Home Capital Results

iX Biopharma reports loss for FY2022 despite eight-fold rise in revenue

Felicia Tan
Felicia Tan8/23/2022 08:57 AM GMT+08  • 2 min read
iX Biopharma reports loss for FY2022 despite eight-fold rise in revenue
The revenue surge was mainly driven by the upfront payment received from the group’s Wafermine out-licensing deal with Seelos Therapeutics.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Specialty pharmaceutical company iX Biopharma has reported revenue of $14.4 million for the FY2022 ended June, an eight-fold, or 725% increase from its FY2021 revenue of $1.7 million.

The revenue surge was mainly driven by the upfront payment received from the group’s Wafermine out-licensing deal with Seelos Therapeutics, Inc. in November 2021.

iX Biopharma also registered revenue growth in its specialty pharmaceuticals segment, mainly contributed by medicinal cannabis product sales and services. However, its nutraceuticals segment saw lower revenue y-o-y due to supply chain and logistics disruptions in Australia and China as a result of Covid-19.

On the back of the out-licensing revenue and the improved underlying business activity, the group recorded gross profit of $12.3 million, versus a gross loss of $0.38 million in FY2021.

Despite the revenue surge, the group reported a net loss of $4.6 million for the FY2022, 44% narrower than the $8.2 million net loss in the year before.

The net loss includes a $1.9 million net currency exchange loss from the depreciation of the Australian dollar against the Singapore dollar during the year, as well as a downward adjustment of $3.3 million in the fair value of the quoted equity shares in Seelos that the group had received as part payment for the Wafermine out-licensing deal.

See also: Banyan Tree announces improved earnings in business update

Loss per share stood at 0.62 cent on a fully diluted basis.

Excluding the foreign exchange loss and the fair value adjustment, the group would have recorded a profit before tax of $1.1 million.

As at June 30, cash and cash equivalents stood at $12.9 million.

Shares in iX Biopharma closed at 16.4 cents on Aug 22.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.