ImmunoPrecise Antibodies reports Q2 EPS (10c), consensus (10c)

Reports Q2 revenue $6.2M, consensus $4.31M…Liquidity: $6.1M of total cash, cash equivalents and marketable securities, with a reduced cash burn of $0.7M for FY24 Q2, compared to cash burn of $1.6M for FY24 Q1. “We report our third consecutive quarter of record revenue, reflecting both existing and new customers’ needs for our end-to-end support of antibody discovery through development, designed to reduce risk, cost and time. Our laboratory’s B Cell Select platform, as well as our manufacturing facility with its expanded capacity, continue to experience strong growth. Additionally, we have reduced our cash burn from $1.6 M FY24 Q1 to $0.7M in FY24 Q2, reflecting the impact of our revenue growth and strategic cost cutting while we continue to invest in capabilities to support our clients. Our subsidiary, BioStrand, recognized early revenue from LENSai-driven client programs and continues to progress towards the next phase of the launch of their LENSai portal and Software as a Service SaaS platforms. With our Talem assets, we remain committed to our strategy of driving revenue through out-licensing opportunities and are pleased to provide an update on the Talem asset highlighted in September’s earnings call, as we have recently received and executed a Letter of Intent to engage in a Material Transfer Agreement MTA for this asset. We also continue to leverage Talem’s strategic partnerships, which are contributing to our contract research revenue and generating new client opportunities for BioStrand,” said Dr. Jennifer Bath, CEO of ImmunoPrecise Antibodies.