BIONIK laboratories reports fiscal 2022 Q1 results

BIONIK Laboratories Corp, a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today reported financial results for its first quarter of fiscal year 2022, for the period ended June 30, 2021.

“The growing revenue trend that we had in the last quarter of fiscal 2021 continues into the first quarter of fiscal 2022. Our commercial pipeline continues to grow and we are seeing continued traction in our distribution channels. This growth is driven by our InMotion® robot sales in the U.S. as well as our InMotion Connect® digital solutions sales from one of our strategic partners,” said Rich Russo, Chief Financial Officer and Interim Chief Executive Officer. “With our recent announcement of our $5 million capital raise financing, coupled with our 160% increase in revenues over the same period in the prior year, BIONIK is well poised to move the ball forward with its strategic initiatives and execute on its operating plan.”

First Quarter Financial Results:
First quarter total revenues increased 160% to $0.7 million, compared with $0.3 million for the quarter ended June 30, 2020, driven by an increase in the units sold in the first quarter ended June 30, 2021 as compared to the quarter ended June 30, 2020.

First quarter gross profit increased to $0.5 million, compared to $0.2 million for the quarter ended June 30, 2020. The increase is due to the increased number of units sold from the quarter ended June 30, 2021 as compared to the quarter ended June 30, 2020. The overall gross margin was up from 75.7% for the quarter ended June 30, 2020 to 80.6% for the quarter ended June 30, 2021 as certain of our demonstration inventory was sold during the first quarter of fiscal 2022, which generally carry higher margins on revenues.

Total operating expenses were $1.3 million in the first quarter of fiscal 2022 compared to $2.2 million in the prior year first quarter, a decrease of $0.8 million, or 38%. This decrease was primarily driven by reduced headcount and reduced research and development programs coupled with reduced professional fees and services in general and administrative expenses.

BIONIK recorded a net loss of $0.5 million, or ($0.08) per diluted share, compared to a net loss of $2.0 million, or ($0.39) per diluted share, in the same period for fiscal 2021. On a non-GAAP basis, excluding the extinguishment of the PPP loan, share-based compensation expense, non-cash unrealized foreign exchange measurement gains and losses and the amortization of intangibles, first quarter net loss was $0.8 million, or a loss of ($0.14) per diluted share, compared with a loss of $1.6 million, or a loss of ($0.31) per diluted share, in the same period for fiscal 2021. Business Wire