Business
BIONIK Laboratories Reports Fiscal 2022 Q1 Financial Results
BIONIK Laboratories Reports Fiscal 2022 Q1 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 first quarter of fiscal year 2022, for the period ended June 30, 2021.\n\n“The growing revenue trend that we had in the last quarter of fiscal 2021 continues into the first quarter of fiscal 2022. Our commercial pipeline continues to grow and we are seeing continued traction in our distribution channels. This growth is driven by our InMotion® robot sales in the U.S. as well as our InMotion Connect® digital solutions sales from one of our strategic partners,” said Rich Russo, Chief Financial Officer and Interim Chief Executive Officer. “With our recent announcement of our $5 million capital raise financing, coupled with our 160% increase in revenues over the same period in the prior year, BIONIK is well poised to move the ball forward with its strategic initiatives and execute on its operating plan.” \n\nFirst Quarter and Recent Corporate Highlights:\n\n\nFive units were shipped during the quarter contributing to 160% growth from the prior year’s quarter revenues\n\n\nThe Small Business Administration (“SBA”) has allowed for forgiveness of the Company’s PPP Loan and interest of $0.5 million in May 2021\n\n\nBIONIK continues to advance its machine learning predictive model with its partnership with Bitstrapped and is also connecting with other partners to enhance some of the technical areas of the prototype\n\n\nOn a GAAP basis, our operating expenses decreased $0.8 million or 38%, due primarily to the reduction of our head count as well as decreased professional fees within our general and administrative expenses\n\n\nBIONIK recently consolidated its existing debt of $3.2M and closed on a $5M capital raise, all of which will convert to common stock on March 31, 2022 at a price of $9.50, showing the confidence of our new and existing investor base\n\n\nFirst Quarter Financial Results:\n\nFirst quarter total revenues increased 160% to $0.7 million, compared with $0.3 million for the quarter ended June 30, 2020, driven by an increase in the units sold in the first quarter ended June 30, 2021 as compared to the quarter ended Jun...