Business
BIONIK Laboratories Reports Fiscal 2021 Q3 Financial Results
BIONIK Laboratories Reports Fiscal 2021 Q3 Financial Results.
About this update from Bionik Laboratories Corp.
[{"type":"text","content":"\nBIONIK Laboratories Corp. (OTCQB:BNKL), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today reported financial results for its third quarter of fiscal year 2021, ended December 31, 2020.\n\n“We believe we have made tremendous progress in the most recent quarter in the further digitalization of our company, highlighted by a 14% growth in our revenue from the prior year period. This growth is driven by our InMotion Connect® digital solutions sales from one of our strategic partners, and a key shipment to our distribution partner in South Korea, as we continue to penetrate the Asian markets,” said Dr. Eric Dusseux, Chief Executive Officer, BIONIK. “Our R&D team continues to see positive results with the data we are collecting in the cloud from our technology, allowing us to develop further InMotion Connect® digital solutions and explore new AI solutions.”\n\nThird Quarter and Recent Corporate Highlights:\n\n\nShipped an InMotion ARM® unit to our distribution partner in South Korea for installation in a prestigious local hospital.\n\n\nOn a GAAP basis, our operating expenses increased $5.9 million or 188%, associated with the impairment of our goodwill and other intangible assets.\n\n\nOn a non-GAAP basis, excluding the impairment and amortization of intangibles, third quarter operating expenses decreased by $1.2 million, or 40%, from the prior year period as we continue to drive our costs down in navigating the effects of the global pandemic.\n\n\nBIONIK’s R&D team continued to see success as it sees increases in the rehabilitation healthcare data it’s collecting, allowing the company to continue developing and customizing its InMotion Connect® digital solutions, and enabling us to explore new artificial intelligence solutions.\n\n\nAppointed Rich Russo Jr. as BIONIK’s new Chief Financial Officer.\n\n\nThird Quarter Financial Results:\n\nThird quarter total revenues increased 14% to $180,000, compared with $158,000 for the quarter ended December 31, 2019, driven by subscription revenues from our InMotion Connect® product and our product shipment to South Korea.\n\nThird quarter gross profit increased to $171,000, compared to $14,000 f...