Microbix sees record sales in fiscal 2016

Microbix Biosystems (TSX:MBX) expects continued strong sales performance in the fourth quarter based on significant shipments in July and strong customer orders for delivery in the current quarter, which supports an earlier projection of record sales for the current fiscal year ending Sept. 30, 2016.

“I am pleased with the strong sales of virology products in the third quarter,” CEO, Vaughn Embro-Pantalony, said in the financial results for the third quarter. “We continue to recover from the revenue shortfall that we experienced earlier this year.”

Revenue was $2.3-million in the third quarter, up 2%, from $2.2-million a year ago, as demand for virology products remains strong following a weak first quarter.

The company recorded deferred revenue of $1.2-million at the end of the quarter, representing prepayments on orders for delivery in the fourth quarter, compared with $189,550 for the same period last year.

Mr. Embro-Pantalony said discussions continue with global animal genetics companies to secure a partnership to complete the LumiSort development program. “We remain confident that we will reach a near-term conclusion that will ultimately be beneficial for Microbix shareholders.”

He said discussions also continue to advance with third parties interested in making an investment to re-launch Kinlytic, a thrombolytic drug, in the U.S., Canadian and international markets.