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.
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.
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