Earnings call transcript Q1 2024

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Operator

Good morning, ladies and gentlemen. Thank you for joining us today for IPA's Earnings Call covering the First Quarter of Fiscal Year 2024. I am Julianne, and I have the privilege of hosting this call.

Before we commence, I would like to draw your attention to the fact that our discussion today may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from what we express or imply. to for filings these a uncertainties. you and the risks encourage Commission Exchange comprehensive strongly review with our Securities and We discussion of remains and legal only IPA mandated complying forward-looking as update statements requirements law. by to committed will with

trends as financial particular and today's non-GAAP business the accompanying be to performance. our comprehending allows IPA's assist comparisons investors in Adjusted as presentation During well of different in in we for over slides, meaningful periods. analysis call will in EBITDA conference measures employing business and analysts

For non-GAAP EDGAR a analysis please managements of detailed section explanation and SEDAR. and and measures refer reconciliation these discussion on measures, to GAAP filings of our to

who results. to the would Now without to I further overview floor pass ado, of our provide will an Jennifer quarterly IPA's like Bath, over CEO, Dr.

Jennifer Bath

Thank our and Julianne, a this welcome to like morning, joining call. of I'd earnings morning heartfelt everyone. us you, Great. for you all on to extend good

and ImmunoPrecise Your time always, deeply valued. in is Antibodies your interest, as

The we inception direction strategy. as Global have Market. posed a more with This renewed hurdles, for aren't adjustments. legacy profound our unified defining our transformative the our NASDAQ diverse team platform, from for to management growth. challenges past transition pivotal B-cell driving acquisitions our path and two our and the is and expanding as IPA. changes support as be of our They investors. The these initiated have our temporary unwavering to strength a have strategic in we our resurgence These quarters will our evolve and be Despite to merely company, that resilient mark significant charted

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and to the To quarterly back-to-back second report positive had for of record revenue. our a challenges have our I'm quarter specific, grew revenue year-over-year. consolidated faced, we pleased establishing financial very demonstrating be Despite revenue quarter, that a new XX.X% we record

facilities, its In impressive newly of saw strategic XX% make demonstrating expanded use we of our facility year-over-year. protein addition, an growth manufacturing

income year, we to taxes of before significantly QX was expand shortly, with As last compared revenue of million. approximately will on met our difference net a record $X when higher

quarter back-to-back trend. positive Another

continued our mark the robustness believe in million our happy is We We sciences as that slowed state and These life committed general. to are quarter presented this in the to quarterly burn contract a CADX.X the team results headwinds to this that research lie face hopeful market success our of are in we first growth within that the testament in value challenges of have that Lastly, of remain the to our to resilience delivering and services. opportunities now our as ahead. well dedication shareholders about management quarter.

by members to the our management. We on shareholders strategic and new are being to our new update that valued integral are vision and developments Board two promising significant excited tracked

have the move position it ongoing the investors we embark U.S. offering, that our strategic to on move our financial for and greatly vision. of of we We the these makes shelf IPA markets. successful and F-X steps as securities our U.S. our effort to capital easier allows new unified will a stage strengthen believe set that journey. shareholders benefit strategic invigorated for to filed us access This First, action SEC with a for attract an us is form register and implementation part this

Thank today. performance you for again look this our our during more about sharing once details us forward call. We to plans joining and

microphone business Duplantis now client for development. over to on Dr. turn Barry the updates I'll relations and

Barry Duplantis

you, Thank Yes. Jennifer.

fiscal our XXXX the year-end sales XXXX revenue fiscal during earnings XXXX recent year diligent initiatives are bearing call, fiscal now our fruit figures. discussed efforts As of in

