Bionik Labo Financials

BNKL

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2023 Currency USD FYE March

Financial Health Signals

Piotroski F-Score Weak

3/9

Bionik Labo passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Bionik Labo generates $0.68 in operating cash flow (-$3.4M OCF vs -$4.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-45.0x

Bionik Labo earns $-45.0 in operating income for every $1 of interest expense (-$4.8M vs $107K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Bionik Labo (BNKL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$1.8M

YoY+41.7%

5Y CAGR+12.8%

10Y CAGR+73.0%

Bionik Labo generated $1.8M in revenue in fiscal year 2023. This represents an increase of 41.7% from the prior year.

EBITDA

-$4.8M

YoY+51.8%

Bionik Labo's EBITDA was -$4.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 51.8% from the prior year.

Free Cash Flow

N/A

Net Income

-$4.9M

YoY+52.5%

Bionik Labo reported -$4.9M in net income in fiscal year 2023. This represents an increase of 52.5% from the prior year.

EPS (Diluted)

$-0.72

YoY+59.6%

Bionik Labo earned $-0.72 per diluted share (EPS) in fiscal year 2023. This represents an increase of 59.6% from the prior year.

Cash & Debt

$427K

YoY-78.5%

5Y CAGR-0.9%

10Y CAGR+56.2%

Bionik Labo held $427K in cash against $0 in long-term debt as of fiscal year 2023.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

54.8%

YoY-20.0pp

5Y CAGR-4.4pp

Bionik Labo's gross margin was 54.8% in fiscal year 2023, indicating the percentage of revenue retained after direct costs. This is down 20.0 percentage points from the prior year.

Operating Margin

-267.3%

YoY+515.7pp

10Y CAGR+12226.8pp

Bionik Labo's operating margin was -267.3% in fiscal year 2023, reflecting core business profitability. This is up 515.7 percentage points from the prior year.

Net Margin

-274.0%

YoY+543.1pp

5Y CAGR-1755.2pp

10Y CAGR-148.8pp

Bionik Labo's net profit margin was -274.0% in fiscal year 2023, showing the share of revenue converted to profit. This is up 543.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$903K

YoY-9.5%

5Y CAGR-20.4%

10Y CAGR+3.5%

Bionik Labo invested $903K in research and development in fiscal year 2023. This represents a decrease of 9.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BNKL Income Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Revenue	$1.8M+41.7%	$1.3M+6.7%	$1.2M-44.6%	$2.2M-33.7%	$3.2M+228.7%	$987K
Cost of Revenue	$815K+154.4%	$320K+18.8%	$270K-69.8%	$893K-45.2%	$1.6M+304.8%	$403K
Gross Profit	$990K+3.8%	$953K+3.2%	$924K-26.7%	$1.3M-22.0%	$1.6M+176.3%	$585K
R&D Expenses	$903K-9.5%	$999K-35.4%	$1.5M-60.3%	$3.9M+22.5%	$3.2M+12.4%	$2.8M
SG&A Expenses	$2.9M+4.4%	$2.8M-37.8%	$4.5M-1.6%	$4.6M+17.6%	$3.9M+8.6%	$3.6M
Operating Income	-$4.8M+51.6%	-$10.0M+25.2%	-$13.3M+46.8%	-$25.1M	N/A	N/A
Interest Expense	$107K-87.0%	$825K+103.6%	$405K+122.8%	$182K+171.1%	-$256K-119.7%	$1.3M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$4.9M+52.5%	-$10.4M+23.6%	-$13.6M+45.6%	-$25.0M-137.0%	-$10.6M-172.2%	$14.6M
EPS (Diluted)	$-0.72+59.6%	$-1.78+33.1%	$-2.66	N/A	N/A	N/A

