Integrated BioPharma Reports Results for its Quarter Ended September 30, 2024
Rhea-AI Summary
Integrated BioPharma (INBP) reported financial results for Q3 2024, showing revenue of $13.6 million, a 5.4% increase from $12.9 million in Q3 2023. The company achieved operating income of $0.5 million, compared to a loss of $54,000 in the same period last year. Net income reached $0.3 million ($0.01 per share), improving from a net loss of $59,000 in Q3 2023. The company's two largest customers in Contract Manufacturing represented 85% of total revenue, down from 91% in 2023, reflecting progress in customer base diversification.
Positive
- Revenue increased by 5.4% YoY to $13.6 million
- Turned operating loss into $0.5 million operating profit
- Achieved net income of $0.3 million vs previous year's loss
- Improved customer diversification, reducing top-2 customer concentration from 91% to 85%
- Gross profit increased from $832,000 to $1.37 million
Negative
- High customer concentration with 85% of revenue from top-2 customers
- Increased income tax expense from $13,000 to $245,000
News Market Reaction 1 Alert
On the day this news was published, INBP gained 9.37%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HILLSIDE, NJ / ACCESSWIRE / November 13, 2024 / Integrated BioPharma, Inc. (OTCQX:INBP) (the "Company" or "INBP") reports its financial results for the quarter ended September 30, 2024.
Revenue for the quarter ended September 30, 2024 was
For the quarter ended September 30, 2024, the Company had net income of approximately
"Our revenue increased by approximately
A summary of our financial results for the three months ended September 30, 2024 and 2023 follows:
INTEGRATED BIOPHARMA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(unaudited)
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| Three Months Ended |
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| September 30, |
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| 2024 |
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| 2023 |
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Total revenue |
| $ | 13,617 |
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| $ | 12,915 |
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Cost of sales |
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| 12,246 |
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|
| 12,083 |
|
Gross profit |
|
| 1,371 |
|
|
| 832 |
|
Selling and administrative expenses |
|
| 881 |
|
|
| 886 |
|
Operating income (loss) |
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| 490 |
|
|
| (54 | ) |
Interest income, net |
|
| 14 |
|
|
| 8 |
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| |
Income (loss) before income taxes |
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| 504 |
|
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| (46 | ) |
Income tax expense, net |
|
| 245 |
|
|
| 13 |
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Net income (loss) |
| $ | 259 |
|
| $ | (59 | ) |
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| |
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|
|
| |
Basic net income (loss) per common share |
| $ | 0.01 |
|
| $ | (0.00 | ) |
Diluted net income (loss) per common share |
| $ | 0.01 |
|
| $ | (0.00 | ) |
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Weighted average common shares outstanding -basic |
|
| 30,099,610 |
|
|
| 29,965,914 |
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Weighted average common shares outstanding -diluted |
|
| 30,649,977 |
|
|
| 29,965,914 |
|
About Integrated BioPharma Inc. (INBP)
Integrated BioPharma, Inc. ("INBP") is engaged primarily in the business of manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at ir.ibiopharma.com.
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, as well as assumptions, that, if they never materialize or prove incorrect, could cause the results of INBP to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements generally are identified by the words "expects," "anticipates," believes," intends," "estimates," "should," "would," "strategy," "plan" and similar expressions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements and are not guarantees of future performance. Such statements speak only as of the date hereof, are subject to change and should not be relied upon for investment purposes. INBP undertakes no obligation to revise or update any statements for any reasons. The risks, uncertainties and assumptions include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by INBP; changes in industry capacity; pressure on prices from competition or from purchasers of INBP's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to INBP; availability of qualified personnel; the loss of any significant customers or suppliers; inflation and the tightened labor markets; the impact of the war in Ukraine; the impact of the Israel-Hamas war; the threat of an East Coast port strike; our ability to expand our customer base and other risks and uncertainties described in the section entitled "Risk Factors" in INBP's most recent Annual Report on Form 10-K and its subsequent Quarterly Reports on Form 10-Q. Accordingly, INBP cannot give assurance that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of INBP.
Contact: Dina Masi, CFO
Integrated BioPharma, Inc.
investors@ibiopharma.com
888.319.6962
SOURCE: Integrated BioPharma, Inc.
View the original press release on accesswire.com
FAQ
What was INBP's revenue growth in Q3 2024?
How much net income did INBP report for Q3 2024?
What percentage of INBP's revenue came from its top two customers in Q3 2024?
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