QX remarkable select exceptional services this and expression propelled of in We growth XX.X% And industry-leading are a performance again, platform. by growth protein revenue. our delighted predominantly has to our been report once year-over-year B-cell

yielded highlight our Moreover, results a earnings recurring again. on has our is sales exceptional once discussions, focus of which orders,

in as significant which a attributed to the of of We observed primarily highest have an XX%, in performance QX increase history. sales June, outstanding month IPA year-over-year stands the

to orders substantial with of marking The trend continued compared represented In an positive surge million of sales fiscal sales into July terms, fiscal $X.XX of June year $X.XX XXX% reaching over July XXXX. XX% XXXX. million, year impressive increase June orders specific a

and financial level by in the revenue future We remind to sales our discovery This BioStrand-base new integrated seamlessly antibody of confidence trajectory. upcoming protein provide audience, These this strategic growth participation step. momentum prospects, the like a to well alignment are excellent our orders composed in driven and bypass of high wet as conferences. robust combined discovery also our fall the us of our to positions primarily silico fee-for-service capabilities. in I'd showcase the this platform sustain programs conferences maintain lab majority expression will an of programs

wet As silico for our are wet in is between the discussed analysis during previous currently We output phase, the evaluation final of compiling completed calls, BioStrand BriaCell the compromising and of reporting BriaCell. and partnership earnings its the in to the data lab work. lab

like to And over hand with to Scientific Chief it our I Officer. would that,

Ilse Roodink

into and ongoing you research strategic pleased advancements Thank initiatives Yes. all. our recent morning, you, with I'm Barry. delve Good everyone. to

particularly Over past the due methodologies. therapeutic our lab our synergy honed techniques we quarter, the have service early computational fusion emphasizing is and This phases of development. the to pivotal packages, between

cost-effective analytics, While and more potentially traditional methods have us for streamlined above leverages served and data aiming our algorithms a well, evolved process. approach

infrastructure manage Our and efficiently allows for to multiple us clients. amplifying concurrently projects seamlessly value the our potential

showcase We power gearing the and derisked technology to up are computational research form high-quality synergistic of selection to laboratory the functional antibodies. of

Development this the Biologics track the During at AI the Basel October. speaker presentation and computational Presentation in Festival of Discovery in and

epical risk alongside by of elucidating billing key lead integration technologies optimize augmented This prediction of silico services. therapeutic European in and the accelerate leaders we collaborative fine-tuned BioStrand, into hubs, service interacting this, thought our have laboratory we hands-on our touring cynical with and stride nomination a will Alongside for and AI-driven and In latest capabilities computational identification with spectrum platforms. offerings be lab of our industry target screening solutions. assessment encompasses services developed well-respected to with

Our scientific commitment remains unwavering continually adapt we as landscape. the to dynamic

expedited but leap these way a method, taken This potential robotized have only for paves enabling the individual also responses. on B-cells forward. not technology treatments unique discovery functionalities. based We've that electrification B-cell also regulate of precise Our incorporated cellular their automation process,

We are of share to Biologics Basel. in the at these Festival eager insights

has cater a been method poised tackle an molecules. automation, novel demand. on production integrity been the purification This consistent our burgeoning we is Utrecht. at ensuring of of with trajectory, expertise, facility to this, ensuring sector and Complemented To our in accelerating our are the integrates we structural high-quality Bispecific refining challenge bispecific. have technique persistent

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of journey growth aspire accelerated industry is technological realm by on biotherapeutic AI-driven and trendsetters a Our thorough characterized naval by pose development. our adaptation trends the to in be harnessing keeping expertise and

now turn to to updates on will the IPA. I Dr. operational provide Bath some Jennifer microphone over

Jennifer Bath

heart of in its to some wet you integration you progress, Great. operational much, our Thank particular. our is with share I'd into AI intelligence our At capabilities, updates, like to enhancing capabilities. the lab artificial our Ilse. and today in particular around commitment our so

technology, have you've We strategy patented the that leverages in a much and call. revenue developed of quarterly unique of earnings previous what heard the power about our

focuses strategy on with silico or laboratory renowned our our in combining This services digital services.

alone are new and to we that both First, in our stand value to and digital services immense that to programs. proud addition offer mention existing

