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

Rhea-AI Summary

BIOQUAL, Inc. (OTC Pink: BIOQ) reported its unaudited financial results for the third quarter ended February 28, 2023. The company generated revenue of $46.6 million for the nine months, a slight decline from $47.8 million in the previous year. In the third quarter alone, revenue was $14.1 million, compared to $17.1 million in the same period of 2022. The income before tax decreased to $2.17 million from $4.77 million year-over-year, while net income showed a decrease to $1.54 million from $3.37 million. Basic earnings per share (EPS) fell to $1.72 from $3.77, with diluted EPS also declining to $1.72 from $3.77. The company faces ongoing challenges including reliance on government contracts and the need for sufficient animal models.

Positive

• None.

Negative

• Revenue decreased to $46.6 million from $47.8 million year-over-year.
• Q3 revenue declined to $14.1 million compared to $17.1 million in Q3 2022.
• Income before tax fell to $2.17 million from $4.77 million year-over-year.
• Net income dropped to $1.54 million from $3.37 million in the prior year.
• Basic EPS decreased to $1.72 from $3.77 year-over-year.
• Reliance on government contracts poses a risk to future revenue stability.

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

	Nine Months Ended						Three Months Ended
	February 28,						February 28,
		2023			2022			2023				2022
Revenue	$	46,595,270		$	47,806,600		$	14,107,568			$	17,132,276
Income Before Income Tax	$	2,174,295		$	4,767,636		$	(1,610,199	)		$	1,210,288
Net (Loss) Income	$	1,537,695		$	3,373,036		$	(1,139,699	)		$	856,588
Basic Earnings per Share
of Common Stock	$	1.72		$	3.77		$	(1.27	)		$	0.96
Diluted Earnings per Share
of Common Stock	$	1.72		$	3.77		$	(1.27	)		$	0.96
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		894,416			894,426			894,408				894,431

For more detail related to the fiscal year 2023 unaudited third 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/20230421005350/en/

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

Source: BIOQUAL, Inc.

FAQ

What is BIOQUAL's revenue for Q3 2023?

BIOQUAL reported revenue of $14.1 million for the third quarter ended February 28, 2023.

How did BIOQUAL's net income perform in Q3 2023?

The net income for BIOQUAL in Q3 2023 was $1.54 million, down from $3.37 million in Q3 2022.

What are BIOQUAL's earnings per share (EPS) for 2023?

BIOQUAL's basic and diluted EPS for the nine months ended February 28, 2023, is $1.72, down from $3.77 in the previous year.

What challenges does BIOQUAL face according to its latest earnings report?

BIOQUAL faces challenges related to reliance on government contracts and the need for sufficient animal models for research.