Metric	Q1'23	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q3'20
Revenue	N/A	$575K+18.3%	$486K+100.2%	$243K+32.5%	$183K-19.6%	$228K-66.0%	$671K+272.1%	$180K
Cost of Revenue	N/A	$305K+61.4%	$189K+150.9%	$75K+49.2%	$50K-37.7%	$81K-38.0%	$131K+1262.1%	$10K
Gross Profit	N/A	$271K-9.1%	$298K+77.5%	$168K+26.2%	$133K-9.6%	$147K-72.8%	$541K+216.6%	$171K
R&D Expenses	N/A	$94K-58.6%	$226K-40.3%	$378K+2.7%	$368K+332.6%	$85K-53.0%	$181K-60.7%	$461K
SG&A Expenses	N/A	$774K+12.7%	$687K+14.3%	$601K-17.2%	$725K+9.1%	$665K-20.2%	$832K-22.2%	$1.1M
Operating Income	N/A	-$1.0M+6.1%	-$1.1M+19.1%	-$1.4M+79.6%	-$6.7M-546.0%	-$1.0M-29.9%	-$802K+91.0%	-$8.9M
Interest Expense	N/A	$30K+74.7%	$17K+261.0%	$5K-98.1%	$249K+10.6%	$225K+120.1%	$102K+29.2%	$79K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$1.1M+4.7%	-$1.1M+18.4%	-$1.4M+80.2%	-$7.0M-450.8%	-$1.3M-181.2%	-$451K+95.0%	-$9.0M
EPS (Diluted)	N/A	$-0.160.0%	$-0.16+20.0%	$-0.20+83.1%	$-1.18-436.4%	$-0.22-175.0%	$-0.08+95.4%	$-1.75

BNKL Balance Sheet

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Total Assets	$3.4M-28.1%	$4.7M-46.8%	$8.8M-52.6%	$18.5M-39.6%	$30.7M+7.3%	$28.6M
Current Assets	$2.8M-39.4%	$4.6M+33.5%	$3.4M-41.1%	$5.8M+55.4%	$3.7M+165.9%	$1.4M
Cash & Equivalents	$427K-78.5%	$2.0M+227.3%	$608K-73.2%	$2.3M+408.0%	$447K0.0%	$447K
Inventory	$1.0M-13.1%	$1.2M+72.1%	$692K-34.7%	$1.1M+161.2%	$406K+70.9%	$237K
Accounts Receivable	$453K+64.9%	$275K-39.2%	$452K-46.6%	$847K-44.4%	$1.5M+616.0%	$213K
Goodwill	$100K	$0-100.0%	$4.3M-61.4%	$11.1M-50.3%	$22.3M0.0%	$22.3M
Total Liabilities	$5.0M+186.1%	$1.7M-68.2%	$5.5M+5.9%	$5.2M+59.0%	$3.3M-59.7%	$8.1M
Current Liabilities	$2.3M+54.8%	$1.5M-63.6%	$4.1M-14.4%	$4.8M+46.3%	$3.3M-59.7%	$8.1M
Long-Term Debt	N/A	$0-100.0%	$1.1M	$0	$0	N/A
Total Equity	-$1.6M-156.0%	$2.9M-10.8%	$3.3M-75.4%	$13.3M-51.4%	$27.4M+33.9%	$20.5M
Retained Earnings	-$100.3M-5.2%	-$95.4M-12.2%	-$85.0M-19.1%	-$71.4M-54.0%	-$46.4M-29.6%	-$35.8M