Cambridge to on-site a period We truly Boston month. new for excited are at end showcase long services week approximately the at this these of corporations throughout distinguished and and

antibodies. the say multiple effectiveness secured to we characteristics, our platform, to features new utilizing capabilities, recently platform of regard we've and predicting projects as excited With of are that such safety

antibody of now value can features part we've the Given these add made development, a at offering. various our standard stages of of service them

countless our with on consistent analysis paid digital on. quickly IPA for other screen antibodies has our clients this in-depth and This analysis helps focused several already clinical very decisions with actionable antibodies informed also a clinical strategies. paving assessing clients a now in proteins, employs way area, revenue the provide completed and our We reports. of their make BioStrand early can risks projects partners. novel about potential

our Lastly, to feature LENSai we introduce are in platform. groundbreaking thrilled a

some such proprietary transparency in broad cutting-edge and advanced cover us combination language range dialogue answer of as allows or can nature in of the life and This a very with the be of with of precision user. boasting and ChatGPT. questions and Now type the LENSai breakthrough large The be by most function they and specific general accuracy to either questions can of sciences speed ChatGPT. models, neuro-symbolic challenging our unparalleled the engine a

We've already clarity this service research, ensures out Our with early need we unique science approach and demonstrated are validation and and internal industry's precision rolling explainability. speak. we addresses for as accuracy both the and life

like Financial from more call to Officer, you Brad quarter. Chief to over McConn, to give financials I'd our the insights our first into now turn this

Brad McConn

Thank I'll our overview end provide financial our year financial of results of of on you, as and position an for touching morning, the the Jennifer, before period. good everyone. the

Canadian referenced reminder, otherwise in all I noted. dollars, are numbers As unless a

a and XXXX, and we increase As XX.X% Both sites the total XX, mentioned, year. revenue three production impressive our results million $X.X select during ended of months IPA protein quarter XX.X% Victoria last with growing during realized period XX% our and recorded compared respectively. the Utrecht year-over-year, B-cell to platform July the same

Gross the of profit for million, $X.X an totaled increase quarter the prior million year. compared to $X.X

totaled fiscal as profit in margin the XX.X% XX.X% $XX.X XXXX. to last during period to was Operating gross million While year. in compared million compared QX expenses same $X

year. with costs, payments totaled allocated to million, development, development XXXX. significant expenses antibody expenses in during in expense. compared million and was QX is on fiscal as to in the development and to Research reduction salary and a related therapy $X.X decrease to This research that $X.X poly compared spend along a primarily million include million research last $X.X decrease to of combination share-based including Research $X.X

marketing during share-based in Expenditures QX advertising million million during marketing, the increase salary to million costs. of expenses to fiscal compared XXXX, along included totaled $X.X first including with sales small payments in prior the represents which quarter $X.X $X.X $XX,XXX that allocated was a year. costs, and Sales of and

during compared million million and expenses Increases company's interest million General during as and $X.X year. last leases. first in $X.X totaled administrative the same quarter salary recorded costs in the include period $X.X million to the $X.X on

decreased Finally, million. $X.X amortization intangibles of

of recorded location, the month intangibles our were of fully the the amortized acquisition in quarter. connection first the As with of in

three and income other during million XXXX. $X.X the recorded other of million compared IPA in during grant income $X.X to million exchange $X.X to loss foreign a first All million of million million XX, during $X.X the of income. told, of during compared fiscal in income, XXXX year. July other income included $X.X $X.X first recorded quarter ended of to last a on the interest Moving loss quarter loss. and in unrealized million XXXX net months IPA $X.X Other fiscal

a as $X.X July the compared to during decrease as million million quarters, XX, of year, Moving million of the during in during our $XX.X of balance was million mentioned, held last on sheet. finally, QX, to five If in of of April QX $X.X burn QX XXXX, has fiscal $X IPA $X.X million cash quarter. XXXX, million quarter. this look as QX. $X.X XX, I XXXX, last of $X our $X.X at we And million million

in cash used the period, activities operating $X.X During totaled million.

investing connection Along in million used a in lease acquisition. the with million in $X.X $X.X QBQ $X.X purchases in payments. investment B.V. in in million cash activities our While from and $X.X Cash million for of payment with sale deferred included in acquisition BioStrand equipment proceeds the used included financing activities Holdings

And it Q&A. with for turn I'll back that, Julianne to

Operator

Thanks, Brad.

and which conferences in ensure virtual would I the script from members past have investors. In any [Operator questions clearly the like covered any not analysts remarks, note content. the week, analysts want the and several already questions live addressed, closing IPA investor investors with be aloud reading were the and we for instances, adds those are in open day, questions management they to Instructions] Jennifer team. over we Of Before of to those to if floor this sent the numerous will

the first our Swayampakula ahead. go comes Wainright. H.C. from And on Ramakanth Please phone line from question

Your line is open.

