Polydex Pharmaceuticals Issues First Quarter Financial Results
Rhea-AI Summary
Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) reported its Q1 fiscal 2022 results, showing sales of $846,893, a slight increase from $839,322 in Q1 2021. However, the company faced a net loss of ($195,407), down from a profit of $58,339 in the previous year. The loss per share was ($0.06) compared to $0.02 earnings last year. The company attributed challenges to the ongoing effects of African Swine Fever and a strong Canadian dollar. Despite these issues, management highlighted its focus on careful cash management and expansion into new markets.
Positive
- Sales increased slightly to $846,893 compared to $839,322 in Q1 2021.
- Cash management allowed retention of the complete experienced workforce.
- Management is pursuing new markets for powdered products and Native Dextran.
Negative
- Net income declined significantly, reporting a loss of ($195,407) compared to a profit of $58,339 in Q1 2021.
- Loss per share decreased to ($0.06) from $0.02 in the prior year.
- Sales goals were not met due to production lag for specialized products.
News Market Reaction – POLXF
On the day this news was published, POLXF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Prudent Cash Management Sustains Company Through Adverse Conditions
TORONTO, June 15, 2021 (GLOBE NEWSWIRE) -- Polydex Pharmaceuticals Limited (Pink Sheets:POLXF) (the “Company”) reports financial results for the first quarter of fiscal 2022, the period ended April 30, 2021. All figures are reported in U.S. dollars.
| Q1 ended April 30, 2021 | Q1 ended April 30, 2020 | ||
| Sales | 846,893 | 839,322 | |
| Net Income | (195,407) | 58,339 | |
| Income per common share | - basic | (0.06) | 0.02 |
| - diluted | (0.06) | 0.02 | |
| Weighted avg. common shares | |||
| Outstanding | - basic | 3,432,478 | 3,432,478 |
| - diluted | 3,432,478 | 3,432,478 | |
The outbreak of African Swine Fever combined with the strengthening Canadian Dollar resulted in the significant decrease in gross sales and profit.
As countries around the world are able to control COVID and African Swine Fever, we are encouraged that our careful cash management has enabled the company to retain its complete experienced workforce and be well positioned to meet demand for our specialized products.
“We earlier reported our expectations for first quarter sales to be short of the sales goals we would normally hope for, due to the production lag time for our specialized Dextran Sulphate product, and are looking forward to delivering current orders for that product in the second and third quarter of this fiscal year,” said George Usher, President and CEO. “Additionally,” he added, “we have continued to investigate new markets for our powdered products and Native Dextran for industrial uses. We are actively pursuing these new markets and collaborations in an effort to maintain profitability in fiscal 2022.”
The Company’s publicly traded shares continue to be quoted on the OTC Pink Sheet platform (www.otcmarkets.com/stock/POLXF/quote).
The company continues full disclosure of its financial and operational results, which can be accessed by visiting the company website at www.Polydex.com. Product information is available at www.dextran.ca
Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the manufacturing of bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry, and also the development, manufacturing and marketing of biotechnology-based for products for the human pharmaceutical market.
Company website: www.Polydex.com
Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited, including, without limitation, statements regarding expectations about future revenues or business opportunities or potential research projects. These statements are typically identified by use of words like “may”, “could”, “might”, “expect”, “anticipate”, “believe”, or similar words. Actual events or results may differ materially from the Company’s expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities. Other risk factors discussed in the Company’s financial reports may also affect the actual results achieved by the Company.
Contact:
Investor Relations: Linda Hughes, PolydexIR@gmail.com
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