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Microbix Biosystems (MBX) investor relations material

Microbix Biosystems Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Aug, 2025

Executive summary

  • Q3 2025 revenue dropped to $3.5M, the lowest in 11 quarters, due to reduced Chinese demand and a major QAPS client halting development, resulting in a net loss of $1.64M for the quarter and $0.77M YTD loss.

  • Customer concentration risk materialized, with simultaneous slowdowns from both clients impacting revenue and margins.

  • Gross margin fell to 41% in Q3 from 54% last year, with YTD gross margin at 56% versus 63% in YTD 2024.

  • Despite setbacks, recurring sales remained stable year-over-year, and growth continues in other client segments.

  • Management remains focused on resuming growth, diversifying the customer base, and launching new products and strategic initiatives, including onboarding recombinant antigen capabilities and expanding QAPS.

Financial highlights

  • Q3 2025 revenue: $3.47M, down 31% from Q3 2024; YTD revenue: $14.84M, down 22% year-over-year.

  • Q3 net loss: $1.64M vs. net income of $0.25M in Q3 2024; YTD net loss: $0.77M vs. net income of $3.08M in YTD 2024.

  • Excluding the two affected clients, year-to-date growth was 13% in the caps business and 34% in antigens.

  • Margins were negatively impacted by lower sales volumes, unfavorable product mix, and fixed manufacturing costs.

  • Cash and cash equivalents stood at $12.1M, with a current ratio of 9.73 and debt-to-equity ratio of 0.3.

Outlook and guidance

  • At least one more challenging quarter is expected before recurring sales recover; management expects it will take several quarters to return to targeted growth and profitability.

  • QAPS segment expected to be the fastest-growing revenue source through fiscal 2027, driven by new products, regulatory changes, and PoCT adoption.

  • Revenue growth targeted via recombinant antigens, QAPS expansion, and Kinlytic milestone/royalty payments.

  • Cautious optimism for a recovery in Asian antigen sales in the fall/winter 2025-26 season, depending on disease prevalence.

  • Management aims to achieve higher and more consistent sales volumes, expand gross margins, and drive net earnings and free cash flow.

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Frequently asked questions

Microbix Biosystems Inc. is a life sciences company that develops and commercializes a range of proprietary biological and technological solutions aimed at improving human health and wellbeing. The company, established in 1988, has a focus on the global diagnostics industry, producing high-quality biological materials. These include antigens used in immunoassays and various Quality Assessment and Proficiency (QAPs) testing products. Microbix Biosystems also manufactures diagnostic-test products, including test-controls under the QAPs brand and viral transport mediums used for collecting patient samples. Additionally, the company is involved in the development of Kinlytic, a biologic thrombolytic drug for treating blood clots. The company is headquartered in Mississauga, Ontario, Canada, and its shares are listed on the Toronto Stock Exchange.

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