MISSISSAUGA, Ontario, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX:MBX, OTCQX:MBXBF, Microbix®)), a life sciences innovator, manufacturer, and exporter, reports results for its third quarter and first nine months of fiscal 2024 ended June 30, 2024 ("Q3" and "YTD") with strong revenues, reflective of ongoing progress to increase sales from its diagnostic-test related ingredients and devices businesses and resulting in material net income for Q3 and YTD. Management DiscussionResults for Q3 show robust growth in sales of Microbix's test ingredients ("Antigens") and test quality assessment products ("QAPs™"), which were collectively up by 20% versus prior year. The resulting revenues of C$ 5.1 million led to net earnings and continue to set the stage for a record full-year fiscal 2024. Microbix believes sales growth will continue for Antigens and QAPs, alongside satisfactory progress of Kinlytic toward FDA re-approval and re-launch into the U.S. market. Quarter ending June 30, 2024 ("Q3")Q3 revenue was $5,059,465, a decline from Q3 2023 revenues of $5,530,152, due to $1,348,500 in Kinlytic license fees being recorded in Q3 2023 that were non-recurring. Antigen sales grew by 26% to $3,276,469 (2023 - $2,608,527), while QAPs grew by 15% to $1,669,653 (2023 - $1,456,905). Revenue from royalties decreased to $113,343 (2023 - $116,226). Q3 gross margin was 54%, up from Q3 2023 gross margins of 42%. Gross margins were primarily impacted by product mix and an increased weighting of Antigen revenues during the quarter. Operating and finance expenses in Q3 decreased by 10% relative to Q3 2023. Operating and finance expenses were down due to increased OTF grant income, lower IT implementation costs and a gain on debt modification relating to a favourable amendment to our FedDev agreement during the quarter. Increased sales in our Antigen and QAPs businesses and higher gross margin dollars led to an operating income and net income of $246,746 versus a Q3 2023 operating loss and net loss of $769,108. Cash provided by operating activities was $1,403,494, compared to cash provided by operating activities of $2,131,358 in Q3 2023. Period ending June 30, 2024 ("YTD")YTD revenue was $19,100,251, a 56% increase from YTD 2023 revenues of $12,250,547. Included were antigen revenues of $9,341,607 (2023 - $6,615,040), up 41% from last year. QAPs revenues of $5,317,486 were up 37% from YTD 2023 (2023 - $3,892,090), due to a significant increase in sales of our PTDx®, PROCEEDx® and REDx™ QAPs products. Revenue from royalties were $354,498 (2023 - $392,898). YTD revenues were also greatly influenced by the recognition of $4,086,660 in Kinlytic licensing milestone payments (2023 – $1,348,500). In summary, our YTD 2024 sales growth result has been driven by Kinlytic licensing revenues and significant growth in both our Antigens and QAPs businesses. YTD gross margin was 63%, up from 49% in 2023, primarily due to the impact of Kinlytic licensing revenues and stronger Antigen and QAPs revenues. Operating expenses YTD increased by 9% relative to YTD 2023, principally due to US$ 500,000 in investment-banking fees related to our Kinlytic licensing agreement that were absorbed into G&A in accordance with IFRS accounting practices. In addition, YTD costs reflect the ongoing costs of our IT systems which began in the latter half of fiscal 2023 and amortization relating to the reversal of the impairment of the Kinlytic intangible asset, which began at the end of fiscal 2023. Our financing costs were reduced by a gain relating to a favourable amendment to our FedDev agreement during Q3. Overall, strong YTD revenues and stronger margins led to an operating income and net income of $3,079,855 versus a YTD 2023 operating loss and net loss of $2,036,756. Cash provided by operating activities was $3,581,689, compared to cash provided by operating activities of $361,635, in YTD 2023, with much of the change coming from our increased operating income. At the end of Q3, Microbix's current ratio (current assets divided by current liabilities) was 6.62 and its debt to equity ratio (total debt over shareholders' equity) was 0.35, both measures having improved from the prior year third quarter (Q3 2023) and the preceding fiscal year end (Q4 2023). FINANCIAL HIGHLIGHTS                     Three months ended   Nine months ended For the three months and nine months ended   June 30, 2024   June 30, 2023   June 30, 2024   June 30, 2023 Total Revenue   $ 5,059,465     $ 5,530,152     $ 19,100,251   $ 12,250,547                     Gross Margin     2,748,054       2,342,885       11,941,355     6,056,140