IPA Reports Financial Results and Recent Business Highlights for First Quarter Fiscal Year 2024
- Record quarterly revenue, up 21.3% YoY
- Significant increase in net income before taxes
- Manufacturing facility revenue grows 44.0% YoY
- Reduced quarterly burn to $1.6 million CAD
- None.
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Company recorded record quarterly revenue, an increase of
21.3% compared to the same quarter last year. -
Significantly higher net income before taxes when compared to Q1 of last year, a difference of approximately
, another positive back-to-back quarter trend.$6 million dollars
“We are immensely proud to share that ImmunoPrecise Antibodies has commenced fiscal year 2024 with unparalleled vigor and determination. This quarter, we've not only achieved a record
“The recent induction of esteemed professionals like Chris Buyse, Dr. Barry Springer, and Dirk Witters into our board of directors signifies a renewed era for IPA”, Dr. Bath continued. “Their collective expertise, combined with our management's dedication, will chart a visionary path for the company. Chris Buyse's financial acumen, Dr. Springer's therapeutic antibody expertise, and Dirk Witters' profound knowledge in capital raising and executive leadership, together, promise to amplify our trajectory, ensuring we harness the vast opportunities that lie ahead.
The unwavering support and trust of our shareholders has been instrumental in our journey, and as we turn this new chapter, we remain more committed than ever to innovation, collaboration, and excellence. We are confident that with our current trajectory and the strategic initiatives in focus, the future holds unparalleled promise for IPA and all our stakeholders.”
- IPA announces appointments of Chris Buyse, Dr. Barry Springer, and Dirk Witters to board of directors as of September 5th, 2023.
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Company demonstrates record quarterly revenue, an increase of
21.3% compared to the same quarter last year. -
Significantly higher net income before taxes when compared to Q1 of last year, a difference of approximately
, another positive back-to-back quarter trend.$6 million dollars -
IPA demonstrates reduction in quarterly burn to
Canadian dollars.$1.6 million -
Manufacturing facility up
44.0% in quarterly revenue compared to same quarter last year. - IPA seamlessly integrates state-of-the-art lab techniques and proprietary computational methodologies to advance therapeutic lead nomination.
- IPA engages Jefferies Investment Bank.
- Filed an F-3 form with the SEC, allows IPA to register securities for a 'shelf offering'.
- IPA’s subsidiary, BioStrand, unveils use case demonstrating the application of their software in solving the Information Integration Dilemma (IID).
- IPA releases new HYFT-powered in silico humanization platform, aims to disrupt the transgenic animal model market.
- IPA's subsidiary, BioStrand, solves the Information Integration Dilemma (IID) for systems biology.
- IPA’s CEO gives inaugural presentations at Jefferies Healthcare Conference and Nasdaq.
First Quarter Fiscal Year 2024 Financial Summary*
(All comparisons are to the period ended July 31, 2022)
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IPA achieved revenue of
during the three months ended July 31, 2023, an increase of$5.7 million 21.3% compared to the three months ended July 31, 2022. -
Gross profit increased
12.7% to for the three months ended July 31, 2023, as compared to the same period last year.$2.8 million -
IPA held cash of
as of July 31, 2023.$6.8 million
*Expressed in Canadian dollars, unless otherwise indicated.
Financial Results
Revenue & Gross Profit
IPA achieved revenue of
Research and Development
During the three months ended July 31, 2023, research and development expenses decreased to
Sales and Marketing
Sales and marketing expenses totaled
General and Administrative
During the three months ended July 31, 2023, general and administrative expenses totaled
Liquidity and Capital Resources
As of July 31, 2023, IPA held
Conference Call:
Date: Thursday, September 14, 2023
Time: 10:30 am Eastern time
Participant Info:
Conference ID: 9236374
Participant Toll-Free Dial-In Number: 1 (888) 550-5658
Participant Toll Dial-In Number: 1 (646) 960-0289
Attendee URL: https://events.q4inc.com/attendee/997889510
The conference call will be webcast live and available for replay via a link provided in the Events section of the company’s IR pages at https://www.immunoprecise.com/investors.
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.
ImmunoPrecise Antibodies Ltd.
ImmunoPrecise Antibodies Ltd. has several subsidiaries in
Forward Looking Information
This news release contains forward-looking statements within the meaning of applicable
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, without limitation, the risk that the targeted antibodies may be very difficult or impractical to design, develop and deliver, that the integration of in silico models and wet-lab experiments may not yield the expected results, as well as those risks discussed in the Company’s Annual Information Form dated July 10, 2023 (which may be viewed on the Company’s profile at www.sedar.com), and the Company’s Form 40-F, dated July 10, 2023 (which may be viewed on the Company’s profile at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking information contained in this news release. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. The Company does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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Investor contact: investors@immunoprecise.com
Source: ImmunoPrecise Antibodies Ltd.