Business
BIONIK Laboratories’ Fiscal Year 2020 Q1 Financial Results Feature 57% Increase in Sales
BIONIK Laboratories’ Fiscal Year 2020 Q1 Financial Results Feature 57% Increase in Sales.
About this update from Bionik Laboratories Corp.
[{"type":"text","content":"\nBIONIK Laboratories Corp. (OTCQB:BNKL) (\"BIONIK\" or the \"Company\"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, yesterday announced financial results for its first quarter of fiscal year 2020, ended June 30, 2019.\n\n\nFinancial highlights for the first quarter of fiscal year 2020 ended June 30, 2019 and recent weeks include:\n\n\n\nSales increased to $790,379 for Q1 2020 compared to $501,333 for Q1 2019.\n\n\nMargins increased to 57.5% in Q1 2020 from 49.5% in Q1 2019.\n\n\n\nCorporate highlights for the first quarter of fiscal year 2020 ended June 30, 2019 and recent weeks include:\n\n\n\nCompleted the sale of three InMotion™ Arm therapy robots including the recently released InMotion™ Arm/Hand system to Bionik (China) Medical Technology Co. Ltd. as part of the progressive implementation of our joint venture which we entered into in 2017 and sold five InMotion™ robots to U.S. customers\n\n\n\nManagement Commentary\n\n\nCommenting on the quarter, Dr. Eric Dusseux, M.D., BIONIK’s Chief Executive Officer, said, “\"I am very pleased with the excellent progress we made in the U.S. with our next-generation system offering enhanced functionality to support clinical rehabilitation of stroke survivors and those with mobility impairments due to neurological conditions. During last year’s second fiscal quarter we shipped three InMotion™ Arm therapy robots to our 2017 joint venture, BIONIK (China) Medical Technology Co., Ltd., and we matched it this quarter by also shipping it three InMotion™ Arm/Hand therapy robots. The robots will be used for testing to support State Drug Administration approval in China. We are very excited by this progress and hope that we will be able to address rehabilitation for the 2.4 million new stroke patients each year in China. Beyond the clinical InMotion™ line of products, through our development program, we also look forward to penetrating the at-home markets in the U.S. and abroad in the future.”\n\n\nBIONIK continues to expect to achieve the following milestones during fiscal year 2020:\n\n\n\nContinue to expand sales channels in North America and abroad.\n\n\nFurther develop InMotion™ robotic products to serv...