logo-loader
viewImmunoPrecise Antibodies Ltd

ImmunoPrecise reports record fiscal full-year revenue following European expansion

The company saw revenue more than double year to $10.9 million from $5.4 million following the acquisition of ModiQuest Research

ImmunoPrecise Antibodies Ltd -
Looking ahead to fiscal 2020, ImmunoPrecise is focused on acquiring new intellectual property and rolling out new services

 ImmunoPrecise Antibodies Ltd (CVE:IPA) (OTCMKTS:IPATF), a biologics contract research organization, posted fiscal full-year results after the bell Wednesday that showed record revenues thanks in part to its recent European acquisition.

The Victoria, British Columbia-based company saw revenue more than double year over year for the 12 months ended April 30 to $10.9 million from $5.4 million. A big reason why, the company said in a statement, was their March acquisition of ModiQuest Research, now known as IPA Europe. 

The move did lead to a widening loss — $7.6 million versus $5.6 million last year — although excluding one-time costs that figure was brought down to about $6.3 million.

"We continue to expand our therapeutic offerings as a global, full-service antibody provider to pharmaceutical and biotech companies internationally, and to accelerate our volume of large-scale, therapeutic programs,” CEO Jennifer Bath said in the statement.

READ: ImmunoPrecise subsidiary Talem Therapeutics forms scientific advisory committee

Its margin rose to $5.2 million from $2.5 million, a 3% increase, with the company pointing to higher margin services at its new B-cell lab, which offers screening and sequencing of the white blood cell type. 

Looking ahead to fiscal 2020, ImmunoPrecise is focused on acquiring new intellectual property and rolling out new services. A focal point of that, the company said, will be Talem Therapeutics, a subsidiary formed in April to develop antibodies through the pre-clinical stage.

“IPA sets itself on a path of antibody discovery and IP estate-building through Talem Therapeutics, which will expand our clinical partnerships and continue to build our IP estate," Bath concluded.

Shares of ImmunoPrecise slid 7.7% to C$0.60 on Bay Street and 4.3% to US$0.47 in New York.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: ImmunoPrecise Antibodies Ltd

Price: 0.53 CAD

TSX-V:IPA
Market: TSX-V
Market Cap: $36.03 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of ImmunoPrecise Antibodies Ltd named herein, including the promotion by the Company of ImmunoPrecise Antibodies Ltd in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

ImmunoPrecise Antibodies on an aggressive sales and business development drive

ImmunoPrecise Antibodies Ltd's (CVE:IPA) president and chief executive Jennifer Bath caught up with Proactive Investors at the Spring Investor Summit 2019 in New York City. Operating from their laboratory facilities at the Vancouver Island Technology Park in Victoria, British Columbia...

on 04/02/2019

2 min read