Metric	Q1'23	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q3'20
Total Assets	$3.4M-8.8%	$3.7M-3.8%	$3.8M-4.3%	$4.0M-33.1%	$6.0M-52.0%	$12.5M+43.6%	$8.7M-3.3%	$9.0M
Current Assets	$2.8M-9.7%	$3.1M-4.9%	$3.2M-17.6%	$3.9M-33.7%	$5.9M-17.6%	$7.2M+113.3%	$3.4M-6.1%	$3.6M
Cash & Equivalents	$427K-37.6%	$685K+72.3%	$398K-70.1%	$1.3M-60.6%	$3.4M-29.4%	$4.8M+781.6%	$542K-39.5%	$896K
Inventory	$1.0M-9.5%	$1.1M-15.3%	$1.4M-4.8%	$1.4M+52.7%	$929K+17.8%	$789K+31.2%	$601K-28.4%	$840K
Accounts Receivable	$453K+34.3%	$337K-42.0%	$581K+388.8%	$119K-8.3%	$130K+81.6%	$71K-84.0%	$446K+155.9%	$174K
Goodwill	$100K0.0%	$100K0.0%	$100K	$0	$0-100.0%	$4.3M0.0%	$4.3M-0.4%	$4.3M
Total Liabilities	$5.0M+18.9%	$4.2M+27.2%	$3.3M+37.4%	$2.4M-76.9%	$10.4M+2.9%	$10.1M+75.8%	$5.8M-23.5%	$7.5M
Current Liabilities	$2.3M+10.4%	$2.1M+3.0%	$2.0M+20.1%	$1.7M-83.3%	$10.2M+3.1%	$9.8M+163.0%	$3.7M-48.1%	$7.2M
Long-Term Debt	N/A	N/A	N/A	$0	$0	$0-100.0%	$1.7M	N/A
Total Equity	-$1.6M-214.3%	-$522K-199.8%	$523K-67.2%	$1.6M+135.9%	-$4.4M-290.0%	$2.3M-19.9%	$2.9M+101.1%	$1.5M
Retained Earnings	-$100.3M-1.4%	-$99.0M-1.1%	-$97.9M-1.2%	-$96.8M-3.3%	-$93.7M-8.1%	-$86.7M-1.5%	-$85.4M-1.8%	-$84.0M

BNKL Cash Flow Statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Operating Cash Flow	-$3.4M+18.3%	-$4.1M+10.3%	-$4.6M+49.0%	-$9.1M+1.8%	-$9.2M-19.7%	-$7.7M
Capital Expenditures	N/A	$13K	$0-100.0%	$160K	N/A	N/A
Free Cash Flow	N/A	-$4.2M+10.0%	-$4.6M+49.9%	-$9.2M	N/A	N/A
Investing Cash Flow	-$224K-1689.6%	-$13K	$0+100.0%	-$160K-56.9%	-$102K-371.9%	-$22K
Financing Cash Flow	$2.0M-63.1%	$5.5M+87.3%	$3.0M-73.2%	$11.0M+19.1%	$9.3M+20.5%	$7.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'23	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q3'20
Operating Cash Flow	-$757K-47.6%	-$513K+46.3%	-$955K+17.8%	-$1.2M+16.5%	-$1.4M-83.7%	-$758K-22.6%	-$618K-35.9%	-$455K
Capital Expenditures	N/A	$765-89.3%	$7K	$0-100.0%	$13K	$0	$0	$0
Free Cash Flow	N/A	-$514K+46.6%	-$962K+17.2%	-$1.2M+17.2%	-$1.4M-85.3%	-$758K-22.6%	-$618K-35.9%	-$455K
Investing Cash Flow	-$752+1.7%	-$765+99.7%	-$222K	$0+100.0%	-$13K	$0	$0	$0
Financing Cash Flow	$500K-37.5%	$800K+220.0%	$250K-50.0%	$500K+34894.7%	-$1K-100.0%	$5.0M+809.1%	$550K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNKL Financial Ratios

Metric	FY23	FY22	FY21	FY20	FY19	FY18
Gross Margin	54.8%-20.0pp	74.8%-2.6pp	77.4%+18.9pp	58.5%+8.7pp	49.8%-9.4pp	59.2%
Operating Margin	-267.3%+515.7pp	-783.0%+334.6pp	-1117.6%+47.5pp	-1165.0%	N/A	N/A
Net Margin	-274.0%+543.1pp	-817.1%+324.2pp	-1141.3%+20.5pp	-1161.8%-836.5pp	-325.2%-1806.4pp	1481.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	71.5%
Return on Assets	-147.1%+75.5pp	-222.6%-67.6pp	-155.0%-19.9pp	-135.1%-100.7pp	-34.4%-85.6pp	51.2%
Current Ratio	1.20-1.9	3.07+2.2	0.84-0.4	1.22+0.1	1.15+1.0	0.17
Debt-to-Equity	-3.05-3.0	0.00-0.3	0.34+0.3	0.000.0	0.00-0.4	0.40
FCF Margin	N/A	-326.6%+60.9pp	-387.4%+40.9pp	-428.3%	N/A	N/A

