Sequential Revenue Growth
Q1 fiscal 2026 revenue of $4.2M, up 13% sequentially from the prior quarter and reported as in line with budget expectations.
QAPs (PT/EQA) Business Expansion
QAPs revenue of $1.9M, a 15% improvement year-over-year; management noted QAPs are a growing and more broadly distributed portion of revenues, reducing customer concentration risk.
Antigen Business (Excluding China) Recovery
Management stated that excluding the China distributor shortfall, the remainder of the antigen business was up about 5% quarter-over-quarter.
Improved Cash Position and Collections
Collected $3.3M in January leading to a cash balance of $10.6M at end of January (up $1.5M from end of December), demonstrating working capital recovery after quarter-end receivable buildup.
Commercialization of Recombinant Antigens
Onboarded recombinant antigen capabilities and launched first commercial recombinant product (SARS‑CoV‑2 viral capsid antigen) now used in Microbix QAPs and products — expected to strengthen supply chain and improve margins going forward.
New Client Wins and Market Expansion
Disclosed new client programs in molecular pathology and point-of-care genetics; announced relationships with Sekisui (U.S. point-of-care) and Seegene (Mexico cervical cancer screening) and added the College of American Pathologists as a customer (expected to be six-figure in 2026 with potential to be a meaningful seven-figure account over time).
Operational Improvements and Cost Efficiencies
Reported improvements in manufacturing throughput, yields, reduced testing burden, and increased use of electronic quality management systems which are expected to reduce production costs and improve margins as volumes ramp.
Therapeutics Program (Kinlytic) Progress and Favorable FDA Interaction
Kinlytic program proceeding with Sequel; FDA feedback described as uncontroversial regarding modernization and replacement of animal-derived components; parallel drug substance/product development ongoing with an sBLA target in late 2027.
Active Share Buyback Program
NCIB renewed; repurchased ~700,000 shares in Q1 and ~1,000,000 shares to date, currently buying back at 15,000 shares/day (well below the daily maximum), signalling management confidence and an anti-dilution stance.