Immunoprecise Antibodies Ltd (CVE:IPA) (OTCMKTS:IPATF) said its quarterly revenue doubled as the company increased capacity and expanded market share in Europe.
The Victoria, British Columbia-based biotech said late Monday in a press release that it increased high-margin projects at its B-cell lab and expanded in Europe by acquiring U-Protein Express and ModiQuest Research.
For the second quarter ended October 31, the company reported that revenue climbed to C$2.7 million from C$1.3 million a year earlier. The net loss widened to C$1.5 million from C$903,000 as a result of additional staffing for projects.
“There has been an impressive increase in the scale of services requested by prospects and clients, further confirming the value of investing in our global presence,” Dr Jennifer Bath, CEO and president of Immunoprecise, said in a statement. "We are happy with our second-quarter performance.”
Immunoprecise reported that its gross margin increased to 52% from 41% and expects it to stay above 50% for the rest of fiscal 2019. As of October 31, the company said it had cash on hand of C$8.8 million and working capital of almost C$8.2 million.
Shares of the company fetched C$0.71 in Monday’s Canadian trading. They slipped US$0.01 to US$0.51 on the OTC Markets.
In late December, the company announced that Jason Orloske had accepted the position of vice president of operations for the company's global division.
Contact Dennis Fitzgerald at [email protected]