Metric	Q1'23	Q3'22	Q2'22	Q1'22	Q3'21	Q2'21	Q1'21	Q3'20
Gross Margin	N/A	47.0%-14.2pp	61.2%-7.8pp	69.0%-3.5pp	72.5%+8.0pp	64.5%-16.1pp	80.6%-14.1pp	94.7%
Operating Margin	N/A	-181.4%+47.1pp	-228.5%+337.0pp	-565.5%+3105.9pp	-3671.5%-3214.5pp	-457.0%-337.6pp	-119.5%+4796.4pp	-4915.8%
Net Margin	N/A	-187.2%+45.1pp	-232.3%+337.7pp	-570.0%+3240.8pp	-3810.8%-3254.5pp	-556.4%-489.2pp	-67.2%+4894.3pp	-4961.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	-29.2%+0.3pp	-29.5%+5.1pp	-34.6%+82.2pp	-116.8%-106.6pp	-10.2%-5.0pp	-5.2%+94.5pp	-99.7%
Current Ratio	1.20-0.3	1.47-0.1	1.59-0.7	2.32+1.7	0.58-0.1	0.73-0.2	0.90+0.4	0.50
Debt-to-Equity	-3.05+5.0	-8.06-14.4	6.32+4.8	1.51+1.5	0.000.0	0.00-0.6	0.58-4.6	5.19
FCF Margin	N/A	-89.3%+108.6pp	-198.0%+280.7pp	-478.7%+287.5pp	-766.2%-433.7pp	-332.5%-240.4pp	-92.1%+160.1pp	-252.2%

Note: Shareholder equity is negative (-$1.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Bionik Labo's annual revenue?

Bionik Labo (BNKL) reported $1.8M in total revenue for fiscal year 2023. This represents a 41.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bionik Labo's revenue growing?

Bionik Labo (BNKL) revenue grew by 41.7% year-over-year, from $1.3M to $1.8M in fiscal year 2023.

Is Bionik Labo profitable?

No, Bionik Labo (BNKL) reported a net income of -$4.9M in fiscal year 2023, with a net profit margin of -274.0%.

What is Bionik Labo's earnings per share (EPS)?

Bionik Labo (BNKL) reported diluted earnings per share of $-0.72 for fiscal year 2023. This represents a 59.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Bionik Labo's EBITDA?

Bionik Labo (BNKL) had EBITDA of -$4.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.

What is Bionik Labo's gross margin?

Bionik Labo (BNKL) had a gross margin of 54.8% in fiscal year 2023, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bionik Labo's operating margin?

Bionik Labo (BNKL) had an operating margin of -267.3% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.

What is Bionik Labo's net profit margin?

Bionik Labo (BNKL) had a net profit margin of -274.0% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.

What is Bionik Labo's operating cash flow?

Bionik Labo (BNKL) generated -$3.4M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.

What are Bionik Labo's total assets?

Bionik Labo (BNKL) had $3.4M in total assets as of fiscal year 2023, including both current and long-term assets.

How much does Bionik Labo spend on research and development?

Bionik Labo (BNKL) invested $903K in research and development during fiscal year 2023.

What is Bionik Labo's current ratio?

Bionik Labo (BNKL) had a current ratio of 1.20 as of fiscal year 2023, which is considered adequate.

What is Bionik Labo's debt-to-equity ratio?

Bionik Labo (BNKL) had a debt-to-equity ratio of -3.05 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bionik Labo's return on assets (ROA)?

Bionik Labo (BNKL) had a return on assets of -147.1% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

What is Bionik Labo's cash runway?

Based on fiscal year 2023 data, Bionik Labo (BNKL) had $427K in cash against an annual operating cash burn of $3.4M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Bionik Labo's debt-to-equity ratio negative or unusual?

Bionik Labo (BNKL) has negative shareholder equity of -$1.6M as of fiscal year 2023, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Bionik Labo's Piotroski F-Score?

Bionik Labo (BNKL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bionik Labo's earnings high quality?

Bionik Labo (BNKL) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bionik Labo cover its interest payments?

Bionik Labo (BNKL) has an interest coverage ratio of -45.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.