BIONIK Labs, a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, reported financial results for the first quarter of fiscal year 2023, ended June 30, 2022.
First Quarter FY 2023 Highlights
- BIONIK Labs’s sales pipeline remains at the highest levels in corporate history.
- Began working on an at-home therapy web app, an extension of our InMotion device, designed to replicate its ability to facilitate therapy and collect accurate motion data in a patient’s home.
- Revenue was $0.2 million for the first quarter of fiscal 2023 compared to $0.7 million for the first quarter of fiscal 2022, a decrease of 64%, primarily due to two units sold in the current period compared to five units sold in the prior year period.
- On a GAAP basis, total operating expenses increased 15% to $1.5 million, primarily due to ongoing increases in sales and marketing and R&D investments, partially offset by a decrease in general and administrative expenses.
- On a GAAP basis, the net loss was $1.4 million, or $(0.20) per diluted share, for the first quarter of fiscal 2023, compared to a net loss of $0.5 million, or $(0.08) per diluted share, for the first quarter of fiscal 2022. On a Non-GAAP basis, the net loss was $1.3 million, or $(0.19) per diluted share, for the first quarter of fiscal 2023, compared to a net loss of $0.8 million, or $(0.14) per diluted share, for the first quarter of fiscal 2022.
- In early June, the Company raised $0.5 million in new capital from existing investors. Cash and equivalents totaled $1.3 million at June 30, 2022.
Rich Russo, Chief Financial Officer and Interim Chief Executive Officer, BIONIK Labs, commented, “Bionik is starting fiscal 2023 with a good first quarter; we shipped two units, one more than the fourth quarter of fiscal 2022 and with our strong pipeline, we believe that we are poised to ship more units in fiscal 2023 than we shipped last year. At the same time, we are continuing to invest in targeted sales and marketing initiatives to expand our distribution channels and commercial footprint in the U.S. and internationally while also controlling non-revenue related expenses. During the first quarter, we raised $0.5 million from existing investors, underscoring their confidence in Bionik’s outlook for growth and enabling us to explore various strategic growth initiatives.”
First Quarter FY 2023 Financial Results
Total revenue for the first quarter was $0.2 million compared with $0.7 million in the first quarter of fiscal 2022. Two units were sold in the current first quarter period compared to five units sold in the year ago period. Subscription revenue increased by 14% and active subscriptions now total 28.
Gross profit was $0.2 million, a decrease of 69% from $0.5 million in the first quarter of fiscal 2022. The gross margin was 69% compared to 81% in the prior year period. The decrease was due to less units sold in the current period as well as the sale of certain demonstration inventory in the year ago period, which carry a higher margin.
Total operating expenses were $1.5 million, an increase of 15%, compared to $1.3 million in the first quarter of fiscal 2022. Sales and marketing expenses increased by 71% to $0.6 million for the current period, primarily due to continuedinvestments in commercial and marketing initiatives. Research and development expenses increased 109% to $0.4 million due to increases related to our collaboration with Bitstrapped, a Google-cloud platform partner, on our at home therapy web app to facilitate therapy and collect accurate motion data in a patient’s home. General and administrative expenses decreased by 28% to $0.6 million resulting from a focus on cost containment.
The net loss was $1.4 million, or ($0.20) per diluted share, compared to a net loss of $0.5 million, or ($0.08) per diluted share, in the same period for fiscal 2022. Weighted average basic and diluted shares outstanding were 6,879,554 and 5,701,815 for the first quarter of fiscal year 2023 and 2022, respectively.
On a non-GAAP basis, excluding share-based compensation expense, foreign exchange loss and costs associated with the amortization of intangibles and the extinguishment of debt in the prior period, the first quarter net loss was $1.3 million, or ($0.19) per diluted share, compared with a net loss of $0.8 million, or ($0.14) per diluted share, in the same period for fiscal 2022.
[Source(s): BIONIK Laboratories Corp, Business Wire]