Swayampakula Ramakanth

Jennifer. Good you. morning, Thank

couple a questions. So of quick

BioStrand Just coming for now what now. we material? had acquisition, more to at you I BioStrand BioStrand be that how also monetizing revenues year How it? when have BioStrand level, understand you a And a – are than high should expect from the to want

Jennifer Bath

your us, thank joining thoughtful you for questions. for and Thanks RK. Hi,

not end of So with the answering also regard call. been who all, us this earnings in at our year, recent earnings last may particular, most for question, to have the those with first of fiscal call,

to addition and milestones BioStrand reference some in that back monetizing for also with main the with fiscal along timelines like the where three first outline point gave I'll earnings year of and call pillars and revenue. that we

the also a we the have primary service are combined a wet summary RK, focused that services As here inform for of the rolling service is at our other you are revenue. and clients. that and short-term brief utilized on all these everything being we the as do, and That for of improve for LENSai the lab out. they're audience, heart these including for offerings AI pillars LENSai as offerings focus And we

organized for company's able using of LENSai, analytical to vision opportunity massive can for these stored present to analyzed and that again, being for SaaS science our costing utilizing data tools management be right them companies are amounts still and choose. they the life to insight of and again also that they without unparalleled and LENSai companies data longer-term model, handling the amounts managed at most We a a money be massive Also, just if giving them and and invaluable to now being which analysis. into actually use use the that data,

partnering for silico wealth BioStrand And that us a component the invaluable of because programs, discovery that with them they to for financial LENSai, in relationships program. in other additional for they data and forward this with the partner was with carry chooses payments, downstream partner that are but companies a us for a to to training provide with there opportunity opportunity or carry event insight also obviously BioStrand

a are this regard now available at at So showcase which going mentioned, been services output month, online those we end here starting a really presented the where I on very to we to are to shorter-term focused conference. date embarking as with these and companies services, have of into specifically

out understand there have noticed getting multiple offer few biotech that and pharmaceutical we companies to with large an we a services. interest how more midsized in companies compete these really But is and what companies

material for given of stream that from of seeing we We here. some with expect, that. have echoing But shared kind that of and a timeline when not we in interest. course, say the increase revenue what Duplantis We're has Dr. can things us that to back

both with orders. quotes queues convert see those then to on receiving sales executing to continue We groups to and

With with time, timelines for we're the some the us that to us probably the with the looks activities model, that did of that done to revenue give are around certainly SaaS trend commitments internally we So regard actual quite well. required XX really shorter-term investment to regard regard to looking the SaaS on can BioStrand offering for be at launch as XX those model. Most in for a of months by service good.

Software-as-a-Service. really in course, a we with and for profit So margins official opportunities massive for associated see those want are that offering launch of but where major and we shift are that that, of in increase management, who revenue a around potential clients the organization the

XX So regard the we believe revenue. with in call how to we that have we're and was BioStrand looking really could we earnings fiscal trajectory what outlined to regard five-year year at for much and the the XX there of market corner around months what really to meant with

So hopefully that question, your answers RK.

Swayampakula Ramakanth

quick I question. have one

So understand you than talking least or silico that recently at an understand actually if providing, give or as is are you so are ability getting HYFT that of which what project you're can what I'm in a used screening very you just example us that about of based to what sort this? is platform. it, something trying the you there just provide? to we what better as capability And inquiries on

Jennifer Bath

Yes, absolutely.

quickly companies response in of platforms. to on interest yes, previous have this the tie was that the as connected approach you, these into to turn getting start Boston also a that with that targeted start say making of we've I Barry just statement to see So I'll maybe I produced lot but actual yes, real in to this into – to but a going these data – sure over lot I'll that that many we that specifically been wanting is the of area, well

Absolutely, over Relations Barry receive. definitely and turn Sales Head I to into insights inquiries those will to you give as it you Client further some of

Barry Duplantis

Okay.

