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BIONIK Laboratories Announces Fiscal 2020 Financial Results
BIONIK Laboratories Announces Fiscal 2020 Financial Results.
About this update from Bionik Laboratories Corp.
[{"type":"text","content":"\nBIONIK Laboratories Corp. (OTCQB:BNKL) (\"BIONIK\"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced financial results for the fiscal year ended March 31, 2020.\n\n\nFinancial highlights for the fiscal year 2020 and recent weeks include:\n\n\n\nReported sales of $2,153,354 for the fiscal year ended March 31, 2020.\n\n\nIncreased sales of service contracts and warranties, which are building a deferred revenue base for consistent future service revenues, representing $616,063 for the fiscal year ended March 31, 2020, a $148,285 increase from fiscal year 2019.\n\n\nIncreased margin of 58.5% for the fiscal year ended March 31, 2020 compared to 49.8% for fiscal year 2019, primarily due to efficiencies in outsourced manufacturing.\n\n\nLaunched new offering of up to $7 million in convertible loans to be converted no later than March 31, 2021.\n\n\nRaised $70,000 in convertible indebtedness in the new offering during fiscal year 2020 and approximately $1,502,569 has been committed or received subsequent to fiscal year-end.\n\n\nReceived a loan of $2,000,000 from a major shareholder with a maturity date of March 2022 or at the option of the loan holder can be converted in common stock of the Company.\n\n\nReceived a loan of $459,912 pursuant to the Paycheck Protection Program under the U.S. CARES Act. The Company intends to apply for forgiveness for all or a portion of the loans in accordance with applicable law.\n\n\n\nCorporate highlights for the fiscal year ended March 31, 2020 and recent weeks include:\n\n\n\nOn June 25, 2020, launched InMotion Connect™, a cloud-based data analytics solution, which combines real-time robot data with deep expertise of BIONIK’s clinical specialists to partner with each clinic, promoting robot utilization, supporting clinician engagement, and enhancing patient care by providing contextual and relevant data to reach hospital clinicians and management teams when it matters the most.\n\n\nReceived regulatory approval in January 2020 from the South Korea Food and Drug Ministry for the Company's InMotion® ARM; days later the Company's exclusive distributor in South Korea reported its first sale of the InMotion® ARM to SeoSung Rehabilitation Hospita...