ImmunoPrecise Inc. (NASDAQ: IPA) stock declined by 8.39% at last close while the IPA stock-price plunge by 4.87% in pre-market as well. ImmunoPrecise is a company that provides technology solutions which help its business partners find and create new antibodies for a variety of disease targets.
IPA stock, Financial Results
ImmunoPrecise has released its financial results for full fiscal year 2021. Given below are the highlights.
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- IPA earned $17.9 million in revenue for the fiscal year ended April 30, 2021, thanks to a $2.7 million (19 percent) growth in its main CRO business and a $1.2 million sale of an internally produced therapeutic antibody through Talem.
- Gross profit for the fiscal year ending April 30, 2021 was $11.5 million (64 percent gross profit margin), up from $8.0 million (57 percent gross profit margin) in 2020.
- Due to the substantial R&D work the Company is conducting, including COVID-19 related research initiatives, research and development grew to $2.0 million in 2020 from $446,280 in 2020.
- Other revenue of $1.6 million was reported during the fiscal year ending April 30, 2021, relative to other cost of ($739,756) in 2020.
- IPA lost $7.3 million in the fiscal year ended April 30, 2021, opposed to $5 million in the fiscal year ended April 30, 2020.
- Adjusted EBITDA was $2.3 million for the fiscal year ending April 30, 2021, opposed to $52,311 for the same period previous year. Increased gross revenues and government research grants and subsidies linked to COVID-19 findings provide strong research costs, wages, and expenses associated to the NASDAQ uplist, resulting in a substantial improvement in Adjusted EBITDA.
- The Company had $41.8 million in cash on April 30, 2021, relative to $2.7 million on April 30, 2020, and $42.8 million in working capital. The rise in cash is largely attributable to revenues from the Company’s public offering of shares and the execution of warrants and stock options.
Dr. Jennifer Bath, CEO of ImmunoPrecise, commented,
With continuously high and rising recurring revenue, they are delighted with their fiscal year end results. They will continue to modernize IPA, both on strategic and operational levels, in the next years. They are continuing to execute on the plan, which includes continued technological innovation and faster development of new antibodies both internally and in collaboration with partners. IPA is also working hard to establish ourselves as a preferred CRO and industry consolidator in the antibody discovery and development sector. As of now, they’ve worked with over 500 clients, resulting in a high level of recurrent income following client onboarding.