BIOQUAL Presents Unaudited Financial Results for Second Quarter of Fiscal Year 2023

Rhea-AI Summary

BIOQUAL, Inc. (OTC-Pink:BIOQ) reported its unaudited second quarter results for fiscal year 2023. For the six months ended November 30, 2022, the company generated revenues of $32.49 million, an increase from $30.67 million in the same period last year. Net income rose to $2.68 million, up from $2.52 million in 2021. Basic earnings per share were $2.99, compared to $2.81 in the prior year. The results reflect the company’s solid performance and increasing demand for its animal models in scientific research. Forward-looking statements highlight potential risks related to government contracts and market demand.

Positive

• Revenue increased to $32.49 million, up from $30.67 million year-over-year.
• Net income rose to $2.68 million, compared to $2.52 million in the prior year.
• Basic earnings per share improved to $2.99, up from $2.81.

Negative

• None.

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

		Six Months Ended								Three Months Ended
		November 30,								November 30,
		2022				2021				2022				2021
Revenue		$	32,487,702			$	30,674,324			$	16,677,128			$	15,201,565
Income Before Income Tax		$	3,784,494			$	3,557,348			$	1,828,834			$	1,610,943
Net Income		$	2,677,394			$	2,516,448			$	1,293,834			$	1,139,443
Basic Earnings per Share
of Common Stock		$	2.99			$	2.81			$	1.45			$	1.27
Diluted Earnings per Share
of Common Stock		$	2.99			$	2.81			$	1.45			$	1.27
Weighted Average
Number of Shares Outstanding
For Basic Earnings Per Share			894,416				894,416				894,416				894,416
Weighted Average
Number of Shares Outstanding
For Diluted Earnings Per Share			894,417				894,423				894,428				894,428

For more detail related to the fiscal year 2023 unaudited second quarter results, please visit our web site at www.bioqual.com.

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/20230120005367/en/

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

Source: BIOQUAL, Inc.

FAQ

What were BIOQUAL's revenue results for the second quarter of 2023?

BIOQUAL reported revenues of $32.49 million for the six months ended November 30, 2022.

How did BIOQUAL's net income change in the latest quarter?

Net income for BIOQUAL increased to $2.68 million for the six months ended November 30, 2022.

What were the earnings per share for BIOQUAL in the second quarter of 2023?

The basic earnings per share for BIOQUAL were $2.99, up from $2.81 in the previous year.

What risks did BIOQUAL mention in its press release?

BIOQUAL noted potential risks related to government contracts and the demand for animal models in scientific research.