Business
BIONIK Laboratories Reports Second Quarter Fiscal Year 2022 Financial Results
BIONIK Laboratories Reports Second Quarter Fiscal Year 2022 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 the second quarter of fiscal year 2022, ended September 30, 2021.\n\nSecond Quarter FY 2022 and Recent Corporate Highlights\n\n\nCompleted capital raise totaling $5 million in July 2021, plus the consolidation of $3.3 million in debt.\n\n\nSignificant growth in key performance indicators - such as patient sessions, session duration, patient treatment time, and repetitions of InMotion® technologies - was reported since the launch of the InMotion Connect™ proprietary data platform last year. This includes a 72% increase in patient sessions on InMotion® robotic devices nationwide.\n\n\nBIONIK’s sales pipeline has begun to expand with the lifting of COVID-related restrictions around the country enabling increased customer engagement.\n\n\nEntered into an agreement to begin the second phase of the data pipeline build out with BIONIK’s Google-Cloud Platform partner, BitStrapped.\n\n\nRevenue was $0.2 million in the current period versus $0.3 million in the second quarter of last fiscal year, a 22% decrease primarily due to product and distributor sales mixes.\n\n\nOn a U.S. GAAP basis, total operating expenses decreased nearly $0.6 million, or 33%, primarily driven by lower general and administrative and R&D expenses, offset by higher sales and marketing expenses.\n\n\nRich Russo, Chief Financial Officer and Interim Chief Executive Officer, commented, “In the fiscal second quarter, BIONIK continued to advance on many fronts. We’ve been building a strong pipeline that reflects a re-start of our sales and marketing programs as well as some creative new financing solutions designed to lessen the impact of a long sales cycle. We’ve also begun to expand our relationship with BitStrapped to further develop our machine learning and artificial intelligence capabilities. We completed a capital raise in July, which added $5 million in new capital to our balance sheet. BIONIK now has a stronger financial foundation, with $4.8 million in cash and no long term debt.”\n\n“For the quarter, our revenue decrease resulted from product and distribu...