were the earnings per share for BIOQUAL in 2022?

The basic and diluted earnings per share for BIOQUAL in 2022 were $5.88, down from $7.08 in 2021.

What challenges does BIOQUAL face moving forward?

BIOQUAL faces uncertainties regarding contract performance and potential financing challenges that could impact future growth.