BIONIK Laboratories Announces Fiscal 2020 Financial Results
BIONIK 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.
Financial highlights for the fiscal year 2020 and recent weeks include:
Corporate highlights for the fiscal year ended March 31, 2020 and recent weeks include:
Commenting on the 2020 fiscal year, Dr. Eric Dusseux, BIONIK's Chief Executive Officer, said, "Over the past two years, BIONIK has reimagined its portfolio of products, software, and data-management solutions. In the last year, the launch of an improved Graphic User interface for our InMotion® products, and now the launch of InMotion ConnectTM in June 2020 improved greatly the interest in BIONIK's suite of products but delayed some strategic account opportunities, given their decision cycles. Although BIONIK put in place a Business Continuity Plan to assure a minimal impact to our customers and our business partners, the COVID-19 pandemic impacted negatively the sales during our last quarter. BIONIK shipped several units during this quarter and donated one InMotion® robotic system to Einstein Healthcare Network's MossRehab for use in its new pioneering COVID-19 rehab unit. Additionally, we successfully installed for one of our U.S. clients our recently launched cloud-based data solution platform InMotion ConnectTM, the single platform that can be accessed anywhere, anytime, and helps increase technology adoption due to convenience and ease-of-use for the clinician, hospital management and headquarter teams. This is a new step for BIONIK in providing powerful data solutions to improve neurological rehabilitation."
BIONIK continues to expect to achieve the following milestones during fiscal year 2021:
Sales for the fiscal year ended March 31, 2020 were $2,153,354, compared with $3,246,038 for the fiscal year ended March 31, 2019. The decrease reflects the sale of 17 InMotion® robots for the fiscal year ended March 31, 2020 compared to 33 InMotion® robots during the fiscal year ended March 31, 2019. In addition, deferred revenue, comprised of training to be provided and extended warranties, increased to $616,063 at March 31, 2020 from $467,778 at March 31, 2019. Extended warranties and training are important and growing parts of the Company's business.
Gross margin for the fiscal year ended March 31, 2020 was $1,259,980 or 58.5%, compared to $1,615,872 or 49.8%, for the fiscal year ended in March 31, 2019. The high gross margin percentages reported for the fiscal year are due to efficiencies in the Company's outsourced manufacturing of its InMotion® robots.
The Company reported a comprehensive loss for the fiscal year ended March 31, 2020 of $(25,016,497), or a loss per share of $(5.61), compared with a comprehensive loss of $(10,556,601), or a loss per share of $(4.47), for the fiscal year ended March 31, 2019. The higher loss is principally due to impairment losses from a write-off of goodwill of $11,222,291 and technology and other assets of $2,700,540.
BIONIK had cash and cash equivalents of $2,269,747 as of March 31, 2020, compared with $446,779 as of March 31, 2019. The Company's working capital surplus was $626,923 as of March 31, 2020, compared a surplus of $479,408 as of March 31, 2019.
About BIONIK Laboratories Corp.
BIONIK Laboratories is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and three products in varying stages of development.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of robotic rehabilitation products and other Company products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, pipeline of potential sales, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the inability to meet listing standards to uplist to a national stock exchange, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the impact on the Company's business as a result of the Covid-19 pandemic, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.
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