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ImmunoPrecise Antibodies boosts 2Q revenue on the back of higher-value clients and contracts

ImmunoPrecise said that the increase came from a growth in both the volume of contracts and a larger-than-average financial value per client program

lab worker blood vials
The Victoria, British Columbia-based company's revenue outlook is positive for the third quarter

ImmunoPrecise Antibodies Ltd (CVE:IPA) (OTCMKTS:IPATF) has large pharma clients to thank for boosting its revenue during its second quarter, the firm reported Tuesday.

The Victoria, British Columbia-based company recorded nearly C$3.2 million throughout the quarter ended October 31, up 16% from C$2.7 million during the same period a year prior.

ImmunoPrecise said that the increase came from a growth in both the volume of contracts and a larger-than-average financial value per client program.

READ: ImmunoPrecise Antibodies subsidiary Talem Therapeutics inks deal with Ligand Pharmaceuticals for OmniAb platform

Revenue outlook is positive for the third quarter, the firm said in a statement.

"During 2019 we won an increased number of large pharma clients requiring more comprehensive therapeutic discovery and development outsourcing,” CEO Dr Jennifer Bath said in a release accompanying the results.

“These wins have been a core priority for ImmunoPrecise as we grow, which required substantive, strategic investments in our global infrastructure to attract, win and retain large pharma. Onboarding of these programs differs from our pipeline to date in terms of timing and workflow management.”

The CEO also said that while winning larger programs is a “significant positive,” the company is cognizant that short-term revenue recognition can be affected by the timing of project activity.

Bath assured shareholders that the company is working diligently to ensure that the larger programs are coupled with smaller, renewing projects to attain business continuity, thoughtful space and equipment utilization to increase profitability going into 2020.

The company, which offers a full-service therapeutic antibody discovery platform, narrowed its net loss during the period to C$1,363,000 compared to C$1,485,000 a year earlier.

Last month its subsidiary Talem Therapeutics inked a deal with Ligand Pharmaceuticals to access the latter’s OmniAb platform to use with Talem’s antibody discovery capabilities.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: ImmunoPrecise Antibodies Ltd

Price: 0.63 CAD

TSX-V:IPA
Market: TSX-V
Market Cap: $42.84 m
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