gained of are we offering or have shortly addressed and in for cannot the programs and of that we're using based wet type HYFT based BioStrand we to this been getting increase off that biological general primary traction, not lab. have begin challenges type screening. technologies often of So The expecting revenue in are into successfully

platform where of Examples is looking in vitro guess, that programs or comes we're type are targets of in one are reagents. when where screening, in an of vivo looking they for easiest the situations or clients than ones differently stage to immunization I the the them an our that as platform here mind represented that for for the produce final we are

the So final between the be the final different. traditional is in to these gap – the lab has reagent quite techniques, wet and what product

So that to the that obviously target specifically confirmational final makes create antibodies it stage. difficult

a overcome. the based So of that's the lot screening inquiries are to platform is that's where and coming, designed HYFT what

Swayampakula Ramakanth

Thank Thanks Barry. for you, that.

Operator

RK. for you Thank your questions,

Our Capital, will disposition of annual the first Dr. written that from Benchmark change following be Kuo, non-election meeting? reads, how the and resignation Board? Wasserman who comes pending the what question of will is it With from or Robert current the the And Chairman?

Jennifer Bath

Great.

Okay. question. Wasserman thanks, Well, Robert that providing of all, to first for

we that it what and strategies start the all, So here think are in over that with to current the it's constructively ensure Board, very obviously, there line of I'd focus is together couple collegially to with highest first working the weeks very has company's last on that I priority. together, the of like transitioned really

on working of are the for the rejuvenation we actively Board that, to upcoming addition AGM. In

solutions. seasoned new have companies is focus steering and who establishing on Our professionals bringing excellence prosperous therapeutic in demonstrated pioneering in in

also position the focus for here reached. us. in have now decision NASDAQ-listed the departure our example a who Board deciding capital But Dr. of harnessing process is the And are Dr. keep that a real has of key of as power informed markets adeptly the us And as is good that. intelligence. following absolutely Kuo’s soon will companies. artificial anticipated chairperson as stakeholders for who guided still Springer, we of is individuals and A then that joined Mastering

Operator

order mentioned Thank for or you, on three? Is that you a provide annual $X.XX reads. the more XQ Can figure all million longer-term on report. or future Jennifer. the fee-for-service His quarterly that stat earnings a you sales combination question or info next of color

Barry Duplantis

one this Yes. I'll Thank you. again. answer

was to So fiscal orders the year fourth sales total the quarter reference of XXXX. the for

a topic specific associated significance, their derived recurring spending sales So these with revenue period. discussion. during from typically to while metric, that program our reiterate the initial the XX-month we as essential orders are sales project emphasize projections revenue sales And program's And IPA dependent that period. can future generated orders upon then up orders and down the by these It's of a or the progresses agreements XX from these a the clients actual program. from just sales work performance reliable a time recognizes to most projections. are obviously, they represent then forecasting that financial on are efforts ongoing vary within

earlier, that sales noted workflow its step. figures doesn't for So the I our necessitate IPA also too, orders as site encompass Utrecht Europe not that do financial

Operator

the R&D Thank Robert's reads. detail provide question type you, you programs? last relating internal versus to efforts R&D on number Barry. collaboration expense more Can

Brad McConn

sure. Yes,

could be I the a So which that When partner. expenditures offering. that the our our with can then really done on R&D of on and think of other purely fee-for-service advancement we we areas is either of focus or two main be Talem, spend, projects internal primary can And in about one. take have area

project, And we're so of gained there. the and certainly, couple probably the those R&D quarters stage as as our and weighted the portion much has spend significantly kind and today of reduced last Talem we've through our fee-for-service heavy assets of is of the progressed development towards R&D more of such, offerings. spend research advancement over And the

Operator

from questions the all are Robert. Those Brad. you, Thank

Will the wet to some lab does reads, work opportunity in And his silico change the and first is how & question CRO from to traditional Ingalls questions what have Snyder, work? that We for McHale from economics BioStrand convert IPA?

