According to
Highlights:
- Revenues for the year were only 5% lower than F2022, well above expectations, and were 41% higher than the benchmark F2021.
- Earnings before tax were down 15% as compared to F2022, but up over 200% when compared to F2021 & F2020.
- Year-ending cash and cash equivalents were
$8,547,043 , up 12% vs F2022 and up 193% vs F2021.
- Revenues are expected to be in the F2023 range, with continued strong growth in the hemostasis business.
- Offsetting the strong growth in hemostasis is the negative impact of the Company’s exit from the marginally-profitable Arthritis ELIZA kit business and some softness in other reagent customers.
- Earnings before tax for F2024 are expected to be in line with F2023.
- Year-ending cash is expected to reach
$10M , an increase of 17%.
Note: All figures are in Canadian dollars unless otherwise stated. The Company’s audited consolidated financial statements for the year ended
FINANCIAL RESULTS FOR THE FOURTH QUARTER OF FISCAL 2023
Revenues for the quarter ended
Expenses before tax totaling
The company recorded earnings before tax for the quarter of
The increase in net earnings to
The decrease in earnings before tax for the quarter, led the Company to record an EBITDA of
EBITDA for the three months ended | ||||||
2023 | 2022 | |||||
Net earnings | ||||||
Depreciation of property, plant, equipment and intangible assets | ||||||
Depreciation of right-of-use assets | ||||||
Interest – Net | ( | ) | ( | ) | ||
Income tax expense (recovery) | ( | ) | ||||
Earnings before interest, tax, depreciation and amortization | ||||||
It should be noted that “EBITDA” (Earnings Before Interest, Tax, Depreciation & Amortization) is not a performance measure defined by IFRS, but we, as well as investors and analysts, consider that this performance measure facilitates the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program. Note that our definition of this measure may differ from the ones used by other public corporations.
FINANCIAL RESULTS FOR THE YEAR
Revenues for the year ended
Expenses before taxes totaled
As mentioned above, the company recognized previously unrecognized tax assets resulting in an income tax recovery for the year ended
The company recorded EBITDA of
Financial Summary for the year ended | ||||||
2023 | 2022 | |||||
Revenues | ||||||
Earnings before interest, tax, depreciation & amortization (EBITDA) | ||||||
Depreciation of property, plant, equipment and intangible assets | ||||||
Depreciation of right-of-use assets | ||||||
Net earnings | ||||||
Earnings per share | ||||||
EBITDA for the year ended | ||||||
2023 | 2022 | |||||
Net earnings | ||||||
Depreciation of property, plant, equipment and intangible assets | ||||||
Depreciation of right-of-use assets | ||||||
Interest - Net | ( | ) | ||||
Income tax expense (recovery) | ( | ) | ||||
Earnings before interest, taxes, depreciation and amortization | ||||||
Cash and cash equivalents increased by
Balance Sheet Summary as at | ||||||
2023 | 2022 | |||||
Cash and cash equivalents | ||||||
Net working capital | ||||||
Outstanding shares at report date (common shares) | 24,644,244 | 24,784,244 | ||||
NCIB
On
LOOKING FORWARD
As always, the future financial results of the Company are difficult to predict as the Company’s customers have significant variations in their purchasing patterns, as can be seen from our quarterly results over the past few years.
COVID 19 had a significant impact, as customers increased their purchases in F2022 for fear of supply chain interruptions. Our sales softened somewhat as some of those customers worked off those inventories in F2023.
On a positive note, our largest market (hemostasis) continues to grow at a rapid pace which we expect to continue into F2024. Customers in other markets appear to be working off their inventory cushion, which may have an impact in F2024.
The Company continues to work on a number of new heparinase-containing clinical device projects with its key customers. However, as with all developmental projects, we cannot give assurances that any of these customer-driven projects will come to market and produce significant revenues.
Development of DiaMaze® (diamine oxidase) continues to advance. DiaMaze® is an enzyme targeted to persons suffering from histamine intolerance and will be marketed as a nutraceutical. We continue to make good progress in the development of a commercial scale manufacturing process. The next critical development steps will be selecting a manufacturer for commercial product, and conducting toxicology studies which, if undertaken, will increase R&D expenses in fiscal 2025.
ABOUT IBEX
IBEX manufactures and markets proteins for biomedical use through its wholly owned subsidiary
For more information, please visit the Company’s website at www.ibex.ca.
Neither
Safe Harbour Statement
All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, as they are based on the current assessment or expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements, except if required by applicable laws.
In addition to the risk factors identified above, IBEX is, and has been in the past, heavily reliant on three products and five customers, the loss of any of which could have a material effect on its profitability.
Contact:
President & CEO
514-344-4004 x 143
Source:
2023 GlobeNewswire, Inc., source