ImmunoPrecise Antibodies' Annual Revenues Increase 106% to $5.4 Million
VICTORIA, BC, Aug. 29, 2018 /CNW/ - IMMUNOPRECISE ANTIBODIES LTD. ("ImmunoPrecise") (TSXV: IPA) (Pink Sheets: IPATF) today reports its financial results for the year ended April 30, 2018. The financial statements and related management's discussion and analysis ("MD&A") can be viewed on SEDAR at www.sedar.com.
Financial Highlights:
- Revenue. ImmunoPrecise achieved record annual revenue of $5,441,349 in fiscal 2018 compared to $2,630,515 in fiscal 2017. This represents a 106% increase in revenue as a result of its acquisitions of U-Protein Express B.V. ("U-Protein") and ModiQuest Research BV ("ModiQuest"), and its ability to grow its core business and expand into higher revenue service offerings in therapeutic antibody discovery.
- Gross Margin. ImmunoPrecise's gross margin percentage equaled 45% in fiscal 2018 as compared to 54% in fiscal 2017. The decrease in gross margin was mostly attributable to the fact that ImmunoPrecise increased its staffing levels, made salary adjustments and incurred higher lab operating costs to accommodate greater levels of activity which drove down the gross margin.
- Net Loss. ImmunoPrecise recorded a net loss of $5,171,103 in fiscal 2018 compared to $5,383,820 in fiscal 2017. The net loss in 2018 was mainly attributable to non-recurring growth-enabling investments made to pursue strategic initiatives.
Growth Initiatives in Fiscal 2018:
- European Acquisitions. The U-Protein and ModiQuest acquisitions added state-of-the-art laboratories, licenses, intellectual property, and strong customer relationships in Europe. These subsidiaries continue to grow their revenue and serve as accretive investments, which will be fully reflected in the financial results for the first quarter of 2019.
- Full-Service B-Cell Facility. ImmunoPrecise, Victoria, expanded its biotherapeutic discovery platform with the roll-out of full-service B-cell screening, sorting and sequencing offerings on a broad range of therapeutically-relevant protein families. This platform is aimed at expanding the diversity of antibodies obtained, by reducing antibody loss associated with cell fusion, and increasing the variety of species available for therapeutic discovery.
"We completed a number of growth initiatives, including our acquisitions of U-Protein and ModiQuest and expanded therapeutic offerings in each of Canada and Europe to become a single, unified Contract Research Organization (CRO) to pharmaceutical and biotech companies internationally," commented Jennifer Bath, CEO of the Company. "ImmunoPrecise's infrastructure for comprehensive antibody discovery services and global reach enables us to help ensure customer success no matter where they are located in the world."
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a full-service, therapeutic antibody discovery company focused on the next generation of antibody discovery, to deliver the most therapeutically-relevant antibodies, in a shorter period of time, with the highest probability of succeeding to clinical trials.
ImmunoPrecise operates from state-of-the-art laboratory facilities located at the Vancouver Island Technology Park in Victoria, British Columbia, which house its tissue culture and B-cell screening facilities, as well as a Canadian Council for Animal Care (CCAC)-approved animal care unit. ImmunoPrecise operates globally to offer antibody services from target analysis to pre-clinical lead generation, in collaboration with its wholly-owned subsidiary operations at U-Protein Express B.V., in the Life Science Incubator, Utrecht, and ModiQuest Research, Oss, both in the Netherlands.
The services offered to clients include antibody discovery in wild-type and transgenic mouse and rat animals producing human antibodies, as well as rabbit monoclonal antibodies, against a broad spectrum of antigens. The Company also offers a range of B-cell screening and sorting services aimed at decreasing discovery timelines and enhancing the probability of finding a therapeutic product. In addition, the Company provides a broad range of supporting services including immunologically-based assays, recombinant protein manufacturing, humanization, optimization, custom phage display, stable cell line development, and advanced solutions to challenges faced by clients in antibody-related research and development. The antibodies produced by ImmunoPrecise target a wide variety of therapeutic, diagnostic and research applications.
ImmunoPrecise employs a highly experienced group of R&D scientists. Over the last 25 years, investments in innovative and proprietary technologies and methods have vastly improved the speed and efficiency of monoclonal and polyclonal antibody production.
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 year ended April 30, 2018 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.
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. release.
SOURCE ImmunoPrecise Antibodies Ltd.
For further information: ImmunoPrecise Antibodies Ltd., Jennifer Bath, CEO, 3204-4464 Markham Street., Victoria, BC, V8Z 7X8, www.immunoprecise.com; For investor relations please contact: Frederick Chabot, Phone: 1-438-863-7071, Email: [email protected], Contact Financial Corp., 1450 - 701 West Georgia St., Vancouver, BC, V7Y 1G5
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