MISSISSAUGA, Ontario — August 14, 2025 — Leads & Copy — Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF), a life sciences innovator, manufacturer, and exporter, announced its third-quarter and nine-month results for fiscal 2025, ending June 30, 2025. The company reported a decrease in sales for both Antigens and QAPs™ in Q3, while YTD Antigens showed an increase, and QAPs experienced a decline YTD.
Q3 revenue decreased by 31% to $3,472,182, compared to $5,059,465 in Q3 2024. Antigen revenues fell by 44% to $1,832,134 due to reduced sales in China, attributed to fewer respiratory infections. QAPs revenues decreased by 9% to $1,516,344 due to the cancellation of test-development programs by a key customer. Royalties contributed $123,704, compared to $113,343 in the previous year.
The gross margin percentage for Q3 was 41%, down from 54% in the previous year. This decline was primarily due to a less favorable product mix and fixed manufacturing costs being spread across fewer units of production.
Operating expenses increased by 22% due to lower investment income, a favorable debt modification interest impact in Q3 2024, the absence of grant income, and incremental foreign exchange losses.
Microbix reported a net loss of $1,642,776 for Q3, compared to a net income of $246,746 in Q3 2024. Cash used in operating activities was $1,923,694, impacted by funds deployed into non-cash working capital accounts.
YTD revenue decreased by 22% to $14,841,048. Antigen revenues increased by 11% to $10,416,424, while QAPs revenues decreased by 25% to $4,007,645. Royalties amounted to $416,979.
The YTD gross margin was 56%, down from 63% in YTD 2024, mainly due to lower sales of a higher margin antigen product, decreased QAPs revenues, and the absence of Kinlytic revenues.
YTD operating expenses increased slightly due to higher investment in R&D projects, sales and marketing activities, the lack of current-year OTF grant income, and increased financing costs.
Microbix reported a YTD operating loss and net loss of $765,150, compared to an operating income and net income of $3,079,855 in YTD 2024. Cash used in operating activities was $164,240.
At the end of Q3, Microbix’s current ratio was 9.73, and its debt-to-equity ratio was 0.30.
Microbix will continue to drive sales growth while improving gross margins and bottom-line results. Management noted challenges for the second half of 2025 due to reduced sales into China.
Microbix held a webinar discussion of Q2 results on Thursday, August 14th.
Contact:
Cameron Groome, CEO
(905) 361-8910
Jim Currie, CFO
(905) 361-8910
Deborah Honig, Investor Relations
Adelaide Capital Markets
(647) 203-8793
ir@microbix.com
Source: Microbix Biosystems Inc.
