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BIONIK Laboratories Corp. (OTCQB: BNKL) announced the appointment of Tony Bellofatto as Regional Sales Director, focusing on increasing rehabilitation technology access for stroke patients in the U.S. 'Stroke Belt.' Bellofatto brings over 15 years of experience in medical device sales, enhancing BIONIK's commitment to areas with higher stroke incidence, including Georgia, North Carolina, and South Carolina. The company's InMotion Robots aid in rehabilitation by significantly increasing movement repetitions, thus improving stroke recovery outcomes.
BIONIK Laboratories Corp (OTCQB:BNKL) reported a significant increase in patient engagement with their InMotion® robotic systems. Since launching InMotion Connect™, healthcare facilities have experienced a 72% growth in patient sessions, alongside 58% more session hours and 47% more patients using the devices. This growth reflects three consecutive quarters of increasing patient sessions, underscoring enhanced clinician engagement and improved patient care through innovative technology.
BIONIK Laboratories Corp. (OTCQB:BNKL) reported a 160% increase in first-quarter revenues to $0.7 million compared to $0.3 million in the same period last year, driven by higher InMotion® robot sales.
The company achieved a gross profit of $0.5 million, enhancing its gross margin to 80.6%. Operating expenses decreased by 38% to $1.3 million, resulting in a net loss of $0.5 million, significantly improved from $2.0 million last year.
Notably, the forgiveness of a $0.5 million PPP loan further strengthens their financial position.
BIONIK Laboratories Corp (OTCQB:BNKL) has announced a financial boost of $5 million through secured convertible promissory notes, with 80% of the funds coming from new investors. This infusion will support advancements in technology and enhance its commercial sales strategy for rehabilitation solutions. The company also eliminated $3.9 million in existing loans, applying $3.3 million to purchase additional convertible notes and common shares. The convertible notes mature on March 31, 2022, underscoring BIONIK's commitment to meet rehabilitation needs following the pandemic.
BIONIK Laboratories Corp. (OTCQB:BNKL) has announced the resignation of CEO Dr. Eric Dusseux effective July 14, 2021, as he pursues an opportunity outside the rehabilitation robotics industry. Rich Russo Jr., the current CFO, will serve as Interim CEO while the Board searches for a permanent successor. Dr. Dusseux expressed pride in his tenure since September 2017, highlighting accomplishments during the COVID-19 pandemic. André Auberton-Herve, Chairman of the Board, acknowledged Dr. Dusseux's contributions and emphasized the solid leadership team in place for continuity.
BIONIK Laboratories Corp. (OTCQB:BNKL) reported financial results for the fourth quarter and fiscal year 2021, revealing a 50% decrease in total revenues to $0.5 million. The fourth quarter marked the company's strongest period, largely due to a recovery from COVID-19 impacts, with three units shipped and growth in InMotion robot sales. Operating expenses dropped significantly by 92% to $1.3 million, aided by PPP loan forgiveness of $0.5 million. Despite a net loss of $1.0 million or ($0.20) per diluted share, this represents an improvement from a net loss of $16.5 million in the same period last year.
BIONIK Laboratories Corp. (OTCQB:BNKL) reported a 14% revenue increase to $180,000 in Q3 FY2021, driven by InMotion Connect® digital solutions and a key shipment to South Korea. Gross profit rose significantly to $171,000 from $14,000 year-on-year. However, total operating expenses surged by 188% to $9.0 million, mainly due to a goodwill impairment. The net loss widened to $9.0 million, or ($1.75) per share, compared to a loss of $3.0 million in Q3 FY2020. Excluding certain charges, the net loss was $1.7 million, or ($0.34) per share, reflecting a reduction in operational costs.