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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.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.
Assess timeline for antigen business recovery in Asia.
Elaborate on the Kinlytic royalty agreement structure.
Detail QUANTDx market size and Microbix's target share.
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Next Microbix Biosystems earnings date
Q4 202518 Dec, 2025
Next Microbix Biosystems earnings date
Q4 202518 Dec, 2025
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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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