ImmunoPrecise Antibodies Ltd (TSXV: IPA), a therapeutic antibody and vaccine research company has released its financial results for the third quarter ended on January 31, 2020.
The company had revenues of $4,034,440 in the third quarter, which is a 50% increase from the same quarter in the year prior, with a gross profit of $2,223,669.
Also, for the first time, the company reported a positive adjusted EBITDA of $717,716, which is approximately a 35% increase from the third quarter of the previous year. However, for the 9 months ending on January 31, 2020, ImmunoPrecise reported an EBITDA of $18,356, which is a 98% percent decrease compared to the 9 months ending on January 31, 2019.
Although revenues in the third quarter were positive, ImmunoPrecise did report a net loss of $625,837, which is a 47% decrease from the same quarter of the previous year.
Recently, ImmunoPrecise has joined the efforts in mitigating the coronavirus risk by proactively adjusting its focus towards pressing research and development. The company put in motion programs for developing therapeutics and vaccines for the coronavirus, as well as entered into a collaboration with EVQLV Ltd to increase those development efforts.
ImmunoPrecise is a pharmaceutical research company focused on the development of therapeutic and human monoclonal antibodies for various clients in the medical industry.
ImmunoPrecise Antibodies Ltd is currently trading at $0.68 on the TSX-Venture.
Information for this analysis was found via Sedar and ImmunoPrecise Antibodies Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.