iX Biopharma also registered revenue growth in its specialty pharmaceuticals segment, mainly contributed by medicinal cannabis product sales and services. However, its nutraceuticals segment saw lower revenue y-o-y due to supply chain and logistics disruptions in Australia and China as a result of Covid-19.
On the back of the out-licensing revenue and the improved underlying business activity, the group recorded gross profit of $12.3 million, versus a gross loss of $0.38 million in FY2021.
Despite the revenue surge, the group reported a net loss of $4.6 million for the FY2022, 44% narrower than the $8.2 million net loss in the year before.
The net loss includes a $1.9 million net currency exchange loss from the depreciation of the Australian dollar against the Singapore dollar during the year, as well as a downward adjustment of $3.3 million in the fair value of the quoted equity shares in Seelos that the group had received as part payment for the Wafermine out-licensing deal.
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
Loss per share stood at 0.62 cent on a fully diluted basis.
Excluding the foreign exchange loss and the fair value adjustment, the group would have recorded a profit before tax of $1.1 million.
As at June 30, cash and cash equivalents stood at $12.9 million.
Shares in iX Biopharma closed at 16.4 cents on Aug 22.
