Microbix Biosystems (MBX) Q4 2024 earnings summary

Executive summary

• Achieved record full-year revenue of CAD 25.4 million (up 54% year-over-year) and net income of $3.5 million for fiscal 2024, driven by strong growth in Antigens and QAPs product lines.

• Q4 revenue reached CAD 6.3 million, up 48% year-over-year, with significant contributions from both Antigens and QAPs.

• Maintained positive EBITDA, net earnings, and cash flow, while repurchasing over 2% of shares.

• Expanded customer base in North America, EU, and Asia, and entered new markets in genetics and oncology.

Financial highlights

• Fiscal 2024 revenues increased 54% year-over-year to CAD 25.4 million, with Antigen sales up 44% and QAPs up 38%.

• Gross margin for 2024 was 61%, up from 45% in 2023; Q4 gross margin was 55%.

• Operating income for 2024 was $3.9 million, compared to a $2.7 million loss in 2023; net income was $3.5 million versus a $39,000 loss last year.

• EBITDA margin was 18% in Q4; normalized full-year margin was 22%.

• Cash provided by operating activities was $4.35 million in 2024, compared to cash used of $1.09 million in 2023.

Outlook and guidance

• Targeting 20%-40% annual revenue growth, with 2024 at the upper end and no expectation of growth tapering.

• Management expects continued sales growth and improved gross margins across all business lines for fiscal 2025.

• Gross margin target remains around 60%, with expectations for further improvement in 2025.

• Kinlytic project on track for 2027 FDA re-approval, with potential for expanded indications and geographies.