Barry Duplantis

answer again. this one I'll

discussion the point addressed discovery the that our wet has antibody haven't the been partners the allows in to tackle earlier successfully BioStrand So service with in terms lab, of aspects of biological our central as been problems offerings. of Q&A, in mentioned this us

view these lab replacement, to traditional at for as So foreseeable least than future. the wet additive we a opportunities work rather

being silico of That mitigation. of both integration it and context is applications. in dedicated the characterization in Ilse This and for compelling risk effort the of partners. between is the This highlighting antibody wet team and will the lab creates particularly attractiveness approaches seamless done said, strategy driving efforts worth the and in a our enhance and solution well

Operator

you, what Will's Thank the CRO that long-term vision is next reads, data for Barry. with fit question management platform? How the does business?

Barry Duplantis

this the Once antibody Priority prevented technical also again, for in I'll development on put development. the progress itself. management of tackle capabilities has But been us and BioStrand making data platform the at one. in analytical the has from development this discovery not

our capabilities the So streamlining our processing. wet own and crucial it's between that lab synergy data AI a element integration and reinforces the by

platform, for gaining with platform to while capabilities enhancing brings experience who access Clients on opportunities this organization suite themselves it we but available Moreover, can tools and with immerse to potential. ecosystem, advantages a engage upselling, platform. automatically This analytical in not clients the us multiple also revenue our the thereby of also our cross-selling only presents will management offer tools. and our data SaaS

Moreover, secure in our private it for enables represent and the to environment, utmost us clients. results confidentiality a ensuring

an support multiple options and engagement satisfaction. facilitates it experience, that interactive user presentation and enhancing client’s our Additionally, easy

Operator

Talem out-licensing? on Thank could question provide you, updates Barry. Will's any last reads, you

Ilse Roodink

are out bulk and to are this and as related development indicated, complete, research considered is our take licensing into This efforts the of Brett largely question. of Ilse. the Yes assets the happily. looking already we and options I shall Yes. Yes, the They

is for and seeking team licensing opportunities. of the in to We have process each, packages our compiled comprehensive be data active suitable

an note we And worth for it's Maybe one are program, programs, engaged, currently assay. this three conducting we of regarding last interested which process a party priority the the has in call. verification earnings Talem in of final the that here mentioned

Operator

Bath any and Thank call you all to the back for were join I you, turn over who concluding to will remarks. Ilse, Dr. us able now today. thank to

Jennifer Bath

Julianne. Wonderful. Thank you,

really the The As what I era think here. than the transformative quarters is of the and we of wrap and thing way And up Antibodies for embarking new past a not today's call, like instead, to on they've on have growth just we're ImmunoPrecise we'd one do journey paved earnings reflect transformation. deterred us. challenges

Our vision is sharpening.

undergoing refinement to and team and are continuous strength our strategies diversity. Our in continues expand

Barry esteemed with sharing underscores and Springer excellence. due are following the Dirk our anticipate unwavering commitment in our this to AGM. Witters shareholders insights course induction With Board, the process and evolving Buyse, currently our Chris We the honed vision, into being in of professionals our to which like of strategy

pivotal and robustness our navigate in but performance our as services have showcased potential. financial a our success. our quarter's to record achieving the to stands we've of face This the of capability and testament in to been this strategic resilience only them. and expansion, The our burgeoning consecutive With revenues flourish not challenges of dedication team management

to and financial to our the along our with our enhancements recent move our our vision. The with fortify emphasize excited U.S. the to SEC investors. that is standing highlight dedication broaden milestones F-X excellence. the This, form to ongoing also We're and significant resonate a growth strategic two with and to Board, reach calculated filing

management shareholders, not drive esteemed for our To are team within assured about the just journey and unmistakable. enthusiasm IPA's ahead. future We're the hopeful, we're our but

for changes we've forward-looking our expertise look strategies. bright The us. horizon incorporated With recent the does and the

commitment poised delivering steadfast. the innovation. value next venture growth to into unmatched remains Our to and exciting of phase And we're

and gratitude for unwavering and deep Thank than for like our shareholders. so more to support of trust our the again appreciation you express anything, think we'd joining I much our us today.

Operator

participation. concludes for you today's call. Thank This your earnings

disconnect. now may You

ImmunoPrecise Antibodies (IPA) 14 Sep 232024 Q1 Earnings call transcript