VICTORIA, March 10, 2020 /CNW/ - IMMUNOPRECISE ANTIBODIES
LTD. (the "Company" or "IPA") (TSX VENTURE: IPA) (OTCQB: IPATF)
today announced financial results for its fiscal year 2020 third
quarter ended January 31, 2020.
Revenue. The Company posted a quarterly revenue of
$4,034,440, an increase of 50% from
the year-ago quarter and an all-time record. The increasing revenue
trend is due to growth in both the volume and financial value of
client contracts. Revenue outlook is positive for the fourth
quarter.
Gross Margin. During the three months ended
January 31, 2020, the Company
achieved a gross profit of $2,223,669.
Net Loss. The Company reported a record low for net loss
of $625,837, during the three months
ended January 31, 2020, representing
a decrease of 47% in net loss from the year-ago quarter. The
decrease in net loss is due to a $655,614 increase in gross profit, as well as
recognized cost synergies resulting in lower spend, offset by
higher non-cash amortization of intangible assets, depreciation of
leased assets as a result of implementing IFRS 16,
Leases.
Non-IFRS Measures*. For the first time in the Company's
history, Adjusted EBITDA for the quarter and the nine-month period
ending January 31, 2020, was
positive, at $717,716 and
$18,356, respectively, compared to
($461,353) and ($1,553,090) for the same periods last year. The
positive Adjusted EBITDA is a result of the third quarter's 50%
increase in revenue and lower adjusted operating expenses compared
to the prior year's quarter and nine-month period.
"We are pleased to report IPA's record quarterly revenue and
earnings, which was fueled by strong demand for a wide variety of
our products and services in tool, research and therapeutic
antibody discovery and manufacturing," said Jennifer Bath, IPA's President and CEO. "Careful
attention to operational prioritization, site efficiencies and
brand recognition in 2019 led to new vendor qualifications from
pharmaceutical and biotech companies, enabling larger allocations
of corporate budgets in the 2020 calendar year. This past quarter
is a powerful testament to the satisfaction and engagement of our
clients, and the realization of leveraged synergies
globally."
Recent ImmunoPrecise Highlights:
- IPA Launched Coronavirus Vaccine and Therapeutic Programs
- As IPA Directs R&D Efforts Toward Coronavirus, Company is
Added to WHO Draft Landscape of Companies Combating COVID-19
- Company Announced AI Collaboration with EVQLV, Inc., to
Accelerate the Efforts in the Development of a Coronavirus
Therapeutic
- IPA Integrated SGI's DNA Automated DNA Printer at Utrecht
Site
- IPA Subsidiary, UPE, Joining Genmab and Merus in Expansion to
New Biotech Accelerator in the Center of European Science
Industry
IPA periodically provides information for investors on its
corporate website, ImmunoPrecise.com. This includes press
releases and other information on financial performance, reports
filed or furnished with the TSX, information on corporate
governance and details related to its annual meeting of
shareholders. Reports filed or furnished with the TSX can be found
at sedar.com.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a full-service, therapeutic antibody discovery
Contract Research Organization offering species agnostic,
multi-format, characterized and engineered, human monoclonal
antibodies, on an abbreviated timeframe, for its pharmaceutical
clients. For further information, visit
www.immunoprecise.com or contact solutions@immunoprecise.com.
There is no assurance that ImmunoPrecise will be successful in the
development of a vaccine and/or therapeutic against the new
coronavirus.
Forward Looking Information
This news
release contains statements that, to the extent they are not
recitations of historical fact, may constitute "forward-looking
statements" within the meaning of applicable Canadian securities
laws. The Company uses words such as "may", "would", "could",
"will", "likely", "expect", "believe", "intend" and similar
expressions to identify forward-looking statements. Any such
forward-looking statements are based on assumptions and analyses
made by ImmunoPrecise in light of its experience and its perception
of historical trends, current conditions and expected future
developments. However, whether actual results and developments will
conform to ImmunoPrecise's expectations and predictions is subject
to any number of risks, assumptions and uncertainties. Many factors
could cause ImmunoPrecise's actual results to differ materially
from those expressed or implied by the forward-looking statements
contained in this news release. Such factors include, among other
things, actual revenues and earnings for IPA being lower than
anticipated, and those risks and uncertainties described in
ImmunoPrecise's annual management discussion and analysis for the
fiscal period ended January 31, 2020
which can be accessed at www.sedar.com. The
"forward-looking statements" contained herein speak only as of the
date of this press release and, unless required by applicable law,
ImmunoPrecise undertakes no obligation to publicly update or revise
such information, whether as a result of new information, future
events or otherwise.
*Non-IFRS Financial Measure
Readers are cautioned that "Adjusted EBITDA" is a measure not
recognized under IFRS. Adjusted EBITDA is defined as earnings
before interest income, taxes, depreciation and amortization,
share-based compensation, restructuring costs, impairment charges
and other non-recurring gains or losses. Management believes
Adjusted EBITDA is a useful measure that facilitates
period-to-period operating comparisons. Readers are cautioned that
"Adjusted EBITDA" is not an alternative to measures determined in
accordance with IFRS and should not, on its own, be construed as
indicator of performance, cash flow or profitability.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE ImmunoPrecise Antibodies Ltd.